Significant changes due to the COVID-19 pandemic, and numerous tax issues to be aware of this year
Different ways to legally smooth income over a number of years… Maximizing access to the lowest marginal tax rates.
A list of tax deductions or credits to consider in the upcoming tax season
Consider leaving your RRIF/RRSP to a child or grandchild that is financially dependent on you in their RDSP
If you are a U.S. person potentially subject to this tax, but have not filed as such, contact us to discuss your options
Failing to make source deductions,
may expose directors personally to the liability
Deducting personal expenses in a corporation can lead to a very costly bill, as in Tax Court of Canada case, July 23, 2020
Claim amount increased to $23 from $17 per meal, for a total of $69/day
Taxability of unreported income all beyond the normal reassessment period- French Court of Quebec case, June 10, 2020.