A portion of this article was originally written in June 2009, but relevant today due to the removal of the income splitting Family Tax Cut which allowed a family to notionally transfer up to $50,000 from the higher income spouse to the lower when filing taxes.  While many will take a hit from elimination of this tax benefit…

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As I have been considering implementing The Smith Manoeuvre, I have been doing some research on the tax benefits and how to make sure that all interest payments stay deductible. I came across some important taxation points that I thought I would share with you. Is the investment loan tax deductible? Before I start with…

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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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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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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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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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