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Audits   Budgets   Government Support Country Guide   Estate Planning   GST & Sales Tax Medical Expenses   Miscellaneous   RRSP/RESP Tax Planning   Tax Returns   Tax Tips Audits CRA clamps down on bad record keeping July 2005 the Canada Revenue Agency seems to be paying closer attention to the record keeping habits of small businesses. Failure to keep records in the manner CRA thinks appropriate will work against you in an audit and could possibly result in a fine.   Federal auditors threaten to turn up tax heat June 2005 Getting caught in a Canada Revenue Agency audit is rarely pleasant, but it is about to get hotter, particularly for small- and medium-sized businesses.   Death, Taxes And Audits March 2003 Be prepared for CCRA audits.   Bingo - You Are Being Audited March 2003 It can be as simple as that. Each year CCRA conducts thousands of audits selected randomly from all Canadian taxpayers and different categories of taxpayers.   Budgets 2010 British Columbia Budget March 2, 2010 Budget 2010 projects deficits over the next three years of $1.7 billion in 2010/11, $945 million in 2011/12, and $145 million in 2012/13.   2010 Alberta Budget February 9, 2010 Budget 2010 forecasts deficits of $4.7 billion for 2010-2011 and $1.1 billion for 2011-2012.   2009 BC Budget Update September 2009 During a time of dramatically falling provincial revenues, the BC government has announced additional deficit spending measures in BC’s second budget of 2009 tabled on September 1st.   2009 Alberta Budget April 7, 2009 After 15 consecutive balanced budgets, the Alberta government announced a record deficit forecast of $4.7 billion for fiscal 2009-10 and deficits for the next two fiscal years – 2010-11 and 2011-12.   2009 Manitoba Budget March 25, 2009 The Manitoba government brought down its tenth straight balanced budget forecasting a $48 million summary surplus for the fiscal year 2008-09.   2009 Ontario Budget March 26, 2009 Ontario’s Government handed down a budget that calls for seven years of significant deficits totaling $56.8 billion.   2009 Saskatchewan Budget March 18, 2009 Saskatchewan handed down its 16th consecutive balanced budget for fiscal 2008-09, with a $425 million surplus forecasted.   British Columbia Budget February 17, 2009 With the province facing an economic slowdown, small temporary deficit budgets are forecasted for the next two fiscal years, 2009-2010 and 2010-2011.   New 2009 Federal Budget Summary January 27, 2009 Today, federal Finance Minister Jim Flaherty tabled the federal government’s fourth budget, forecasting a cumulative deficit of $64 billion over the next two fiscal years: $34 billion in 2009-10 and $30 billion in 2010-11.   2008 Alberta Budget April 22, 2008 The Alberta government announced its 15th consecutive balanced budget for 2007-08, projecting a surplus in 2008-09. Following is a summary of budget highlights.   2008 Manitoba Budget April 9, 2008 The Manitoba government brought down its ninth straight balanced budget on April 9, 2008. The budget contained a number of tax reductions for individuals and businesses. Read on for a summary of the key tax measures announced.   2008 Ontario Budget March 25, 2008 Ontario’s Government handed down its third consecutive balanced budget today, projecting a surplus for the year. Here is a summary of the tax-related highlights contained in the budget.   2008 Saskatchewan Budget March 24, 2008 Saskatchewan handed down its 15th consecutive balanced budget for fiscal 2007-08 and the first budget of the newly-elected Saskatchewan Party. Highlights of the budget’s few tax measures are summarized here.   2008 Federal Budget In-Depth Analysis February 28, 2008 Highlights of Budget 2008’s tax and other measures are summarized here...   New 2008 Federal Budget Summary February 26, 2008 Today, federal Finance Minister Jim Flaherty tabled the federal government’s third budget, forecasting a surplus budget. Highlights of the 2008 budget that are of particular interest to FBC members are summarized here.   2008 British Columbia Budget February 2008 British Columbia continues with its strong economic recovery that left the province with an updated surplus budget in 2007/2008. Surplus budgets are also forecasted for the next three fiscal years.   Federal Economic Statement 2007 October 2007 The Federal update on Canada's Economic situation and changes to personal, business and sales tax.   2007 Alberta Budget April 19, 2007 The Alberta government announced its 14th consecutive balanced budget for 2006-07, projecting a $2.2 billion surplus in 2007-08.   