Is there a minimum age for work under the Employment Standards Act, 2000? No. But there are minimum age requirements for certain industries and workplaces set by other laws. The Occupational Health and Safety Act sets the minimum ages to work as follows: 18 years of age for underground mines 16 years of age at Read more about Is there a minimum age for work under the Employment Standards Act, 2000?[…]
Budget 2016 proposes tax amendments that will limit the benefits of certain corporate and partnership structures which currently allow for the small business tax rate to apply to multiple instances of $500,000 of active income. This has historically been accomplished through the use of more complex structures that use a combination of multiple corporations, partnerships Read more about Highlights for Physicians, Residents and Medical Students[…]
Earlier this week, Finance Minister Bill Morneau introduced tax changes that were aimed primarily at foreign investors in Canadian real estate to ensure they abide by our existing tax rules. But the changes also catch many Canadian residents who, in the past, have often inadvertently escaped paying tax on their principal residences. Read More…. Read more about How principal-residence tax changes will affect every Canadian homeowner[…]
Jointly held property can also be held in two different ways: as joint tenants or as tenants in common. Joint tenancy invokes the right of survivorship, so that on the death of one of the owners, the ownership of an asset passes in equal shares to the surviving owners. Tenants in common, on the other Read more about Joint tenancy vs. tenants in common[…]
New rules beginning in 2017 will affect the taxation of Canadian life insurance policies. If you are considering changes to an existing policy or the purchase of permanent insurance for yourself, your family, and particularly for your business, it’s important to consider the potential benefits of taking action during 2016 in order to meet your Read more about Getting ahead of tax changes that will impact your life insurance[…]
While life insurance products have changed over the years to meet the evolving financial protection needs of consumers, the tax rules used to design and price the products have not. This has caused inconsistency between the products and the Canadian insurance companies that sell them. The federal government has introduced new tax laws, which reflect Read more about New Income Tax Rules Coming for Life Insurance Policies[…]
The ORPP is mandatory for employers without a comparable workplace pension plan. Employers will contribute up to 1.9% on an employee’s annual earnings up to $90,000. Both employers and employees will make equal contributions. The ORPP minimum earnings threshold (the amount a plan member earns before they begin making contributions) will be $3,500 for eligible employees between the ages of 18 Read more about Ontario Retirement Pension Plan (ORPP)[…]
Justin Trudeau has vowed to increase taxes on the wealthiest of Canadians – many of whom have achieved their status by building businesses. These business owners could one day find themselves facing a tax-strategy dilemma: Should they leave money in the business, take it as income, or do something completely different? Read more….. Read more about One way to avoid tax – leave money in the business[…]
The lifetime maximum amount you can contribute for a child into an RESP is $50,000. Assuming a rate of return of 5 per cent for 17 years, and that the child starts a post secondary school education at age 18, if you contributed the full $50,000 to the RESP upfront, that amount would have grown Read more about What’s better for an RESP – Lump sum payment, or annual contributions?[…]
Late-filing penalty If you owe tax for 2015 and do not file your return for 2015 on time, CRA will charge you a late-filing penalty. The penalty is 5% of your 2015 balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months. http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/ntrst/menu-eng.html Interest Rates on Balance Owing: The interest rate Read more about CRA Late Filing Penalties and Interest on Balance Owing[…]