Kelowna accountant employment insurance voluntary departure
,

EMPLOYMENT INSURANCE (EI): Voluntary Departure

In a June 5, 2020 Federal Court of Appeal case, the Court reviewed Service Canada’s decision to deny EI benefits on the basis that the individual left his employment voluntarily. The individual argued that although it was his decision to leave,…
Kelowna accountant Old Age Security Deferral
, ,

OAS DEFERRAL: Undoing an Application 

As of July 1, 2013, where receipt of Old Age Security (OAS) is delayed, the monthly pension is increased by a factor of 0.6% for each month deferred, to a maximum increase of 36% (60 months, commencing receipt at age 70). In a March 25, 2020…
Kelowna accountant income splitting
,

LOANS FOR VALUE: Income Splitting Tool

Special attribution rules prevent the shifting of income between certain related people (including a spouse, parent, grandparent, sibling, uncle or aunt).  Consider the situation where high-earning Spouse A gives investments to low-earning…
Kelowna accountant real estate projects

REAL ESTATE PROJECTS: Watch Out!

General CRA activity Over the last few years, CRA has focused on purchases and sales within the real estate sector. They are reviewing transactions for several items, such as: property flips on account of income; ineligible principal…
Kerr bad debt accountant kelowna

UNCOLLECTIBLE ACCOUNTS: Making Them Valuable

Tax Possibilities – Bad Debt Write-off As many businesses are struggling to collect outstanding amounts, it may be worthwhile to identify any receivables which have previously been included in income that can be written off as bad debts.…
Kerr home office eligible expenses accountant kelowna

BUSINESS USE OF THE HOME: Eligible Expenses

A November 27, 2019 French Tax Court of Canada case reviewed various deductions claimed against the taxpayer’s business income derived from engineering and arbitration services related to the business use of his home. The taxpayer and CRA…