2007 Manitoba Budget April 4, 2007 Manitoba's 8th straight balanced budget forecast a $175 million summary surplus for the fiscal year 2006-07.   2007 Ontario Budget March 22, 2007 The government handed down its fourth provincial budget projecting a surplus of $310 million for 2006-07 and continued surpluses for the next three fiscal years.   2007 Saskatchewan Budget March 22, 2007 On March 22, 2007, Saskatchewan handed down its 14th consecutive balanced budget for fiscal 2006-07, targeting significant increases in health, education and economic infrastructure spending.   2007 Federal Budget Analysis March 19, 2007 The federal government’s 2007 budget forecasts fiscal surpluses of about $9.2 billion for 2006-07 and $3.3 billion for 2007-08 and commits $20 billion in new spending over this and the coming two years.   2007 British Columbia Budget February 2007 British Columbia continues its strong economic recovery, with budget surpluses expected for the next three years.   Federal Economic and Fiscal Update November 2005 Tax plan highlights in an Update released by the federal Finance department, November 14, 2005. Measures are expected to deliver $30 billion in tax relief over the current and next five years.   Government Support 2009 Additional Prescribed Drought/Excess Moisture Regions December 2009 The federal government has again expanded its list of prescribed drought/excess moisture regions for the 2009 tax year.   Livestock Producers in Areas of Drought/Too Much Moisture Get Tax Help September 2009 The federal government is offering 2009 tax deferrals to livestock producers who have been dealing with drought in designated areas.   New “Growing Forward” Farm Support Programs January 5, 2009 New programs include AgriInvest; AgriInvest Kickstart; AgriStability; AgriInsurance, an expanded production insurance program, and AgriRecovery, a national disaster framework. Learn more here...   Alberta government announces pilot project on CAIS reference margins November 2005 The Alberta government is conducting a Reference Margin Pilot Project to compare all CAIS applications received from 2003 to 2005 using the better of the Olympic average margin (drop the high and low of the previous five years) or the previous three-year average.   Federal Government Announces Assistance for Grain and Oilseeds Producers November 2005 On November 23, 2005 Agriculture and Agri-Food Canada announced $755 million in emergency federal assistance for Canadian producers of grains and oilseeds.   New Government Strategies to Assist the Beef Industry September 2004 In September, the federal government announced a new federal/provincial strategy to help Canada’s troubled livestock industry reposition for long-term viability.   Country Guide FBC Tax Analyst Larry Roche discusses tax issues of interest to farmers in his monthly "Farm Tax Specialist" column in Country Guide magazine. The three pillars of tax-efficient investing February 2009 Once you have a portfolio of off-farm investments, you should plan to review those investments on a regular basis to ensure you are minimizing the income tax they generate.   Off-farm investing key to meeting long-term goals November 2008 Selling some farm owners on the wisdom of investing their hard-earned dollars in anything other than their own business can be difficult.   Choosing the right registered investments December 2008 These registered plans are designed to help you save with specific goals in mind, such as the retirement lifestyle you would like to enjoy.   Personal and Business Insurance Strategies for Farmers January 2009 Operating most farms is highly capital intensive. If you are like many farmers, you are asset rich and cash poor.   Responsibility for the Accuracy of your Tax Return is a Team Effort Early March 2008 Hiring an accountant or tax professional to prepare your tax return does not absolve you of all responsibility for the accuracy of your tax return. Read on...   Clarifying Income Splitting Between Spouses February 2008 The federal government now allows spouses to split their pension income for tax purposes. However, this opportunity has created some confusion about the ability of spouses to split other types of income.   Ensuring Shares In Your Farm Corporation Qualify for Capital Gains Exemption January 2008 Effective March 19, 2007, the lifetime capital gains exemption (LCGE) was increased. While that is good news, you will want to make sure that any shares you hold in a family farm corporation meet the criteria that will make them eligible for the LCGE when you dispose of them.   