2003 News & Tax Tips
December 2003
Three For Three!
We are pleased to announce that all three of our students who wrote the 2003 Uniform Final Examination (UFE) were successful. The UFE represents the culmination of intensive academic studies necessa…
December 2003
Collapsing your RRSP
A registered retirement savings plan (RRSP) is a vehicle to enable savings to accumulate on a tax-deferred basis over an individual’s working years to provide for retirement income. Since it w…
November 2003
Standby Charge and Operating Cost Benefit
As anyone who has an employer-provided automobile knows, there is a taxable benefit added to earnings on your T4. This taxable benefit is comprised of a standby charge (based on the cost of making t…
October 2003
Superficial Losses
The crisp fall air and changing leaves remind us that the end of the calendar year is approaching once again. Some unlucky investors will own investments on which there are unrealized losses. They m…
September 2003
Voluntary Disclosure
The Voluntary Disclosures Program (VDP) was initiated by the Canada Customs and Revenue Agency (CCRA) several years ago. Its purpose is "to promote voluntary compliance with the accounting and …
August 2003
Employment of Children
If you have a family business, you may have tasks which can be performed by your children. Should you pay them for the work they perform for you? What are the advantages and disadvantages of doing s…
July 2003
Child Care Expenses
Expenses paid for child care may be deductible from income for tax purposes provided certain conditions are met. Child care expenses include not only day-care but in some cases day camps or overnigh…
June 2003
Home Buyers’ Plan
The Home Buyers’ Plan (HBP) is a Federal program that allows taxpayers to withdraw up to $20,000 from their registered retirement savings plans (RRSPs) to buy or build a qualifying home. Provi…
May 2003
Home Sweet Home
Many of us have an office in our home where we do work from time to time. In an effort to minimize taxes, people often ask whether or not they can claim any expenses related to their home office and…
April 2003
GST Considerations for Employee Benefits, Allowances and Reimbursements
For many business transactions the application of, and accounting for, GST is of a routine nature. One area that is not so straightforward is the GST implications of allowances, reimbursements and e…
March 2003
GST Registration
The GST is the 7% goods and services tax, which applies to all supplies of property or services (including sales, leases, rentals, barter transactions, etc.) made in Canada by a supplier in the cour…
February 2003
A Tax Tip for Parents
The Ontario government has implemented a new refundable tax credit called the Equity in Education Tax Credit (EETC). This credit "…helps parents or legal guardians partially offset the c…
January 2003
2003 - New Beginnings
With the beginning of a new year comes change in the net take home pay that we receive from our employers. Many employees do not understand why these changes occur and how some of these amounts are …
2003 News
Three For Three!
Collapsing your RRSP
Standby Charge and Operating Cost Benefit
Superficial Losses
Voluntary Disclosure
Employment of Children
Child Care Expenses
Home Buyers’ Plan
Home Sweet Home
GST Considerations for Employee Benefits, Allowances and Reimbursements
GST Registration
A Tax Tip for Parents
2003 - New Beginnings
News Archive
Industry News
