Another personal tax filing deadline has come and gone. Now is the time when you receive an unexpected letter from the Canada Revenue Agency (CRA), notifying you that they will be conducting a review of some of your expenses. The CRA reviews or audits hundreds of thousands of Canadians’ tax returns in a given year,…
{ ... read more ... }As a non-resident investor in Canadian real property, you are required to advise the Canada Revenue Agency (CRA) within 10 days of selling your investment. Normally, this takes the form of an application for a Clearance Certificate since the person who bought the property from you is required to withhold tax and you want to minimize…
{ ... read more ... }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…
{ ... read more ... }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…
{ ... read more ... }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…
{ ... read more ... }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…
{ ... read more ... }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,…
{ ... read more ... }April 30 is like Christmas Day for many accountants. It means that the weeks of working late nights and weekends are behind us and we are now free to finally enjoy spring. Many non-accountants are usually happy as well because they receive a refund once their tax returns are filed. However, an income tax refund…
{ ... read more ... }Pinnacle PAC knows that leaders are readers. The Pinnacle Team endeavors to constantly nurture our minds, expand and enhance our services, and remain thought and practice leaders in the accounting industry. We have assembled an ever-growing list of books that we feel are worthy of your time and attention. 1. The Emyth Revisited – by…
{ ... read more ... }If you are a doctor, dentist, or other professional and are considering purchasing a practice, you are likely contemplating a purchase of shares. And you should read this blog. There are a number of ways to structure a purchase of shares, but in this blog I will discuss three options: Purchase the shares of the…
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