When the PMO announced the new family income splitting initiative there was a lot of excitement among families. You’ve probably heard a fair share of criticism as well (which is to be expected when there’s politics involved). But what’s really going on with the family income tax splitting? Is it going to benefit you? Maybe. Here…

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I have a client who for years has held the Annual General Meeting for her corporation on Maui. She and her husband are the sole directors of the corporation (although I’m not sure her husband even knows where the office is, but that’s another matter). Every year she asks me the same question……”Can I write…

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When I was in highschool in my sleepy, sole-industry, freezing cold, tiny little town in North Eastern Ontario, I couldn’t wait to graduate and move to a city. I was no longer stimulated by knowing so much about the people who surrounded me and seeing the same street signs over and over. Graduation came and…

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We are often asked by clients whether they should own rental properties personally or own them through a corporation. Our advice is usually to own properties personally when rental income is nominal and when there are only a small number of properties. The advice usually changes as more properties are added to the rental pool…

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Hockey is back! Don’t you just love it? Almost at the quarter pole for the 2014-2015 season and we have seen plenty of surprises already. As an avid Canucks fan the biggest surprise of the year has been the performance of the team. Currently sitting one point out of first place in the league. Now,…

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I thought we were going paperless. So why were we still using so much paper? Almost 10 years ago our office implemented “paperless” files. The decision arose partly out of a concern for the environment but mostly from the realization that we were spending a lot of money on: Storage – physical filing cabinets, office…

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If you are anything like me, you need a reminder if you are going to get anything done on time.  Fortunately for me, there aren’t any consequences to missing my hair cut appointment – save for looking like a bit of a hippy. Dealing with CRA is a different ball game.  If you owe CRA…

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Many small businesses face a common dilemma regarding financial reporting. They want to minimize tax, which means reporting low income. But they also want to keep their banker happy, which means reporting high income. I often need to counsel clients that they can’t have it both ways. Or can they? Construction contractors can have it…

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As an accountant and personal finance geek there are some things that people do and say about money that drive me crazy. That’s because often times people’s actions and thoughts on money issues make absolutely no sense mathematically. Examples include being happy about getting an income tax refund, carrying a balance on their credit card,…

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The Canada Revenue Agency (CRA) has recently come under heavy scrutiny for what critics are calling “politically motivated audits”.  In the most recent high-profile case, the CRA is auditing a left-leaning think tank – a move which many are up in arms over because of the appearance that the conservative government may be influencing the…

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