Kerr Kelowna accounting firm

2020 TAX PLANNING CHECKLIST

DECEMBER 31, 2020 is fast approaching! Kerr & Company, your Kelowna accounting firm, has prepared a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation.    SOME…
transition tax

U.S. TRANSITION TAX: IRS Starting Compliance Work

In general, U.S. shareholders were required to pay a transition tax on the untaxed foreign earnings of certain specified foreign corporations as if those earnings had been repatriated to the United States.  This tax could apply to a U.S. citizen,…
unreported income
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UNREPORTED INCOME: Statute-Barred Periods

In a June 10, 2020 French Court of Quebec case, the taxpayer had been assessed with unreported income of $68,162, $66,192 and $31,540 for 2004, 2005 and 2006, respectively, all beyond the normal reassessment period (generally 3 years). The amounts…
Kelowna accountant when to apply for CPP
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CPP: When to Apply?

While the normal age to begin receiving regular CPP is 65, individuals can apply to start receiving earlier at a cost, or later for a greater benefit: If the individual starts before age 65, payments will decrease by 0.6% each month (or…