Tax Tips
The Tax-Free Savings Account
“The TFSA program offers taxpayers an opportunity to earn investment income tax-free.” Starting in 2009, the TFSA…
Changes to US Treasury Department Reporting Requirements
“You should be aware of the expanded base of those who are required to file these forms…
5th Protocol – Canada-US Income Tax Convention – Interest Withholding Tax – Non-Arm’s Length
“Elimination of withholding tax will apply to interest payments by Canadian residents to all non-residents, effective at…
Timing of Acquisition of Control
“The failure to elect out of subsection 256(9) can result in unintended results.” Subsection 256(9) of the…
Pension Income Can Be Split in Year of Death
“Eligible pension income relating to the portion of the year in which both spouses were alive can…
Restrictive Covenants
“Don’t Ignore the Proposed Restrictive Covenant Legislation.” The restrictive covenant draft legislation (in proposed section 56.4) has…
Child Fitness Amount
“The CRA website may refer to the new requirements but the 2008 guides probably cannot be changed..”…
Personal Service Businesses
“Be sure before concluding that the PSB rules do not apply.” With corporate tax rates declining and…
Transfer of Life Insurance to a Child
“Transfer to the guardian for an incapacitated child will not be taxable.” The Income Tax Act allows…
A Return to Partnerships
“Start the clock ticking by filing a T5013.” Partnerships do not pay income tax. The individual partners…
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