Employees
Advisory
- Family & Personal Litigation Support
Separated from your spouse/common-law spouse? Shared custody of the child/children? Who will claim your child/children on your personal tax return? Who will receive any applicable government benefits for the child/children? Spousal or child support? Please consider preparing a separation agreement before your first personal tax return is filed. Spell out all details within your agreement or in addition to the separation agreement and sign/witness all documents.
We can provide you independent economic loss assessments related to:
- Contract disputes
- Personal injury
- Motor vehicle accidents
Taxation
- Estate Planning
As the old cliché goes; death and taxes, the two things that are certain in life. When you pass away, all of your assets are deemed to be disposed of at their fair market value unless you are survived by your spouse and you have willed it to them. If no surviving spouse, then up to 50% marginal tax rates may apply on this income. Upon death of the first spouse, all assets can rollover tax-free, at cost, to the surviving spouse.
The big tax hit comes when the last spouse passes away. We can help plan in order to reduce this large tax burden, by considering a life insurance policy to cover tax liabilities, debts and lost income, if necessary, pre-inheritance, selecting beneficiaries for life insurance policies/RRSPs/RRIFs, prepare a will or multiple wills, consider leaving money to a charity that you are passionate about in your will and more.
- Non-Resident
Are you planning to move to another country? Or do you own property in Canada that earns income but you live outside Canada? We can assist filing proper annual forms and Canadian tax returns. Does withholding tax apply? Non-residents may be required to have an agent in Canada submit withholding taxes on their behalf, contact us for assistance.
- Personal
Personal tax returns can vary in type of income, deductions, tax credits and more. Employees are limited on employment expenses that can be deducted. Take care when claiming office in the home or claiming depreciation (capital cost allowance) on vehicles. We can help prepare your annual personal tax returns and provide timely advice.
Deadline to file your tax return without any penalties is April 30 or June 15 if you, or your spouse, have self-employment income.
Deadline to remit any taxes owing without incurring interest charges is April 30 (if on a weekend, then the first business day following)..
- Tax & Retirement Planning
Looking to retire? Or have you been offered different retirement buyout packages? Do you collect a lump sum or a salary continuation? Can you roll some retiring allowances into your RRSP? Do you or your spouse have RRSP contribution room available?
Canada Pension Plan benefits can be applied for early, at age 60, or late, at age 70, but you need to know how much your benefits are reduced by for early enrollment and how much benefits are enhanced by delaying your application. Old Age Security benefits currently can be applied for at age 65 but be aware that the age of eligibility changes in 2023 to age 67. OAS benefits can also be deferred up to 5 years by choosing to defer application and your benefits will be enhanced by delaying. Please consider that your OAS benefits can be clawed back when your net income reaches a certain threshold (indexed annually) and consider applying for Guaranteed Income Supplement (GIS) if you have low income (GIS is tax-free income). Much time and planning is needed to calculate your after-tax retirement income. A tax plan should be prepared to forecast your retirement and your personal taxes.
Underused Housing Tax Transitional Relief Announced
The Canada Revenue Agency (CRA) understands that there are unique challenges for affected owners in the first year of the... Read More
Personal Income Tax Checklist - 2022 Returns
Eliminate confusion at tax time! Be sure that everything is organized and ready for your accountant with this checklist.... Read More
2023 Federal Budget Commentary Summary
Download the Complete 2023 Commentary Here > On March 28, 2023, the Deputy Prime Minister and Finance Minister, the... Read More
Underused Housing Tax (UHT) Requirements, Exemptions, and Filing Assistance
BACKGROUND Effective January 1st, 2022, for the 2022 calendar year, the Underused Housing Tax has been implemented to address the... Read More
UHT-2900 Underused Housing Tax Return and Election Form
Many private Canadian corporations, trusts and partnerships will be exempt from the tax, but must still file the return (UHT-2900... Read More
Underused Housing Tax (UHT) Quick Reference Chart
The new Underused Housing Tax (UHT) imposes a 1% annual tax on the value of residential real estate considered to... Read More