Determining Your Province of Residence for Income Tax Purposes December 2007 Because marginal income tax rates can vary significantly by province, a growing number of Canadian taxpayers are looking for ways to shift income to a province with better rates. Recent court decisions indicate, however, that the province-of-residence issue might be getting more attention from the taxman.   Declare How Your Joint Accounts Will Be Handled When You Are Gone November 2007 Be aware that some joint accounts have led to nasty legal disputes among family members when their parent died.   Should a living trust be part of your estate planning? October 2007 With the aging population in Canada, many farmers and other business people are nearing retirement and firming up their estate and succession plans.   Providing security for disabled children August-September 2007 Canada’s new registered disability savings plan will help create peace-of-mind for parents and grandparents of special needs children   Lifetime capital gains exemption increases June-July 2007 Farmers and small business owners now have a lifetime capital gains exemption of $750,000, which will save you tax money on the sale of farmland and other qualified property.   Will trusts provide tax savings — and other benefits April 2007 By arranging to put part or all of your estate into trust after your death, you can save your beneficiaries some income tax and help keep the farm in the family   Know non-resident tax rules before you retire outside Canada May 2007 Farmers who want to retire outside the country have to follow certain rules, including severing most ties to Canada, before they can escape the reach of Canadian income taxes.   Use "rights or things" to save estate income tax March 2007 When a loved one dies, about the last thing you want to think about is how to save tax. But the “rights or things” tax return, which you have a year to file, could save the estate some money.   Income splitting rewards one-income families February 2007 New income splitting rules help retired couples in which one spouse has a distinctly higher pension income than the other   Taxpayer fights restricted farm loss rules — and wins January 2007 Taxpayer wins appeal regarding restricted farm losses that could be applied to his total personal income.   Land rental could negate your capital gains exemption November 2006 If you rent your farm land ensure you do not negate the capital gains exemption at the time of sale or rollover to your children   Contain the taxman's take on family gifts December 2006 Large gifts of money and property will have the taxman calling. Follow these tips to limit the tax burden for giver and receiver.   Off-farm income is reason to incorporate the farm October 2006 If your family earns enough from off-farm income to live comfortably, you may want to incorporate the farm to shelter farm income from high personal tax rates.   Report any income from foreign sources August-September 2006 CRA has its sights on undeclared foreign income. Farmers with foreign investments, including property, are not immune to scrutiny.   CRA computers will spot tax return irregularities June - July 2006 More small and medium businesses, including farms, are being audited these days. Some audits are done randomly. Others are in response to these common red flag issues.   Farmers can count timber sales as a capital gain May 2006 Under certain circumstances, CRA will class woodlot sales as a capital gain instead of ordinary income. This tax advantage is primarily for farmers, but you must follow strict rules to qualify.   Accrual accounting is better business practice March 2006 Farms, unlike many other businesses in Canada, can still use the cash method of accounting. Even so, many farms find the accrual system a more useful business tool.   Loans from your corporation count as taxable income April 2006 When shareholders or employees borrow money from a corporation, that money is generally considered taxable income. But this rule, like many CRA rules, has exceptions   Farms can venture out and still maintain tax status February 2006 The business of farming is broadly defined. If you can convince the Canada Revenue Agency that your business and all its ventures fall within this definition, you are among the select citizens of Canada who can use cash accounting to report business income for income tax purposes.   Protect habitat and get a tax break January 2006 Got a piece of wilderness you want to see preserved in its natural state? You could donate it to charity or to a government agency for protection in perpetuity and get peace of mind – and a nice tax break – in return.   