Whether we volunteer to coach our child’s soccer team, deliver groceries to those who cannot do it themselves or provide pro bono services in our professional capacity, many Canadians (12.7 million in 2013 according to Statistics Canada) gratuitously give their time to others. With over 1.96 billion … [Read more...]
Seniors – Health, Homes, and Help from the Taxman
As individuals age and medical conditions become more prevalent and significant, the need for assistance in daily activities increases. As a result, many consider moving to nursing homes, retirement homes, or smaller apartments or condos. Alternatively, some may choose to remain in their home but … [Read more...]
Tax and the Sharing Economy
Although there is no one definition of the “sharing economy,” we will view it as interactions in which individuals or less formal businesses share personal property or services with others for payment. This concept is not new: people have always had the opportunity to engage in activities such as … [Read more...]
When the Entrepreneur and Tax Man Meet
Starting a business can be exciting, but also incredibly nerve-wracking. While tax considerations are often a low priority, some commonly overlooked issues can cause significant headaches. Below we discuss some key general considerations. Specific advice from a tax professional is … [Read more...]
Tips and Gratuities – Some Taxing Issues
A Simple Gift, Right? In 2012, Statistics Canada estimated the total underground economy in Canada to be $42.4 billion. What comprises this significant amount? It has been a very popular and strong focus in recent years to attribute this activity to high net worth individuals, business owners and … [Read more...]
Tax Issues for Older Adults
In our working years, determining our personal tax burden can be quite simple – earn income and pay personal tax at the graduated rates. In our senior years, the formula is less straightforward. Though seniors pay tax at the same graduated personal tax rates as the rest of the population, … [Read more...]
Independent Contractor or Employee?
Payment terms alone do not distinguish an independent contractor from an employee, so we look at five factors and the intention of the parties. With business culture evolving, we see increasingly varied means to manage one of the most expensive and critical components of a business – human … [Read more...]