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A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.
October 2024 Poll
October was small business month! Do you think more Canadians today are interested in starting their own businesses?
Overseas Employment Tax Credit Phased Out by 2016
For contracts made after March 28, 2012, an employee's claim for the Overseas Employment Tax Credit will be reduced.
Special Tax Deductions for Artists and Musicians
Artists and musicians may claim expenses for items specific to their profession, including capital cost allowance on musical instruments.
Is a Foreign Dividend Taxable?
I held 200 shares of Kraft Foods in my non-registered investment account. Kraft split into Kraft Foods and Mondelez International. I now have 66 shares of Kraft and 200 of Mondelez. I noticed that my T5 slip is indicated that I received a foreign dividend of over $3,000. Is this a taxable dividend? I didn't receive any cash and the value of the two shares together were more or less the same. Please advise as this is a nasty shock.
More on Dividend Tax Hikes
For owners of small businesses who pay themselves with dividends, the changes to the gross-up and dividend tax credit rates for 2013 will mean that the tax-free zone will decrease from its current level of about $42,500 for single taxpayers in 2013 to about $35,000 in 2014.
Claiming Home Workspace Expenses
Home office expenses are common for the self-employed; some employees may claim them too, when their employer signs Form T2200 to confirm this requirement. These claims are often audited so be sure to know the rules.
