Personal Tax for Canadians

Can You Benefit from the $800,000 Capital Gains Exemption?

A Canadian business owner who carries on an active business through a corporation may be eligible for an $800,000 lifetime capital gains exemption (indexed for inflation after 2014) on the sale of his/her corporation shares or on the deemed disposition of his/her corporation shares immediately before his/her passing. For a Canadian business owner in the…

International & Non-Resident Tax | Personal Tax for Canadians

Canadians with US Rental Property – Cross-Border Tax Implications

Canadians earning income from US rental property can be fraught with unexpected cross-border tax problems, which could severely hurt their after-tax return on investment.  It is important to consult a cross-border tax professional before the purchase to understand all the US and Canadian tax implications of owning US rental property and to make the best…

Corporate & Business Tax | Personal Tax for Canadians

2014 Federal Budget Highlights

Below are highlights of the proposed tax measures introduced in the 2014 federal budget delivered by Finance Minister Jim Flaherty on February 11, 2014. Measures concerning individuals Personal Income Tax Rates No proposed changes to the progressive personal income tax rates of 15%, 22%, 26% and 29%. Taxation of Estates and Testamentary Trusts The 2014…

Personal Tax for Canadians

2014 Update for CPP/QPP, EI and Individual Personal Income Tax Rates

Although there are no increases in the CPP contribution rate and the EI premium rate in 2014, if your earning for the year will exceed the maximum pensionable/insurable earnings, your annual CPP and EI contributions may still go up slightly (by approximately 2.9% and 2.5% respectively) due to the increases in the maximum pensionable/insurable earnings.

Personal Tax for Canadians

US Estate Tax

You may find this article relevant to your estate planning if you are: a Canadian resident but not a US citizen and the fair market value of your US-situs assets exceeds US$60,000; or a Canadian resident and a US citizen and the fair market value of your worldwide assets exceeds the “unified credit exemption” amount…