Tax Minimization

Capital Gains Tax when Converting Currency

By FT / February 8, 2016 /

When I wrote about some low cost ways to convert your valuable US Dollars (USD) back into Canadian dollars (USD), there was a comment about the potential for capital gains tax which caught some readers by surprise. At a high level, if there is any sort of “profit” from doing a conversion from USD to…

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Performing R&D in your Business? SR&ED Changes Coming in 2014

By FT / July 10, 2013 /

The Canadian government offers one of the most lucrative research & development (R&D) tax incentives in the world. It is known as the Scientific Research and Experimental Development (SR&ED) program. The SR&ED program has been an integral part of business growth across Canada because the program offers more than $3 billion dollars in tax credits…

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TurboTax (formerly QuickTax) Short Review and Giveaway

By FT / April 5, 2013 /

With the income tax deadline coming up, it’s the time of the year where tax software is flying off the shelves.  When it comes to online filing, there are two larger contenders in Canada – TurboTax (link will save you 10% off) and UFile.  On the free side, there is the underdog StudioTax which is…

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Tax Considerations for Gifts

By Clark / December 27, 2012 /

MDJ has featured articles about charitable donation tax credits and using flow through shares to maximize your donations. But what about the tax issues surrounding gifts, which may be triggered when donating stocks, bonds, land or building to a registered charity. Personal collections such as sculptures, paintings, stamps, coins, or other antiques that would be…

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Community Volunteer Income Tax Program

By Clark / December 3, 2012 /

Sometime back, I was talking to a colleague about income taxes in general and she mentioned that she must remember to set up an appointment with the local accounting firm and file her return before the income tax deadline. I inquired if she always used a tax professional and she answered in the affirmative. That…

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Use Your Business to Pay for Personal Tax Deductible Expenses

By FT / April 11, 2012 /

During my last net worth update, I wrote a little bit about our strategy on getting cash out of a privately owned corporation in a tax efficient manner.  While it’s tax efficient to have retained earnings within a corporation, the goal is to extract cash by the most tax efficient means possible.  One way to do this…

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Tax Considerations for Self-Employed People

By Clark / December 14, 2011 /

According to the CRA, someone who runs a business, be it a sole proprietorship or partnership, is classified as a self-employed person. Since January 2011, self-employed Canadians can register for Employment Insurance special benefits including maternity, parental, and sickness benefits. This post will look at some key items that would be useful for self-employed people.…

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Canada Revenue Agency – Complaints, Disputes, and Taxpayer Relief

By Clark / November 9, 2011 /

The Canada Revenue Agency (CRA) offers recourse for clients who feel that they have not been treated fairly or the service they received was sub par. This post will touch upon the process to file complaints, deal with disputes, and applicability of tax relief provisions. Service Complaint If a client feels that they have not…

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