2015 Q2 Tax Tips & Traps

Posted on August 5, 2015 by djb | Posted in Tax Insider, Tax Tips

Tax Tips & Traps 2015 Q2TAX TIDBITS… some quick points to consider
  • An employee or self-employed person meeting the requirements to claim a deduction for a workspace in their home could include space used to store inventory, as well as space used for the more traditional office in the home, as part of their workspace in their home.
  • Closely related corporations and Canadian partnerships may elect to treat the provision of certain intercompany taxable supplies as having been made for no consideration, so no GST/HST is payable on these transactions.
  • Canadians are now able to purchase beer and spirits in provinces where they don’t live and bring them home for personal use.

Contact us if you have questions or wish to discuss!

OWNER-MANAGED BUSINESS TRANSITIONS: Planning in Advance

Statistics Canada has noted that by 2020 close to 350,000 business owners will be aged over 55 and that within the next 8 years approximately 550,000 business owners will exit their business.

For business owners moving to retirement and transitioning their business, there are three major options for succession:

  • transition ownership within the family;
  • sell the business to an unrelated party; and,
  • cease operations and sell off any assets available.
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