Protect yourself from creditors December 2005 Losing a business is heartbreaking. Losing all your personal assets at the same time is a disaster. Here are some tips to protect your retirement nest egg and your home should the worst-case scenario occur.   Co-ops to get critical tax deferral for dividends November 2005 If the finance minister gets his way, members of agricultural co-operatives will no longer have to pay income tax on uncashed patronage dividends. This is great news for co-op businesses looking to attract new members.   Incorporation gives small business superior tax benefits October 2005 Incorporating a farm brings its share of headaches, but for farmers paying what they think is too much income tax, incorporation deserves a serious look   Pay family for work done on the farm September 2005 Don't miss an opportunity to pay your spouse and your children for work done to help the business. It keeps them connected to the farm, and it can cut your tax bill.   Spousal partnerships can reduce income tax load August 2005 Farms run as a husband and wife partnership can see tax savings through income splitting. But the business has to be a true partnership, which means certain guidelines must be followed.   Start education plans when kids are born May 2005 As post-secondary education costs skyrocket, especially for students who must live away from home, it's never too soon to start saving for one of the most important gifts you can give your children.   Be a contractor; pay less tax April 2005 An independent contractor enjoys tax advantages not available to employees. The trick, however, is to convince the tax man you are in fact a contractor and not an employee.   RRSPs can fund more than your retirement March 2005 Looking at a career change that requires more education and a house in town? Your RRSP might be able to help   Don't be deceived by the de-taxing movement March 2005 Their arguments might sound convincing, but those who say governments lack the constitutional power to impose taxes are off base   Get set for more rigorous audits January 2005 If you run a farm or other small business, be prepared for a tax auditor's call   Foreign exchange losses are deductible February 2005 For the first time in years, the Canadian dollar has been gaining value against the U.S. dollar. This has implications at tax time.   Use caution when claiming convention costs November 2004 Not all conventions and seminars are equal when it comes to tax deductibility of registration fees and related costs. Know what you're getting into before you go   Farmland complicates house exemption December 2004 Here's what you need to know when selling farm property that includes your principal residence   Don't meekly accept your tax assessment October 2004 The taxman can be wrong. If you suspect you're being overcharged, it's appeal time. Here's how the process works...   Deductibility eases tax-preparation pain August 2004 Even the simplest tax return is no longer simple if you have investment or business income. Turning the job over to an expert does cost money – but the expense is probably deductible   Income trusts raise returns - and risk May 2004 Income trust units have their place but make no mistake: when you buy one of these investments you're not buying a Government of Canada bond   Get a free (almost) farm financial review April 2004 Until now farm discussion of the federal/provincial APF program has centered on its income stabilization (CAIS) features. But there's more to APF than CAIS. Here's an example   REOP is born again March 2004 It looks as though the taxman will soon have new powers to deny deductibility of some business/investment losses.   Consider an inventory adjustment for 2003 February 2004 If your taxable income was low or negative in 2003, don't waste that bottom tax bracket with its nice low marginal rate. Capture it with an optional inventory adjustment - and reduce your exposure to higher marginal rates in future years   Collect your corporate pay in tax-efficient ways January 2004 Among the many benefits of owning a small-business corporation is the option to withdraw money via routes that attract income tax at reduced rates   Take another look at accrual accounting December 2003 Many farmers continue to report farm income on the cash method.   Reap tax benefits from worthless investments November 2003 Now is the time of year to review your portfolio of non-registered investments with a view to possible tax-loss selling.   