Whistleblower Culture

whistleblower

There’s a new sheriff in town and he might just be one of your employees. That’s the concern every business has since the federal government bought into rewarding employees who turn into a whistleblower on a business they believe is not in compliance with tax law. http://www.theglobeandmail.com/news/politics/budget/whistleblowers-in-line-for-rewards-as-ottawa-cracks-down-on-tax-cheats/article10083229/ It all stems…

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When Tax Gurus Go Off The Rails

tax gurus, health welfare trust

First and foremost — what is a tax guru? Is there such a thing as a tax guru? The answer is, of course there are tax gurus — as long as we believe in them. In the chartered accounting world, certain tax lawyers are called tax gurus. Because they will…

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Governments Waste Your Money: Use Charity to Fight Back

Charity

Tax philosophy starts and finishes with one simple question: how much of your money is yours and how much of it belongs to the government? If you’re a Canadian citizen, your first answer might be, “It’s how much Income Tax I owe.” But that’s too easy because things start to…

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Is Life Insurance A Tax Plan?

tax plan,life insurance

In a word, no. A real tax plan is expensive, it takes a ton of the taxpayer’s and professionals time…and CRA may disagree with the whole thing in the end — and then you’re out of luck. Of course, nothing sharpens the mind like hanging— or in this case paying…

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Why 11th Hour Tax Planning Is Really 14th Hour

tax plan, tax planning

People always ask us, around tax time, when is the 11th hour for tax planning? The answer is 11th hour would have been December 1st for a personal tax plan. Right now, you would be into the reporting session, pulling your information together and reporting it. So if you’re trying…

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Why 4 Years Is The Magic Number In Tax Planning

Before you can discuss what to do with tax savings you need a tax plan. And there are two important points you need to know about tax planning. First, there is a reverse onus regarding tax planning. You have to prove that your structure works, it’s not up to the…

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CRA Audit? Why You Should, And Shouldn’t, Be Afraid

CRA audit

Canadians are a pretty conservative bunch. We’re really not crazy about confronting something we don’t understand. So when a little brown envelope from CRA arrives with Canada printed on the back, upside-down usually, it’s something that gets everybody’s blood pressure going. People need to relax and realize CRA is all…

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The Damned Elusive Tax Loophole

taxes

At the beginning of the 20th Century the most unlikely of heroes was born. The Scarlet Pimperrnel chronicled the very unlikely exploits of an English aristocrat disguising himself and travelling to France to rescue other aristocrats from the guillotine. He even had a signature verse: “We seek him here, we…

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