‘Tis the Season for Charitable Tax Shelters – Beware!

“If the charitable tax shelter seems too good to be true, it likely is.” Charitable tax shelters…

Canadian Residents Leaving Canada Permanently – A Key Tax Point

“The tax cost plus interest and penalties for non-reporting can be horrendous,.” When a Canadian resident (“Ms….

Alter Ego Trust as a Will Substitute

“such trusts provide for incapacity planning” While an earlier Tax Tip (2010-16) pointed out some of the…

Negative Adjusted Cost of Limited Partnership Interest

“Often the negative consequences can be avoided by delaying the distributions until after the partnership year-end.” Under the…

Health Care Spending Accounts

“To qualify, the plan must be made available to all employees of the group plan.” Family business…

Deferred Payment of Tax on Death

“The prescribed rate does not fluctuate over the deferral term.” Immediately before death, a taxpayer is deemed…

Child Care Expenses

“amounts paid to grandparents could qualify.” The Income Tax Act allows an individual to claim a deduction for child…

Personal Services Business Corporations Under Attack

“technical amendments will eliminate any current deferral opportunities with PSB’s.” On October 31, 2011, the Department of…

Foreign Employees Working in Canada

“Waiver requests are not usually granted retroactively.” Regulation 102 requires employers to withhold and remit source deductions…

Acquisitions of Control and Losses

“”non-capital losses often include losses from property”.” The Income Tax Act contains rules that restrict the use of corporate…

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