GGFL TAX NEWSLETTER - SUMMER 2009
Communicating With Your Accountant Makes $ense
Communication is one of the most important factors of success. Whether it is the success of a relationship or the success of a team, if all the participants are not communicating and information is missing, the decisions that are made will tend to fall short of meeting the team's goals.
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The Tax Implications of Moving
With the ever-increasing mobility of the labour force, it is important to know what is and what is not eligible as a moving expense.
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Income-Splitting Loans
On June 3, 2009, the Canada Revenue Agency (CRA) announced that the prescribed interest rate used to calculate low interest loans will remain at 1%, effective from July 1 to September 30, 2009. The low prescribed rate makes tax planning using income-splitting loans an increasingly attractive opportunity.
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Family Income Splitting
For many years, income splitting has thrived as a basic tax planning technique by reducing a family's overall tax burden, thus increasing disposable income. However, over the years, the Government has eliminated many of the possibilities for income splitting with income attribution rules.
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