Need another tax shelter? Try insurance October 2003 Life insurance may play multiple roles in tax and estate planning, but its ultimate suitability for you depends on your unique situation.   Voluntary disclosure beats audit exposure September 2003 Tax returns that contain errors or omissions – accidental or intentional – are not uncommon.   Include a retiring allowance in your tool bag of financial strategies August 2003 As a full-time farmer you may face high levels of taxable income when it's time to wind down or transfer your farm operation. Strategies available to lessen the tax impact of selling your farm assets often take long-term planning.   Plan Early To Avoid Retirement Tax Grabs May 2003 The chronic cash squeeze that plagues many farmers throughout their working lives can reverse itself at retirement. Suddenly, cash pours in from all directions and tax avoidance becomes the big financial challenge.   Enhance Tax Benefits Through Gifts to Your Favorite Charity April 2003 Everyone knows about the standard charitable tax credit procedure. You save the receipts and then make a credit claim when filing your annual tax return. But there's a lot more to charitable giving than that.   Incorporation Looks Better Than Ever March 2003 Effective January 1, 2003, Canada’s general corporate income tax rate fell from 25% to 23% under the five-year tax reduction plan the federal government announced in 2000. The rate will fall further to 21% by 2004.   Mistakes on Your Tax Return February 2003 Common mistakes farmers make on their tax returns.   Medical Tax Credits January 2003 Use health-related expenses to trim your tax bill.   Tax-Loss Selling December 2002 In the next few days review your stock market triumphs and disasters over the past 4 years. Sales of portfolio losers before year-end could generate a big tax refund.   Reasonable Expectation of Profit November 2002 "Reasonable expectation of profit" is all but dead as a standalone source of income.   Mutual Fund Income October 2002 It's easy to slip up when figuring out tax payable on income from non-registered mutual fund investments.   Medical Expense Claims September 2002 Be prepared to argue medical expense claims. The tax rules develop fuzzy boundaries when you're talking non-conventional treatments.   FBC Aniversary Story August 2002 It's 50 years since farmers were forced into the income tax-paying mainstream. On balance, the occasion is not one to celebrate.   Get Ready to Defend Your Tax Return May 2002 CCRA has hired additional auditors to track down leaks in the tax collection system.   It's Prime Time For Income Splitting April 2002 Low interest rates make the second calendar quarter of 2002 an ideal time to arrange non-arm's length loans for in-family income splitting. In fact, you may never gat a better opportunity.   Interest Deductibility March 2002 Taxpayers win interest-deductibility cases.   Squeeze the most out of your RRSP February 2002 Most taxpayers are thankful to just having the opportunity to shelter some income in an RRSP.   Individual Pension Plans January 2002 Are you a candidate for an individual?   Year-End Tax Decisions December 2001 The December 31 deadline for several important tax-management decisions is just around the corner.   One More Tax Shelter Bites The Dust November 2001 The history of tax shelters is rife with abuse and misuse. Even the government seems finally to realize this.   Use Capital Gains Exemption Sooner Rather Than Later October 2001 If long-term tax deferral is a family priority, consider raising the adjusted cost base of your farming assets before control of the business passes along to the kids.   Corporate Appeal September 2001 Incorporation is maintaining or increasing its tax edge over other business structures. The benefits go beyond simple differences in tax rates.   Tax Deductibility of Conventions August 2001 That wintertime convention in the sunny south - is it tax deductible?   Don't be overtaxed by farm support programs May 2001 Government program payouts can trigger unanticipated tax liabilities. Here's how to limit your exposure.   Estate Planning Gifts that come with strings attached June 2006 Transfers of property among family members could lead to unexpected taxes.   Different Trusts - Different Tax Treatments October 2002 Assets can be transferred to lifetime trusts such as alter ego or joint partner trusts at no tax cost. Some older people are using their trusts in their estate planning.   