Resources & Articles

Year: 2020


UNREPORTED INCOME: Statute-Barred PeriodsDecember 23rd, 2020

In a June 10, 2020, French Court of Quebec case, the taxpayer had been assessed with unreported income of $68,162, $66,192, and $31,540 for 2004,...
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Valuation Date – An Important ConsiderationDecember 18th, 2020

Regardless of the reason for a business valuation, an important consideration is the valuation date. One of the foundational principles of business valuation theory is...
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RRIF/RRSP ON DEATH: Rollover to a Child or Grandchild’s RDSPDecember 10th, 2020

Normally we think about rolling RRIFs and RRSPs to the surviving spouse upon death, however, there are other options. One such option is to roll...
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COMMINGLING OF PERSONAL EXPENSES IN THE BUSINESS: The Cost Could Be Very HighDecember 2nd, 2020

In a July 23, 2020, Tax Court of Canada case, at issue were a number of expenses claimed by the taxpayers (a corporation and its...
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Accident Benefits – Are You Adequately Covered?November 26th, 2020

If you are injured in a motor vehicle accident (MVA) you may suffer significant economic losses due to loss of income and/or by incurring costs...
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US TAX ISSUES FOR US CITIZENS AND GREEN CARD HOLDERS LIVING IN CANADANovember 24th, 2020

Filing Requirement The liability for US tax is based on both citizenship and residence. Therefore, as a US citizen you must file annual US income...
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REASONABLE MEAL ALLOWANCES: Moving, Medical, and More!!November 19th, 2020

On September 3, 2020, CRA announced that, effective January 1, 2020, the rates allowable under the simplified method related to travel for medical expenses, moving...
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Would You put Personal Fitness over Personal Finances?November 19th, 2020

A poll conducted a few years ago by a fitness chain, appeared on some news sites with the headline “Canadians favour fitness over finances.” The...
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Financial Planning During a PandemicNovember 18th, 2020

When the news first broke about the pandemic, most people were concerned with keeping themselves and their family members safe, ensuring they had enough food...
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Why do we Procrastinate and Fail to Follow Through on Building a Financial Plan?November 17th, 2020

It is quite common for people to put off financial planning, as something they’ll get to one day in the future. It is not until...
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