Resources & Articles
Year: 2020
UNREPORTED INCOME: Statute-Barred Periods
In a June 10, 2020, French Court of Quebec case, the taxpayer had been assessed with unreported income of $68,162, $66,192, and $31,540 for 2004,...
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Valuation Date – An Important Consideration
Regardless of the reason for a business valuation, an important consideration is the valuation date. One of the foundational principles of business valuation theory is...
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Important Considerations for Medical Professional Corporations
As December 31st approaches, many medical practitioners are preparing for their second year-end amidst the pandemic. We’ve prepared a summary of some important items relevant...
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RRIF/RRSP ON DEATH: Rollover to a Child or Grandchild’s RDSP
Normally we think about rolling RRIFs and RRSPs to the surviving spouse upon death, however, there are other options. One such option is to roll...
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COMMINGLING OF PERSONAL EXPENSES IN THE BUSINESS: The Cost Could Be Very High
In a July 23, 2020, Tax Court of Canada case, at issue were a number of expenses claimed by the taxpayers (a corporation and its...
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Accident Benefits – Are You Adequately Covered?
If you are injured in a motor vehicle accident (MVA) you may suffer significant economic losses due to loss of income and/or by incurring costs...
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US TAX ISSUES FOR US CITIZENS AND GREEN CARD HOLDERS LIVING IN CANADA
Filing Requirement The liability for US tax is based on both citizenship and residence. Therefore, as a US citizen you must file annual US income...
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REASONABLE MEAL ALLOWANCES: Moving, Medical, and More!!
On September 3, 2020, CRA announced that, effective January 1, 2020, the rates allowable under the simplified method related to travel for medical expenses, moving...
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Would You put Personal Fitness over Personal Finances?
A poll conducted a few years ago by a fitness chain, appeared on some news sites with the headline “Canadians favour fitness over finances.” The...
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Financial Planning During a Pandemic
When the news first broke about the pandemic, most people were concerned with keeping themselves and their family members safe, ensuring they had enough food...
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