Tax Accountant
March 16, 2024
Published by Michael Blank at March 16, 2024
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In 2023, the fast ‘working from home’ deduction is no longer available. Instead you need to get an employer’s signature on a form. Contact to find out how.
February 24, 2024
Published by Michael Blank at February 24, 2024
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Do you need help with 2023 taxes? Do you have an underused house? Medical tax issues? Estate tax issues? I can help with all of those. There are new Bare Trust registration requirements; if there are differences between who is the legal owner, and who is the beneficial owner (i.e. parents holding title for a house for their children) this must be reported. Make sure your taxes are filed properly. Contact a tax accountant today!
March 10, 2023
Published by Michael Blank at March 10, 2023
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Do you have an underused house? Medical tax issues? Estate tax issues? I can help with all of those.
April 4, 2022
Published by Michael Blank at April 4, 2022
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Make sure to check CRA’s Autofill for your tax return! I have seen many clients miss tax slips from Autofill. RRSP slips are usually late because the RRSP ends so late. T4As for seniors are missing this year, or have errors. Two out of three T3s show up. Even a T4 was missing. Make sure you check every slip this year.
April 4, 2022
Published by Michael Blank at April 4, 2022
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Are you using your Capital Losses properly to offset Capital Gains? Many taxpayers have not used Capital Losses from previous years properly. Contact your tax accountant today.
February 21, 2018
Published by Michael Blank at February 21, 2018
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To prepare for Income Tax, there are basically three themes: Sources of Income. Sources of Deductions (money spent to earn income). Sources of Credits. Make three lists with those titles and you are ready to start! Some things change over time. The New Child Tax Benefit doesn’t pay out as much as the old system did, especially as family income increases. However, it is tax-free (one doesn’t add it to one’s income). Pension income splitting will likely be around for awhile. Family Income Splitting (income splitting when children are present) has been removed by the current government. It may be […]
January 30, 2018
Published by Michael Blank at January 30, 2018
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13. Take steps to protect property if necessary. 14. Bank: Notify bank of death. Update statements then transfer to trust account. Invest excess cash after estimating immediate cash requirements 15.Receivables: Make lists of outstanding wages, vacation pay, death benefits from employment. Apply for any death or survivor benefits from elsewhere. File life insurance claim. Collect mortgage principal and/or interest. Make list of investment income (interest, dividends). 16.Investments: Collect records of stocks, bonds, etc and inventory. By reference to market value, determine if they should be sold. Change name to that of executor prior to disposition. If estate is ongoing, […]
March 11, 2017
Published by Michael Blank at March 11, 2017
In my previous blog, I introduced the Principal Residence Exemption, or PRE. There is a new reporting requirement on the sale of the principle residence. I’ll discuss it briefly here. As always, discuss complex tax issues with a tax accountant. Tax is often the biggest cash disbursement for most years, so proper planning may save you money. For a long time there has been Principal Residence Exemption. A couple buys a home, designates it as their principle residence, and sell it years later. There are no taxes on capital gains if the PRE is used. Until recently, the use of […]
March 9, 2017
Published by Michael Blank at March 9, 2017
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There is a new reporting requirement for the Principal Residence Exemption (PRE). When you sell your principle residence and use the PRE, you have to report it. First, I’ll discuss the PRE and in the next blog I’ll discuss the new report. As tax is the largest payment one makes each year, it is a good idea to have your taxes reviewed by a tax accountant. The Principal Residence Exemption is an opportunity to keep the capital gains tax-free on your principle residence that you have owed for longer than a year, and where you have lived for at […]
February 23, 2017
Published by Michael Blank at February 23, 2017
On December 15th, 2016, Royal Assent was given to C-29, a budget implementation bill. C-29 means big changes for companies using the Small Business Deduction. Previously, I discussed the Small Business Deduction, who uses it, and what C-29 changed. Here, I will briefly discuss the effects on small businesses. As always, consult a tax accountant to review your situation and for tax planning. It used to be the biggest issue was Association: if two companies had 25% or more ownership in common, they were Associated, and had to share the $500,000 Small Business Deduction. Now, Specified Corporate Income goes […]