Income Splitting is a tax planning strategy designed to shift income from a taxpayer paying a high rate of tax to another taxpayer paying tax at a lower rate. The Income Tax Act has many provisions attempting to limit income splitting, but you should be aware of the opportunities. Some of them can be found […]

This summer, a number of small and medium-sized business owners have been asked by the Canada Revenue Agency (CRA) to participate in the Liaison Officer Initiative (LOI) – a part of the CRA’s 3-point plan to provide early tax compliance support to businesses. Through the LOI, selected businesses would receive in-person guidance and information to […]

Self-employed cab drivers are required by the Canada Revenue Agency to register, collect and remit HST/GST from their fares to the government. This requirement does not correspond to a certain amount of money being made by cab drivers. Rather, if you drive a cab as a self-employed individual, you must be registered. For others, the […]

August 7, 2015 – Michael Citrome’s blog post “Moving Provinces? Avoid Surprise Tax Bill” that was posted in the Ottawa Business Journal discusses the issues regarding income taxes and moving between provinces. “People move between provinces all the time. Here in Ottawa, we are constantly leapfrogging between Quebec and Ontario, whether it’s for a meeting, […]

Many IRS filing deadlines have recently been changed by Congress, in H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. Effective as of December 31, 2015, if you are required to file with the IRS for your C corporation, partnership, or FBARs, then your due dates have likely changed. Partnerships […]