GGFL is delighted to announce that tax and business valuation specialist Kody Wilson has joined our firm’s partner team. Kody was most recently our principal for tax and advisory services and brings invaluable tax experience to the leadership table. He also understands that the key to GGFL’s success lies not only in our professional skills but in the care we take in developing and maintaining our relationships with clients.
GGFL is delighted to announce that Jean McDonell is our newest Associate Partner, effective January 1, 2019. Jean is an expert in trust and estate planning and a member of our ever-expanding tax team. When she joined the firm on January 6, 1997, there were just five on the tax team. Today, there are 15 and growing.
The federal government introduced enhancements to the Canada Pension Plan (CPP) on January 1st, in a long-term effort to sustain the forced saving system for future retirees. The changes, to be introduced in two phases, will mean increased contributions from employers, employees, and the self-employed.
The Tax Cuts and Jobs Act (“TCJA”) signed into law on December 22, 2017, resulted in some significant changes to the U.S. income tax code. As of taxation year 2018, individuals are seeing changes in tax rates, and some changes may also impact business owners of pass-through entities and Canadian corporations.
While being self-employed often means having the freedom to do things your own way, tax season can feel like a punishment to the side hustler. Things aren’t so simple for small business owners and freelancers.
Chad Saikaley, a GGFL partner and the firm’s head of tax, was an early critic of Morneau’s proposed changes to federal income tax legislation in 2017. Here is an excerpt from the full comment he wrote shortly after the measures were announced: “ . . . this proposed targeting of small business corporations is less a crackdown on the wealthy, more an attack on middle-class Canadians. . .”
US estate tax can apply not only to US citizens, but also to Canadians who hold US assets. US and cross-border tax is a unique specialization that is in high demand today, because many clients have US and cross-border tax issues to consider.
Note: Deadline for eligibility is December 31st of every year.
This being the season of giving and receiving, let’s consider the advantages of donating a portion of your stock portfolio to your favourite charity, instead of donating cash. Donating stock to charity can be an ideal and relatively easy method of giving a portion of your wealth to help others in a tax-efficient manner. Here’s why…
Since I have been here at GGFL, it has become very apparent how much the firm truly values its people and places a high priority on mentoring, staff satisfaction, and continued professional development,” she adds. “This is a place where everyone’s ideas are valued and good decisions can be implemented quickly and locally.”
At GGFL, our responsibility is to our clients, and we are laser-focused on the financial welfare of those people who put their trust in us. Understandably, clients get anxious when there are delays with CRA. So do we. Rest assured, we do all we can to expedite the process.