   GGFL NEWSLETTER - SPRING 2010Determining Province of Residence for Tax PurposesWhile the Canada Revenue Agency (CRA) regularly reviews residency with respect to individuals being residents or non-residents of Canada, they also conduct reviews with respect to provincial residency where it is not clearly determinable. Under the tax laws of Canada, generally speaking, an individual pays tax based on where they resided on December 31st of the year. GET THE FULL STORYAre You Ready? GST/HST Rules and Filing RequirementsImplementation of the proposed changes to the GST/HST rules and filing requirements is coming soon. In some cases, the proposed changes are already applicable. Effective July 1, 2010, HST will apply in British Columbia (BC) and Ontario. BC will have an HST rate of 12% and Ontario's HST rate will be 13%. GET THE FULL STORYCorporate-Owned Life Insurance and the Capital Dividend AccountIt is very common for owner/managers to have life insurance policies issued to cover various cash needs that would arise in the event of an untimely death. These cash needs may include repayment of business loans and payables, providing cash flow for the business during the difficult time following death, shareholder commitments in buy/sell agreements which are triggered on death, or providing a nest egg for family left behind. GET THE FULL STORYThe Tax-Free Savings Account - What if You Are a US Citizen?We have many clients that are US Citizens and their tax filings are always a bit more complicated because of the need to file a US tax return each year. If you are a US citizen residing in Canada, you likely are not surprised that the IRS is still going to tax you on the investment income earned inside the TFSA. GET THE FULL STORYPRINT VERSIONView our Past Issues |
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