Commentary

  • Audit? Review? Compilation? Confused?

    Here is a nice summary describing what the different types of financial statements are – an audit, review and compilation. The type of statement you may need will depend on the anticipated use of your statements, a TurnerMoore office can help you decide what best meets your needs. Follow this link for an indepth article […]

  • WSIB – Mandatory Coverage in Construction Industry

    Under new legislation, independent operators, sole proprietors, some partners in a partnership and some executive officers who work in the construction industry(1) will also be required to have WSIB coverage starting in 2013, these individuals are deemed workers for WSIB purposes. Generally there seems to be two exemptions from this mandatory coverage, if the work […]

  • A Nugget of Coal – Changes to Probate Fees & Executor Liability

    In Ontario, probate fees, the “estate administration tax” (EAT), are levied on a deceased taxpayer’s estate.   This tax is paid on the value of a deceased person’s estate when their executor(s) apply for a certificate of appointment of estate trustee or “letters of probate”.  If you have had the experience of being an executor, you […]

  • Phishing Emails – do not respond

    As we close in on the Tax filing deadline, I’m reminded that emails regularily circulate from those purporting to be from Canada Reveune and are looking for confirmation of personal data.   Canada Revenue, does not under any circumstance send emails to taxpayers.  You should immediately delete these emails. “Phishing is a way of attempting to acquire […]

  • Tax Tip – Claiming your spouses dividends

    If your spouse or common law partner does not pay enough tax to use the dividend tax credit, consider transferring the taxable Canadian dividends to your income so you can claim this credit, it may provide a greater tax advantage.

  • Tax Tip – Medical Expenses and non custodial parent

    A parent or other guardian who does not live with, and/or have legal custody of a child might still be able to claim certain medical expenses on the child’s behalf.  If the taxpayer is providing for essential needs, factors such as support payments and expenditures for security and education will also be taken into account […]

  • Tax Tip – Adoption Tax Credit

    You may claim a tax credit to cover up to $10,000 worth of eligible adoption expenses for a child of the taxpayer, including non-reimbursed items such as fees paid to an adoption agency that is licensed in a province or territory, court costs, legal and administrative expenses; and reasonable travel and living expenses required to […]

  • Tax Tip Caregiver Tax Credit and EI Claim

    If you take time off work to care for a gravely ill or dying family member, including a parent, spouse or child, you may be eligible to be provided with empolyment insurance benefits of up to six weeks.  You may also claim the caregiver tax credit which reduces federal tax by up to $642 if […]

  • Ontario Tax Credit Changes

    In the past we have received refundable tax credits from the Ontario government for Sales Tax, Rent and Property Tax.  These will no longer be paid to you on your tax return.  The Ontario government will now calculate these credits separately and if you qualifity will pay them to you directly, in quarterly payments commencing in July […]

  • Tax Rules – Foreign Reporting of your holdings

    Did you know that if you have more than $100,000 in foreign assets you need to complete form T1135.  This applies if you had them at any time during the year.   This also applies to foreign assets held in your Canadian Investment and RRSP accounts so be sure to check closely, as well as foreign […]