In the last few weeks I received a number of calls from international students studying here Toronto who were in need of advice. Admittedly I have a soft spot for foreign students and I appreciate their struggles. I was one myself a couple of decades back. Given the level of... Continue reading

By Peter Miller Peter G. Miller is a nationally-syndicated columnist, speaker and writer whose work appears in a variety of outlets online and off. He is the author of the Quick & Dirty financial eBooks (SilverSpringPress.com) and operates the consumer real estate site,OurBroker.com. More than 250,000 Miller books are in... Continue reading

Many people are outright exuberant when they find out that they are due to get a big refund from CRA or IRS. And, this is not to mention the profound disappointment experienced when some individuals find out that they have taxes owed and have to process a payment. What could... Continue reading

The New York Times: Keeping Track of That New Year’s Budget. http://google.com/newsstand/s/CBIwztbc4g8 Continue reading

When a group of 86 large U.S. companies came out in late October in favor of fixing the debt it was seen as a rare example of corporate unity, and a wake up call on just how urgent an issue the growing federal deficit has become for business. In a... Continue reading

The Milan court sentenced him to four years but later cut it to one year because of an amnesty law. Mr Berlusconi condemned the sentence as "intolerable judicial harassment". He will remain free pending appeals.He and others were accused of buying US film rights at inflated prices via two offshore... Continue reading

The truth is, wearing a disguise can be embarrassing at times. It’s no different in tax planning. Some who are considered to be officers or employees have tried to put on a disguise to gain tax breaks that they aren’t normally entitled to claim. Most commonly, these folks “dress up”... Continue reading

Economists and analysts are posing that question following the Oct. 18 announcement that gross domestic product grew 7.4 percent in the third quarter, from a year earlier, down from 7.6 percent growth in the previous three months. China’s economic growth has started to stabilize, Premier Wen Jiabao said in a... Continue reading

A new study published by the Social Science Research journal reveals that second-generation Chinese and South Asian immigrants in the US, Canada, and Australia are more successful than the respective mainstream populations (third- and higher-generation whites). Jeffrey G. Reitz and Naoko Hawkins from the University of Toronto and Heather Zhang... Continue reading

CALGARY - A tax policy expert calls Alberta's oilsands royalty regime the "poster child" for how governments ought to collect their due from the energy industry. Jack Mintz, at the University of Calgary's School of Public Policy, says royalties should be based on companies' bottom lines — a so-called "rent-based... Continue reading

Canada's federal government budget deficit dropped in the first four months of the fiscal year, falling to $3.03 billion from April to July compared to a $5.93-billion shortfall in the same period of last year, the Department of Finance said on Friday. The monthly deficit in July fell to $1.05... Continue reading

Myth # 1 Federal income tax is unconstitutional and you can therefore refuse to pay income tax to the federal government, as confirmed by the Supreme Court of Canada in a decision in 1950. The Facts This myth is based on the faulty argument that the Canadian Constitution gives the... Continue reading

Finance Minister Jim Flaherty on Tuesday expressed concern about the continuing European debt crisis and the potential for the U.S. economy to sharply contract at the start of next year. Flaherty, who has frequently urged the European Union to quickly tackle its problems, said the "major and immediate threat facing... Continue reading

Ottawa, Ontario, September 14, 2012. . . The Canada Revenue Agency (CRA) will revoke the charitable registration of a Toronto-based charity registered under the name “The Canadian Quadraplegic Association.” The notice of revocation will be published in theCanada Gazette with an effective date of September 15, 2012. On August 2,... Continue reading

Jim Flaherty, Canadian Finance Minister, in a speech on December 29, 2011, highlighted tax reliefs coming into effect in 2012. “Creating jobs and growth in our economy is our top priority,” said Minister Flaherty. “Together with the provinces and territories, we are creating the conditions for businesses to successfully compete... Continue reading

Noted investor Stephan Jarislowsky, chairman of Jarislowsky Fraser investment firm, has a warning for Canadian homeowners. "I believe that Canadian real estate is over-priced by about 25 to 35 percent," he tells BNN. "I think the [debt-to-income] ratio of 155 percent of disposable income of the average Canadian is excessive,... Continue reading

Cash shortage is a real issue for most businesses and has come up over time with a number of our new clients. In most cases this problem can be reduced without incurring more debt the means of bank loans or subsidy in a way of shareholders' loans to the corporation. In this post we will: 1. Introduce concepts of liquidity, liquidity ratios, activity ratios like inventory turnover, A/R turnover 2. Discuss aging of A/R 3. Discuss inventory management and controls through ABC analysis and JIT Continue reading

Earlier today I received this email from CRA. Although it is intended for Equilibrium Financial clients, I think this is something general public also needs to be aware of. ----- Letter Campaign Initiative This notice is to inform you that the Canada Revenue Agency will be conducting a letter campaign... Continue reading

Small business effective tax planning strategy can include involving spouses in oversight of the business activities. As directors, spouses will be expected to attend board meetings, approve financial statements and direct the affairs of the company. It is very difficult to determine an appropriate level of compensation for directors. Assuming... Continue reading

I have recently been overwhelmed with inquiries from existing and new clients requesting help with CRA’s audits into gifting and donation tax sheltered arrangements. It has been a while since I posted and thought this warrants a write-up. Many tax payers have engaged in buy low and donate high schemes.... Continue reading

On May 18, Bill 236 received Royal Assent. This carries wide spread implications as nearly all pension plans with members in Ontario will have to be amended. This affects all plans: defined benefit, contribution and hybrid plans. Some of the noteworthy aspects of the Bill 236 and those that may... Continue reading

2009 has proven itself to be a pretty "sporty" year for most. In light of the recent events we hear constantly of "bail out funds", need to "de-leverage", imperative "stimulus to spark economic growth", etc. There is a lot of information out there and as usual everyone seems to have... Continue reading

On July 1, 2010, the Harmonized Sales Tax (HST) comes into effect in Ontario. What should you know about this change? What is HST? The 5% federal GST is being combined with the 8% PST to create a single 13% HST. Are there subsidies to aid this transition? To help... Continue reading

RRSP and TFSA may yield similar results if the marginal rate for RRSP contributions is the same as for RRSP withdrawals. RRSP contributions are usually made with intent of deferring tax payment through advantageous tax treatment. The RRSP is better if 1) the marginal tax rate for RRSP withdrawals will... Continue reading

Effective tax tips for students. Continue reading