Think you understand foreign currency transactions, think again. In this episode we go through what seems at first to be a very basic transaction, only to discover there is more than meets the eye when it comes to foreign exchange transactions and foreign currency bank accounts.
In this episode we talk about the changes coming to the CPP in 2019, and what to expect going forward as the contribution rate climbs from 4.95% to 5.95% over the next 6 years in addition to the increase in the Yearly Maximum Pensionable Earnings (YMPE) amount.
Are you concerned about the Tax On Split Income affecting your family's taxes? Then you are going to want to listen to this brainstorming episode on being unreasonable on purpose!
Prior to 2012 Canadians did not have a choice to when they stopped contributing to the CPP. Now that there is a choice, we get into what your options currently are.
There are 4 different credits that used to be available to students in 2016 that have since been eliminated. Do you know what they are?
Many tax planners may remember the tax plan called the Alberta Shuffle. Is it time to look at changing the rates to create a Canada Shuffle? #CdnTax #cdnpoli
In the last episode we had some fun with the Tax On Split Income (TOSI) rules, but it really is time to get serious about them.
The Tax On Split Income (TOSI) rules are written like a bad “escape room” game. The way these rules are written, everyone is caught… unless you can escape… and the exits are not clearly marked. In this episode, Cory G. Litzenberger tries to help you navigate these rules in a high-level tongue-in-cheek approach to them.
Taxpayers that follow the letter of the law in the Income Tax Act might not realize that there is a "catch-all" provision that is what we call the "smell test." If it stinks like GAARbage, the CRA will reassess you.