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A note on Cryptocurrency
Wikipedia defines cryptocurrency (or crypto currency) as a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions...
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Baker Tilly Advantage
As a business owner, you need information that’s timely and relevant to drive daily decisions. Baker Tilly Advantage addresses that need by leveraging best-in-class technologies to deliver customized accounting, finance and operational assistance.
The Latest at Baker Tilly Dartmouth
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Cryptocurrency in Canada in 2020
Bitcoin, the very first cryptocurrency, was created in 2009. Ten years and many thousands of cryptocurrencies later, taxation and regulatory agencies around the world are finally starting to realize that cryptocurrencies are here to stay.
A less taxing take on TOSI
The “kiddie tax” was introduced in 2000 to deter income splitting with minor children by enforcing taxation at the highest marginal tax rate on the income received and denying certain personal tax credits. In recent years, new legislation expanded the tax on split income (TOSI), extending beyond minor children to include certain adults as well.
Income received after death
Recently, the Canada Revenue Agency released a technical interpretation to clarify the commentary in the T4001 Employer’s Guide – Payroll deductions and Remittances, and the T4011 guide, Preparing Returns for Deceased Persons, in respect of income payable at death...
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The capital gains inclusion rate dilemma
As we get closer to the federal budget date each year, people start speculating about a possible increase in the capital gains inclusion rate. Currently, individuals only pay tax on 50 per cent of their capital gains, leaving the other 50 per cent tax-free. There are legitimate policy reasons for not taxing 100 per cent of capital gains (e.g., inflation, risk), but the intention of this article is not to debate the policy behind full or partial taxation on capital gains.
Infographic: 4 paths to savings for home buyers
A surprisingly high percentage of home owners, home buyers and real estate professionals (including agents, accountants, bankers and lawyers) are unaware of the tax credits and incentives available on the purchase and renovation of homes in Canada. With that in mind, here are four of the most widely available opportunities.
New employee stock option rules delayed
Those individuals who were preparing for the Jan. 1, 2020 implementation of the revised stock option rules will have to wait a little longer. The Department of Finance Canada announced on Dec. 19, 2019 that the effective date of the revised employee stock option rules will be delayed.
Transferring wealth during your lifetime
I was reading recently that approximately $30-trillion in assets will be shifting from one generation to the next across North America in the next few decades, according to consulting firm Accenture.
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Trust reporting in 2021 will come sooner than you think
New trust reporting requirements are coming for calendar year 2021 for many unsuspecting trust administrators. But how did we get to this point of needing to disclose additional information, and what should trust administrators be doing right now?
Five key considerations for Canadians selling to Americans online
Due to the rise of online sales through the likes of Amazon and eBay, a number of Canadians are looking into selling goods online to consumers who live in the United States. Setting up an online business is a great way to supplement your primary income stream, but even if your business is a relatively small undertaking, there are several issues to consider. With that in mind, here are five key considerations for Canadians selling to Americans online.
Not an advantage is advantageous: investment fees paid outside registered plans
For almost three years, investors and their advisors were in a state of uncertainty concerning investment management fees paid outside of RRSP, RRIF and TFSA accounts (collectively “registered plans”).
Smoothing the path to relinquishing your U.S. citizenship
On Sept. 6, the Internal Revenue Service (IRS) announced a new tax compliance program entitled “Relief Procedures for Certain Former (U.S.) Citizens” (Relief Procedures).
