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So far Quadrant Accounting has created 412 blog entries.

Investing tips for dual citizens of Canada and the U.S.

If you have a dual Canadian/U.S. citizen citizenship, be prepared to be fully taxed like a U.S. citizen by the American government, regardless of whether you've lived there or not. Therefore, to stay on the IRS's good side, you need to be careful about where you're holding what type of investments. For instance, TFSA accounts [...]

By |2020-02-04T08:27:00-07:00February 4th, 2020|Commentary|0 Comments

Audit-proof your side hustle

If you are self-employed or run a side hustle for extra income, you need to know what taxes are owed to avoid any penalties or audits. You need to keep very detailed records and file on time. If you use equipment for personal as well as business use, you need to track your usage. Income [...]

By |2020-01-21T08:17:30-07:00February 2nd, 2020|News|0 Comments

What is a ‘related business’ for TOSI purposes?

TOSI (tax on split income) rules aren't easy to comprehend. A typical TOSI case would be when a business-owner splits income by paying corporation dividends to family-member shareholders. There are instances in which this tax can be legally avoided, such as when under 10 percent of a corporation’s income is derived from a related business. [...]

By |2020-01-21T08:17:04-07:00January 29th, 2020|News|0 Comments

What you need to know about the costs of appealing a tax decision

Disagreeing with how the Canada Revenue Agency has assessed your return is a right of every Canadian. Everyone is allowed their day in court. Depending on the complexity of your case and whether you take the general or informal procedure will affect how expensive going to court can be. The general route will require a [...]

By |2020-01-21T08:14:01-07:00January 28th, 2020|Commentary|0 Comments

TFSA overcontribution woes continue

A recent Tax Court case demonstrates the costliness of over-contributing to a TFSA. An Ontario taxpayer who owns a roofing company inadvertently deposited $40,000 into a TFSA account instead of his regular chequing account. He was then punished with over $2,000 in penalties. The man had made smaller over-contribution previously receiving a warning letter from [...]

By |2020-01-21T08:16:36-07:00January 26th, 2020|News|0 Comments

Personal Investor: 4 money-saving tax tools for the average investor – BNNBloomberg.ca

If you have investments, expect to pay taxes. Fortunately, there are four ways - almost anyone can use - to can save at tax time. First, as many people know having an RRSP allows you to defer taxes on your contribution, so you can withdraw the money at a future time in retirement at a [...]

By |2020-01-21T08:13:18-07:00January 21st, 2020|Commentary|0 Comments

Albertans pay less into TFSAs than Canadian average

Alberta's average annual contribution increased by five per cent this year. Albertans hold an average of $28,551 in their TFSA. Canadians are choosing to grow their contributions more often. Alberta residents are more likely to put funds in their investment accounts once a quarter. About half of Canadians save TSFAs for retirement. TFSA contribution is [...]

By |2020-01-21T08:10:46-07:00January 20th, 2020|News|0 Comments

The facts of life (insurance)

One-third of Canadians don’t have life insurance. The main reason is that death is hard to talk about; so many people avoid it and thus don't buy life insurance or adequately plan for what will happen when they're gone. For instance, one myth is that an employer's life insurance program is adequate. Generally, it's a [...]

By |2019-11-22T12:49:46-07:00January 14th, 2020|Commentary, review|0 Comments