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. 

If you missed one and are looking for our archive, you can find it here.

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.


Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues.


For retired Canadians (and almost certainly for those who are no longer paying a mortgage) the annual income tax bill can represent the single largest expenditure in their budgets. The Canadian tax system provides a number of tax deductions and credits available only to those over the age of 65 (like the age credit) or only to those receiving the kinds of income usually received by retirees (like the pension income credit) to help minimize that tax burden. One of the most valuable of those strategies —  pension income splitting — isn’t particularly familiar to many taxpayers who could benefit from it, especially those who do not receive professional tax planning or tax return preparation advice.


As everyone knows, the Canadian tax system is a complex one, and that complexity is reflected on the annual tax return filed by individual Canadian taxpayers. The T1 Individual Income Tax Return itself is only four pages long, but the information on those four pages is supported by 13 supplementary federal schedules, dealing with everything from the calculation of capital gains to determining required Canada Pension Plan contributions by self-employed taxpayers.


For most Canadians – certainly most Canadians who earn their income through employment – the payment of income tax throughout the year is an automatic and largely invisible process, requiring no particular action on the part of the employee. Federal and provincial income taxes, along with Canada Pension Plan (CPP) contributions and Employment Insurance (EI) premiums, are deducted from each employee’s income and the amount deposited to an employee’s bank account is the net amount remaining after such taxes, contributions, and premiums are deducted and remitted on the employee’s behalf to the Canada Revenue Agency (CRA). While no one likes having to pay taxes, having those taxes paid “off the top” in such an automatic way is, relatively speaking, painless.


There’s little likelihood that the average Canadian taxpayer can fail to notice that it is, once again, registered retirement savings plan (RRSP) season, given the number of television, radio, and online RRSP-related advertisements and reminders which invariably appear at this time of year. This year taxpayers must, in order to deduct an RRSP contribution on their income tax return for 2016, make that contribution on or before Wednesday, March 1, 2017. The maximum allowable current year contribution which can be made by any individual taxpayer for 2016 is 18% of that taxpayer’s earned income for the 2015 year, to a statutory maximum of $25,370.