Family Inc. Winter 2001 So you think building a family business and successfully passing it on to your children is easy?   CPP - The Cost Of Retiring Early Winter 2001 The impact of starting CPP payments at age 60.   Estate Planning Services Estate planning is a powerful business management tool that creates real financial benefit for you today and for your estate down the road.   GST & Sales Tax Getting Ready for Harmonized Sales Tax (HST) - ON & BC Farmers February 19, 2010 On July 1, 2010, provincial sales tax (PST) in Ontario and British Columbia (BC) will be harmonized with the federal GST.   Getting Ready for Harmonized Sales Tax (HST) - ON & BC Small Businesses February 19, 2010 On July 1, 2010, provincial sales tax (PST) in Ontario and British Columbia (BC) will be harmonized with the federal GST.   New Electronic Filing Requirements for GST/HST Registrants January 4, 2010 The government announced proposed changes to electronic filing requirements for GST/HST registrants starting July 1, 2010.   GST Implications of Trading Motor Vehicles January 2003 If you are a GST registrant do you need to worry about GST on this type of transaction?   Provincial Sales Tax - You Are Your Own Tax Collector Spring 2001 Every Canadian businessperson who sells or leases taxable goods or provides taxable services is a poorly paid tax collector, unless you live in Alberta where there is no PST.   Medical Expenses Medical Tax Credits January 2003 Use health-related expenses to trim your tax bill.   Are Your Medical Expenses Deductible? October 2002 Alternative forms of medical treatments and therapies are becoming more prevalent. The Courts, however, have had mixed reactions to CCRA decisions rejecting some of these expenses.   Miscellaneous Federal government announces details for 2006 Options Program April 20, 2007 The Options program will continue for a second year but is open only to those producers who received a payment from the 2005 Options program.   Signing long-term emissions credits contracts not recommended right now January 2007 FBC recommends farm producers not sign long-term emissions credits contracts right now.   Cancellation of November quota exchange by Dairy Farmers of Ontario October 2006 FBC can help Ontario dairy farmers evaluate their options in light of the Dairy Farmers of Ontario (DFO) cancellation of November Quota Exchange   Ontario clamps down on Alberta-bound taxes October 2005 There are many reasons why Ontario residents might want to be part of the Alberta experience: the Rockies, wide open spaces, clean air, and last, but not least, lower taxes.   How a stockbroker hit pay dirt at the horse races September 2005 What do racehorses and the stock market have in common? Gambling might come to mind. But, for at least one stockbroker, tax deductions would be the right answer.   "Money in Your Pocket," Western Producer March 2004 Appeal decision highlights differing definitions of when a farmer is really a farmer.   One For The Little Guy October 2003 The federal tax Court found in favour of a truck driver whose meal expenses incurred while driving in the US had been reduced by CCRA from $40 to $33 a day because they didn't match the amounts called for in the CCRA information guide.   Farm Timber - Capital Or Income? March 2003 The tax court found in favour of a farm family who claimed the sale of timber from its property was on their capital account.   Tax Deduction Limits On Business-Owned Automobiles January 2003 Most automobile expense deduction limits for 2003 remain at 2002 levels.   Truckers Unite To Dine Like Civil Servants December 2002 We previously reported about several court cases that found in favour of truckers.   Who Pays The Most Taxes? October 2002 Approximately 22 million Canadians file tax returns.   It's Prime Time For Income Splitting October 2002 As of October 1, 2002, 3% is the rate that CCRA prescribes for non-arm's length loans.   FBC - Serving Rural Business Needs For Over 50 Years Winter 2002 There are very few Canadian businesses that have been around as long as FBC and fewer still that have been as dedicated to serving the needs of Canadians in rural communities.   General Index of Financial Information January 2001 When CCRA says they're making changes to enable them to process your tax return more efficiently, it often means they have additional motives.   When is a truck not a truck? Spring 1998 Extended cab pick-up trucks are the vehicles of choice on today’s farm largely because their substantial hauling capacity, along with additional storage and passenger space, just make sense.   