2002 News & Tax Tips
December 2002
Foreign Affairs
Several years ago the government decided that it would like to know more about its taxpayers’ investments abroad. The Canadian Income Tax Act now requires that taxpayers (individuals, corporat…
November 2002
Year End Checklist
For many of us, it is hard to believe that the end of another year is quickly approaching. Too often tax matters are only reviewed in April as the filing deadline approaches. While financial affairs…
October 2002
Determining the Correct Amount of Income Tax Installments
As the end of the calendar year is starting to creep up upon us, it is a good time for those individuals required to remit quarterly instalments, to revisit the amount of instalments which are being p…
September 2002
Will Your Business Losses be Fully Deductible?
Canada Customs and Revenue Agency (CCRA) has had one of its weapons, used in the battle with taxpayers over the deduction of business or investment losses, taken away. CCRA has recently lost two Sup…
August 2002
Gifts and Awards Given By Employers to Their Employees
In December 2001 Canada Customs and Revenue Agency (CCRA) revised their policy on how gifts and awards received by employees from their employers are taxed. The new policy is effective for 2001 and …
July 2002
Employee Or Independent Contractor?
Recently it has become very popular to hire workers as independent contractors rather than employees. Employers prefer this alternative as they eliminate their obligation to pay employee benefits. S…
June 2002
Registered Education Savings Plans (RESPs) and Canadian Education Savings Grants (CESGs)
As we noted in the March 2002 tax tip, there are several methods of achieving income splitting that are permitted, or encouraged, by the tax authorities. One such item is a registered education savi…
May 2002
Splitting Heirs
In our March tax tip we discussed income splitting within a family and some basic methods of achieving this. In our April tax tip we discussed attribution rules as they apply to spouses. This month …
April 2002
Split the Tax Bill - Part II
Last month we discussed some simple methods of splitting income amongst family members. This month we are going to consider the attribution rules as they apply to spouses. We shall use the term &ldq…
March 2002
Split the Tax Bill
The Canadian income tax system is designed so that the income tax rates increase as the taxpayer's income level increases. The top marginal tax rate in Ontario for 2001 and 2002 is 46.41%. Thus,…
February 2002
An Interesting Deduction
As you are scanning through the Income Tax Guide in anticipation of preparing your 2001 tax return you might notice that one of the items that can be deducted is interest expenses. According to CCRA…
January 2002
Dollars & Sense
In a recent issue of Dollars and Sense we announced that the CA exma succes of two of our staff members, Ryan Prystai and Charanjit Brar. We often get asked just what is involved in reaching t…
January 2002
Automobile Rules
The income tax rules, as well as the GST rules, concerning automobiles are complex and confusing to many people. Although there has been no change to the dollar limits concerning automobiles, the be…
2002 News
Foreign Affairs
Year End Checklist
Determining the Correct Amount of Income Tax Installments
Will Your Business Losses be Fully Deductible?
Gifts and Awards Given By Employers to Their Employees
Employee Or Independent Contractor?
Registered Education Savings Plans (RESPs) and Canadian Education Savings Grants (CESGs)
Splitting Heirs
Split the Tax Bill - Part II
Split the Tax Bill
An Interesting Deduction
Dollars & Sense
Automobile Rules
News Archive
Industry News
