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Should I take money out of my Holdco to max out my TFSA?

Thursday April 7, 2022

Question: I have about $300,000 invested through my Holdco as retirement savings. The investment is growing, but I haven't maxed out my TFSA yet. Should I take the money out of my Holdco, pay the tax on it, and let it grow tax free in [...]

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2021 Personal Income Tax Return Update

Tuesday February 22, 2022

The 2021 personal income tax filing deadline is May 2,2022, and the filing deadline for self‐employed individuals and their spouses (including HST returns) is June 15th. The late filing of your tax return will result in a CRA penalty of 5% of any [...]

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2021 T1 Checklist

Thursday February 17, 2022

The 2021 tax filing season has arrived and S+C Partners is here to help you get every tax credit and deduction you’re entitled to. Our 2021 T1 Checklist is now available to assist you in organizing all the items required to complete your [...]

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NEWS New Trust Reporting Requirements on Pause plus changes to the CEBA Loan Repayment Deadline

Friday January 14, 2022

New Trust Reporting Requirements on Pause The legislation to support the new T3 beneficial ownership disclosures that was proposed in the 2018 budget—and that was set to come into effect for trusts with December 31, 2021 year ends—is still pending, as it has [...]

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Potential U.S. Tax Changes to Keep An Eye On

Thursday December 16, 2021

Some U.S. tax changes may be on the way that U.S. citizens living in Canada and Canadian companies doing business in the U.S. should be aware of. Although the ‘Build Back Better’ legislation passed by the U.S. House last month didn’t include many [...]

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Making the Most of Your 2021 Charitable Donations

Tuesday November 30, 2021

In addition to the satisfaction gained from directly supporting the causes and organizations important to you; charitable donations can also help improve your personal tax situation. If your income is above $220,000, you can receive the maximum 33% non-refundable federal tax credit (plus [...]

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Potential Tax Consequences of the 2021 Federal Election

Wednesday October 20, 2021

Now that the dust has settled on the federal election, we thought we would revisit some of the specific tax proposals from the Liberal election platform—including some outstanding items from the 2021 federal budget—that may affect our client base. Overview Under the ‘no [...]

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Implications of Using Multi-Factor Authentication to Access your CRA Accounts

Tuesday July 20, 2021

When logging in to your CRA My Account or My Business Account, you will notice a request to provide a cell phone or landline number for the purpose of multi-factor authentication. This new process is a security step being rolled out by the [...]

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Cryptocurrency EFTs – the Safer Tax Choice

Wednesday May 26, 2021

Traditionally, in order to invest in cryptocurrencies (such as Bitcoin or Ethereum) you have had to purchase them through a cryptocurrency exchange platform. The purchased cryptocurrencies would then be held in either the exchange platform’s digital wallet or in an external digital wallet. [...]

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