Apprenticeship Job Creation, Co-op Education, and Disability Tax Credits
At TGC, we strive to make or save our clients money any way we can. One of the ways we do this is by using a variety of tax credits, some of which many are unfamiliar.
New Tax Rules on Sale of Principal Residence
Effective October 3, 2016, new tax rules have been introduced concerning the sale of a principal residence and the principal residence exemption.
Here’s what’s new:
- It used to be common practice to exclude the sale of a principal residence from your personal tax return
Happy Back-to-School Season!
Now that the leaves are changing, the weather is cooling down and the kids are headed back to school, we thought this might be an appropriate time to talk a bit about RESPs and how they may be useful for you.
What is an RESP Anyways?
A registered education savings plan (RESP) is essentially an agreement between an individual (the “subscriber”) and a person or organization (the “promoter”). Under this agreement, the subscriber, say the parent, makes payments into an account for the beneficiary, say the student. The promoter, say the bank, agrees to pay educational assistance payments (EAPs) to the student in additional to portions of the original contributions. EAPs are basically made up of any money earned on the contributions plus any other financial assistance received for the RESP.
Do you own foreign property that cost more than $100,000? If so, you need to know about Form 1135
If you or your corporation own foreign properties with a combined cost in excess of $100,000, you may be familiar with the Foreign Income Verification form , which you are required to file annually. This may seem scary, but don’t worry – we’ll help you navigate!
Due to the Canadian government’s effort to prioritize international tax evasion and avoidance, the 2013 budget update resulted in several changes to foreign income reporting. The new changes to the form are effective for corporate year ends ending after June 30, 2013 and personal tax returns filed for the 2013 calendar year.
T’is the Season! [to ensure all your 2013 financial housekeeping is complete]
December is such a wonderful time of year – families gather together, carols are sung, we reconnect with old friends, and we celebrate the year that just passed. In addition to all these joyous aspects of the month, your trusty friends at TGC want to ensure that you have all your financial housekeeping in order before we wish 2013 farewell. Some items to consider are:
- Do you have any securities in your personal portfolios on which you would like to recognize losses (or gains) for tax planning opportunities?
- If you intended to make payments to a Family Trust, the payments ought to be done before the end of the month
- If you have a corporation, there are several ways to pay yourself depending on what’s important to you and your family from a financial perspective.