Commentary

  • Employee or Self-Employed

    The question of whether a worker is an employee or self-employed is important to be answered both for the worker and for the payer. If a worker is classified as an employee, the payer becomes classified as his or her employer and  is required to deduct income tax, EI and CPP from the pay of […]

  • TFSA vs. RRSP – How They Differ

    A Tax Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP) are both tax shelters defined by the Income Tax Act enabling Canadians to better save for the future. They have some similarities and some differences. An RRSP allows one to invest money on which income taxes have not been paid. When one […]

  • 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 […]