Category Archives: Services

2016 TFSA Limit

The Tax Free Savings Account annual contribution limit for 2016 and subsequent years will be rolled back to $5,500 from the $10,000 limit in 2015. The 2015 limit remains and that means even if you did not make the full contribution in 2015, that contribution room will remain available to you. The cumulative limit in…
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New tax brackets for 2016

Effective for 2016, the second federal tax bracket will be reduced from 22.0% to 20.5%. A new 33.0% tax bracket will apply to taxable income over $200,000. If your taxable income is over $45,282 and under $216,000 you will receive some benefit from the tax cut. If your taxable income is between $90,564 and $200,000,…
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Trustee Fees

If you are the trustee for an estate (executor/executrix) remember that any fees paid to you or other trustees are considered to be income of the recipient. The amounts are either income from business, or income from employment. If the trustee fees are considered to be a result of employment, the trust must withhold income…
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Office in Home

CRA often reviews claims for expenses related to an office in the home of a business or profession. If you want to claim these expenses, your home office must be either the primary place of business or, you have to meet your customers or clients at your home office regularly. If you have another location…
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