Tax Benefits Of A Home Office If you are self-employed, a commissioned salesperson or an employee, you may be able to deduct certain expenses for your home office.   Congratulations on Your 65th Birthday! You 65th Birthday is a major milestone in your life and a wonderful time to celebrate. Don't forget to apply for the government benefits that start at 65.   A Healthy Interest In Taxes There are two types of interest in this tax world of ours - deductible and non-deductible. It's easy to tell which is favoured.   RRSP/RESP RRSPs are not tax-free, just tax-delayed January 2006 When the Canada Revenue Agency website flags a "tax-free" scheme as something to avoid, listen. If the words "tax-free" and Registered Retirement Saving Plan are combined in the same sales pitch, run for the hills.   End of RRSP Foreign Content Cap Means Old Strategies Also Must Change March 2005 Since the federal government removed the limits on foreign content in RRSPs in its 2005 budget, RRSP investment strategies need to be reexamined.   At age 69 your RRSP years are over May 2004 Many milestones can mark aging, but one of the more important ones from a financial perspective is age 69. That is the birthday year you must unbundle your RRSP.   Don't Miss Out on RESPs - They're Too Good to Ignore September 2003 RESP - A tool to help you save for your children's higher education and the many advantages it will bring them.   Maximizing Your RRSP January 2003 Here are some tips that will give a boost to your RRSP.   Spousal RRSP Contributions Winter 2002 Consider contributing to a spousal RRSP if you expect your spouse will earn less than you in retirement.   Death, Taxes And RRSPs Designating a benificiary for your RRSP should be one of your tax planning strategies.   Tax Planning Fitness tax credit almost child's play February 2007 The Children's Fitness Tax Credit is a non-refundable tax credit that applies to eligible expenditures for enrollment of children in organized, qualified physical activities.   Dividend credit all about creating even tax field January 2006 Proposed increase to dividend tax credit would bring tax treatment of dividends in line with tax on distributions from income trusts.   Taking The Long-term View Of Taxes March 2003 The FBC approach to long term tax planning.   Year-End Tax Planning Reduces Taxes December 2002 The December 31 deadline for several important tax-management decisions is just around the corner. Don't lose these opportunities to keep your money in your own pocket.   Tax Returns Taxpayer Bill of Rights October 2007 Canada Revenue Agency's published Bill of Rights for Canadian Tax Payers.   Some Basics For Reporting Income And Deductions March 2001 Canadians must report income they have received from anywhere in the world. Foreign income must be converted to Canadian dollars and recorded on your tax return.   Never Too Young To File Winter 2001 As odd as this may sound, youngsters who earn casual income might benefit from filing tax returns.   Tax Tips The tax cost of not keeping a vehicle kilometre logbook May 2005 The question – to log or not to log your kilometres on business vehicles? The answer – you will lose this argument with the Canada Revenue Agency (CRA) and pay higher taxes if you don’t keep a km log of your business versus personal travel.   Tax-free rollovers for small business January 2004 Generally, if you sell shares in a business that have accrued gains you have to pay tax on the capital gains on the transaction.   CCRA Takes A Very Close Look at Charitable Gifting January 2004 Do you remember the art donation scheme a few years back, where a person could buy a piece of art at one price but be given a much higher appraisal value by the seller?   The Disappearing GST Input Tax Credit December 2002 What happens when a supplier charges you GST and gives an invalid GST number?   Paying The Tax On Gifts Or Inheritance Of Capital Property Fall 2001 There are sound financial reasons for leaving a charitable legacy.   Has CCRA charged you excessive interest? Fall 2001 An unusual little blip in CCRA's method of processing tax filings can result in tax payers being charged interest for late payment even if they filed and paid on time.   The Pitfalls Of Placing Home Ownership In The Corporation Fall 2000 While it may sound like a good idea, there are some serious tax consequences when the corporation assumes ownership of your principal or secondary residence, summer cottage or vacation condominium.   Paying Taxes By Installments Fall 2000 Watch out for interest, as well as penalties, CCRA can charge on overdue quarterly income tax payments.