Entries by Chris Hammond

Accelerated Write-off of New Asset Purchases

Who doesn’t love write-offs? Did you purchase new assets after November 20, 2018? In the November 21, 2018 Fall Economic Statement, the federal government proposed three important and immediate changes to Canada’s tax system. In order to enhance business confidence in Canada and stay competitive with the United States: The immediate write-off for tax purposes […]

RRSP and Tax Planning

2018 is almost upon us as the year draws to a close. It’s time, once again, to take advantage of the many personal and business RRSP and tax-planning opportunities that are still available.

Estate Planning

Estate Planning and Tax Implications When estate planning, your consultant may suggest that the RRSP/RRIF holder designate a beneficiary of the plan. There are many advantages that most people are unaware of. Some of these include:

Lifetime Capital Gains Exemption (LCGE)

On January 1st, 2017, the LCGE increased to $835,716 of capital gains realized by an individual on qualified small business corporation shares. The LCGE has been indexed to inflation for the years following 2014. The new limits apply to any taxpayer who has claimed the LCGE previously.

Per Diem Meal Allowance

In a recent Technical Interpretation, CRA noted that an employer-provided per diem meal allowance will not be taxable where the following conditions are met:

Tax Credits for Students

Tax Credits for Students: How College Students in Canada Can Save Common Deductions and Tax Credits for Students The most common tax credits for students, or deductions, are moving expenses and child care expenses.