Voted Best of Red Deer in the 2013, 2014, 2015, and 2016 Red Deer Express Readers' Choice Awards; and Named to Alberta Venture's 2016 Fast Growth 50 List

Newsletters

Below is a list of our most current newsletters. 

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Tax Alerts

by: Cory G. Litzenberger, CPA, CMA, CFP®, C.Mgr

In March, my old nemesis the CBC issued yet another incorrect tax story, this time regarding Uber drivers and taxes.

While yes, income earned by an Uber driver needs to be reported on their tax return, they CBC gave the illusion that if your income is under $30,000 in the year that you do not have to be registered for GST/HST.   However, if you are operating a "taxi business" you must be registered immediately.

So is an Uber driver running a "taxi business?"


by: Cory G. Litzenberger, CPA, CMA, CFP®, C.Mgr

Regardless of political stripe, everyone in Canada woke up this morning asking the question, so how does the election of Donald Trump as the next President of the United States affect me in Canada?

From personal income tax, to corporate income tax, to energy and trade - everything the new President-elect decides to do will have Canadian consequences.


by: Cory G. Litzenberger, CPA, CMA, CFP®, C.Mgr

In Alberta, talking about the implementation of a sales tax would likely get hung like the effigy of Peter Pocklington after Gretzky was sent to Los Angeles in 1989.

But now we are considering the alternative.


Planning for – or even thinking about – 2017 taxes before the New Year has even been rung in may seem more than a little premature. However, most Canadians will start paying their taxes for 2017 with the first paycheque they receive in January, and it is worth taking a bit of time to make sure that things start off – and stay – on the right foot.


During the month of December, it is customary for employers to provide something “extra” for their employees, by way of a holiday gift, a year-end bonus or an employer-sponsored social event. And it’s certainly the case that employers who provide such extras don’t intend to create a tax liability for their employees. Unfortunately, it is the case that a failure to properly structure such gifts or other extras can result in unintended and unwelcome tax consequences to those employees.


Most Canadians are aware that the deadline for contributing to one’s registered retirement savings plan (RRSP) is 60 days after the calendar year end – in order to be claimed on the return for 2016, such contributions must be made before March 2, 2017. Many also know that contributions to a tax-free savings account (TFSA) can be made at any time during the year. Consequently, when Canadians start thinking about year-end tax planning or saving strategies, RRSPs and TFSAs aren’t often top of mind. The fact is, however, that there are some situations in which planning strategies involving TFSAs and RRSPs must be put in place by the end of the calendar year. In other situations, acting before the end of the calendar year, while not required, will produce a better tax result. Some of those situations are outlined below.


While tax planning is best approached as an ongoing, year-round activity, the fact is that for most Canadians the subject of taxes becomes top of mind only a few times a year. Typically, that happens when the annual tax return is due, when the annual RRSP contribution deadline is looming, and for some, at the end of the calendar year.

There is, in fact, good reason to spend some time considering one’s tax situation as the end of the calendar year approaches. With the notable exception of (in most cases) contributing to one’s RRSP, any steps taken in order to reduce one’s income tax bill for 2016 must be finalized before December 31st of this year.