Grant Thornton Feed: Insights [smart_tax_tips] Keep informed, subscribe to our feed and get our latest updates. 2011-11-16T12:00:00-05:00 Grant Thornton Canada http://www.grantthornton.ca Important changes to the principal residence rules urn:uuid:-insights-resources-smart_tax_tips-143_201701171135.47-143_1701171137-735.xml 2017-01-17T11:47:38-05:00 On October 3, 2016, the Department of Finance released a Notice of Ways and Means Motion proposing changes to the principal residence rules. Tax changes coming for sales of linked notes urn:uuid:-insights-resources-smart_tax_tips-118_201610131630.59-118_1610131631-608.xml 2016-10-13T16:33:44-05:00 A linked note is a debt obligation in which the return is linked to the performance of one or more reference assets or indexes. The underlying asset or index can be a basket of stocks, a stock index, a commodity, a currency or units of an investment fund. Finance extends deadline for changes to corporate class funds urn:uuid:-insights-resources-smart_tax_tips-143_201609151029.05-143_1609151029-936.xml 2016-09-15T10:30:15-05:00 Measures introduced in the 2016 federal budget proposed that exchanging units of one corporate class fund for another would no longer be tax deferred, starting October 1, 2016. Tax decoded: Top 5 post-election tax tips urn:uuid:-insights-resources-smart_tax_tips-141_201511231548.25-141_1511231548-906.xml 2015-11-23T16:36:29-05:00   Are you a RRIF holder? Consider the new minimum withdrawal amounts urn:uuid:-insights-resources-smart_tax_tips-141_201511181432.09-141_1511181433-750.xml 2015-11-18T14:34:25-05:00 Each year, Registered Retirement Income Fund (RRIF) holders must withdraw a required minimum amount, which is then taxed as income in the year of withdrawal. Tax Decoded: 5 things to consider when going public urn:uuid:-insights-resources-smart_tax_tips-141_201509301100.05-141_1509301100-156.xml 2015-10-02T14:18:24-05:00 5 tax considerations before going public in Canada. Is your corporation a personal service business? urn:uuid:-insights-resources-smart_tax_tips-141_201508281030.50-141_1508281030-515.xml 2015-08-28T10:37:11-05:00 If you incorporate your business but could reasonably be regarded as an employee or officer of the person or partnership to whom you are providing the services, (but for the existence of your corporation), you risk being characterized as a personal services business (PSB). Tax Decoded: 5 tax considerations before retirement urn:uuid:-insights-resources-smart_tax_tips-141_201508171143.56-141_1508171144-171.xml 2015-08-17T14:23:57-05:00 Simplifying complex tax tips. Read our top 5 tax considerations before retirement. Are you a “US person” residing in Canada? Make sure your US filing obligations are up-to-date! urn:uuid:-insights-resources-smart_tax_tips-141_201507201418.00-141_1507201418-625.xml 2015-07-20T14:20:04-05:00 The United States taxes its citizens, residents and green-card holders (collectively, US persons) on their worldwide income, regardless of whether they live in the United States. As a result, if you’re a US person living in Canada, you’re generally required to file both a Canadian and a US income tax return. Childcare expenses—don't forget summer camp expenses urn:uuid:-insights-resources-smart_tax_tips-141_201506041550.45-141_1506041550-328.xml 2015-06-04T15:55:44-05:00 The Child Care Expense Deduction (CCED) allows childcare expenses to be deducted from income when those expenses are incurred to allow a supporting parent to earn employment or business income. Enhanced Universal Child Care Benefit (UCCB) urn:uuid:-insights-resources-smart_tax_tips-138_201504271540.30-138_1504271540-140.xml 2015-04-27T15:57:21-05:00 Under proposed legislation, the government is increasing and expanding the UCCB starting in January of this year. Subject to the legislation receiving Royal Assent, the first enhanced payment is expected to be issued in July 2015 and will include any retroactive payments for the period January 2015 to June 2015. Family Tax Cut is now available! urn:uuid:-insights-resources-smart_tax_tips-131_201503170954.20-131_1503170954-406.xml 2015-03-17T10:00:19-05:00 Beginning with the 2014 tax year, the government is permitting notional income splitting for couples that have children under the age of 18. The higher-income earning spouse or common-law partner can notionally transfer up to $50,000 of income to the lower- income earning spouse or common-law partner each year. Are you a US citizen living in Canada but not up to date with US tax filings? Consider a voluntary disclosure program urn:uuid:-insights-resources-smart_tax_tips-131_201406271024.34-131_1406271024-640.xml 2014-06-27T10:41:23-05:00 The United States taxes its citizens and green-card holders on their worldwide income, regardless of whether they live in the US or not. This is because US tax liability and filing obligations are generally based on citizenship, not residency. As a result, if you’re a US citizen who is a resident in Canada, you’re required to file both a Canadian and a US income tax return (certain exceptions may apply), even if you owe no US tax. Tax filing season—a few last minute tips urn:uuid:-insights-resources-smart_tax_tips-131_201404141612.54-131_1404141612-296.xml 2014-04-14T16:20:07-05:00 It is personal income tax filing season once again. The following are a few last-minute tips to help you minimize your tax burden. Foreign reporting requirements—updated form T1135 urn:uuid:-insights-resources-smart_tax_tips-131_201403111022.18-131_1403111153-609.xml 2014-03-11T12:02:54-05:00 Our April 2013 tax tip noted that if the total cost of certain foreign property that you own exceeds C$100,000 at any time in the year, you have to report information about those properties on Form T1135, “Foreign Income Verification Statement.” Failure to report such foreign properties on Form T1135 may result in significant penalties. Year-end tax planning—part II urn:uuid:-insights-resources-smart_tax_tips-107_201312091632.01-107_1312091632-234.xml 2013-12-09T16:34:26-05:00 With the end of the calendar year approaching, now is the time to consider your various year-end tax planning options! Year-end tax planning—part I urn:uuid:-insights-resources-smart_tax_tips-131_201311201009.32-131_1311201009-687.xml 2013-11-20T10:24:57-05:00 The end of the calendar year is only a few weeks away so now is the time to consider your various year-end tax planning options! This month, we’ll look at two upcoming tax changes for 2014: (1) A change in the amount of the lifetime limit for the capital gains exemption; and (2) an increase in the tax rate on ordinary, or non-eligible dividend income received. Next month’s tax tip will focus on a number of general year-end tax planning tips. Turning 65? Consider deferring your OAS benefits urn:uuid:-insights-resources-smart_tax_tips-131_201310231149.27-131_1310231159-609.xml 2013-10-23T13:22:19-05:00 Beginning July 2013, you can delay receipt of your Old Age Security (OAS) pension benefits for up to five years (60 months) after the month you turn age 65. Behind in your tax filings? Consider the Voluntary Disclosure Program urn:uuid:-insights-resources-smart_tax_tips-131_201309191122.07-131_1309191122-718.xml 2013-09-19T11:59:01-05:00 If you are at least one year late in filing your income tax return, or an information return, or if you have made your filings but they were not complete or accurate, you may be eligible to participate in the Voluntary Disclosure Program (VDP). Income splitting loans urn:uuid:-insights-resources-smart_tax_tips-131_201308141635.01-131_1308141635-125.xml 2013-08-14T16:39:07-05:00 Income splitting loans provide an excellent way to reduce a couple’s overall income tax liability. They are effective where one spouse is in a high tax bracket and the other spouse has either no sources of taxable income or is in a low tax bracket, as the plan involves transferring taxable investment income from the high tax bracket spouse to the other.