GST Holiday Ends This Week: Lost Aversion Kicks In
The GST holiday which began in December comes to an end on February 15th and the fallout for consumers and businesses could linger for longer than the two month exemption itself. Announced by the Prime Minister and then Finance Minister on November 21st, the end of the break will mean Canadians must once again pay more for common children’s items in particular. Further, businesses will gain incur costs to reprogram point-of-sales and accounting systems.Build a Business, Eliminate Job Dissatisfaction
Attaining work-life balance and overall job satisfaction seems out of reach for a percentage of Canadians, according to Statistics Canada. Embracing new opportunities for personal and professional development is the key to reaching these goals.
People in the News: Reader Comments on Tax Reform
At Knowledge Bureau, we love to receive feedback from our readers. Klaus Theyer of Exact Tax Services commented on thought leadership about recent federal tax changes. Here’s what he said:
Analysis of Tax Reforms to Passive Investment Income
Breaking news from Ottawa: The Parliamentary Budget Officer (PBO to follow-up on The Minister of Finance’s July 18 proposals, releasing a new report on November 23.
Avoiding the Tax Consequences of Transferring Assets to Children
The transfer of assets to family members is an important part of retirement and post-retirement planning, as the tax consequences can be enormous. This is especially true now for average families as well as high-net-worth clients, because all final tax returns will carry with them the requirement to report any deemed disposition of a common family asset: the principal residence.
CRA Targets Business PayPal Accounts
Do you or your clients use PayPal for business transactions? Did you report them on your tax return? If not, you’ll want to correct those errors or omissions quickly under the Voluntary Disclosures Program (VDP), because you are in the sights of the CRA. A federal court ordered PayPal to disclose information about all business account holders who received or sent a payment between January 1, 2014, and November 10, 2017.
Debt Management Series: Mortgage Debt Management Matters
As of October 17, 2017 new mortgage rules were introduced that could change the way Canadians approach debt management. Advisors, we’ve prepared this resource to share with your clients so they understand how mortgages play a significant role in debt management strategies.
