It is a common scenario. An entrepreneur has put their heart and soul into developing a successful business and now has some crucial decisions to make about who will run the business and how the accumulated wealth will be shared after he or she retires or dies. Succession planning is a detailed, often emotional and […]
It was summer 2016 when Louise Radmore, president of Ottawa commercial property management company Paradigm Properties, decided to retire and begin winding down the company she established 20 years earlier. After notifying the staff and starting to notify clients, she began her path to retirement. In only a few days, she realized that perhaps it […]
Flow-through shares are stocks that can only be purchased directly from Canadian oil and mineral exploration companies, usually at a slight premium. The company must use the invested money on the exploration for resources, and receive tax deductions for this work called Canadian Exploration Expenses (CEE).
By Monica Martinez, CPA, CA, CPA Principal, U.S. and Cross-Border Tax & Advisory Services On September 6, 2019, the IRS announced the new “Relief Procedures for Certain Former (US) Citizens” (Relief Procedures), which apply to certain individuals who have relinquished, or intend to relinquish their US citizenship (expatriate). If eligibility criteria are met, the new […]
By Anne Van Delst, CPA, CA, LPA Recessions, and even lesser economic downturns, can – and do – ruin once-thriving businesses overnight. While it’s true that economic hills and valleys are beyond the control of small and medium sized business owners, those overnight crashes are often the result of months or years of inadequate planning. […]
By Wendy Wong, , CPA, CA Senior Manager, Tax & Advisory Services Vehicle expenses. It is one simple line on a tax return, but it can cause all sorts of problems if CRA decides to take a closer look. Recently, we have noticed CRA specifically targeting their reviews on car expenses claimed by a business […]
By Kody Wilson, CPA, CA, CBV, Partner No matter how you slice it, paying for college or university tuition is costly. A 2018 survey of 23,000 students by MacLeans Magazine put the average annual cost of college or university at close to $20,000. For families with young children, the cost will only get higher. A […]
Determining whether you’re an employee or a contractor is a critical decision with important consequences for both the worker and payer (the company, employer or individual paying for the work). Employee or contractor? It might sound like an easy distinction to make, but it is not. This article covers both the factors CRA uses to determine the tax treatment, and the advantages and disadvantages for the individual in each circumstance.
Although Snowbirds who own property in the United States might find relief from winter, it can produce unexpected financial and compliance headaches for those who don’t take the time to figure out the tax implications if they decide to sell or rent.
Monica Martinez, GGFL’s U.S. and cross-border tax principal, knows that it’s complicated and involves dealing with the U.S. Internal Revenue Service (IRS) and the Canada Revenue Agency (CRA). Her best advice: “Come and see us at GGFL. It is well worth it for the peace of mind.”
Personal taxation for families that operate a business through a Canadian Controlled Private Corporation has drastically changed since the announcement of the new Tax on Split Income (TOSI) rules for adults in July of 2017. Prior to the changes, a shareholder could receive unlimited dividends. However, under the new rules, it is very difficult to pay dividends to family members and have those dividends taxed at their marginal rates, unless they are working full-time in the business.