The Voluntary Disclosures Program

On: 2017-11-01 18:09 

The Voluntary Disclosures Program (VDP) gives a second chance to change a previously filed tax return or to file a return that should have been filed for the previous 10 taxation years. The main advantage of using this administrative program is the relief from prosecution and penalties. In addition, partial interest relief can be sought to effectively reduce payments and encourage taxpayers to come forward.

A tax aimed at high-income people who shelter income could result in a surprising tax bill for you even in years when you don't have any taxable income.


Changes in capital gains tax rates?

On: 2017-03-08 14:36 

Similar to an annual health check, it is important to have a financial health check on a periodic basis. A review of your overall financial plan will ensure that it still meets your desired goals. Your investment strategy forms part of your overall financial plan and should be reviewed periodically to ensure it is in line with your overall objectives for wealth accumulation, retirement, and other financial objectives.


On: 2017-02-27 10:00 

We are pleased to provide you the following reminders in order to assist you with your tax planning needs.

Once again, mutual funds have calculated their year-end distributions and are paying them out.

Important Tax figures for 2017

On: 2017-01-16 12:48 

The following chart shows changes in important federal tax information for 2017 from 2016. Some of the figures are unchanged, some are indexed to inflation and others changed because of legislation.

If you own a business and you're planning an exit strategy or an asset sale, you may want to complete it by December 31, 2016.

Image courtesy of Bill Longshaw
It’s not uncommon for a Canadian to be drawn south to the United States for work, personal or family reasons. Leaving home to take advantage of a new opportunity is quite exciting and often opens the door to future opportunities. However; before you leave Canada there are many tax issues that need to be considered. While rarely at the top of anyone’s list, tax planning is essential to ensure you are in the best position possible after the relocation. This applies to both tax in the United States and Canada as well. Depending on how you structure the transaction you (and your family) may be required to pay the Canadian departure tax. To help clients, prospects and other understand the tax and conditions under which it is assessed; RSW Accounting + Consulting has provided a summary below.

Claim Every Tax Credit Available

On: 2016-04-02 15:28 

Tax credits can shave considerable sums of money off your annual tax liability. Click below for a list of some of the most common credits, some of which can be transferred between relatives. It's worth knowing this list if you want to save money.

On Monday December 7th, the Honourable Finance Minister Bill Morneau announced and tabled a notice of Ways and Means motion to amend the Tax Act and commented on the following tax changes to both individuals and corporations. The following is a summary highlight of the principal changes that have been retained.

As part of the federal budget, the Canadian government enacted significant changes to the taxation of estates and trusts, which will come into force on January 1, 2016. The biggest change is the elimination of the graduated rate taxation that these trusts have enjoyed since 1971. All income retained in a testamentary trust will be taxed at the highest tax rate applicable in its province of residence.

Recently, there has been a lot of chatter surrounding crowdfunding platforms across Canada. Crowdfunding allows inventors, innovators or creators to easily raise funds to invent, build or create their product or render their services.

Tax-loss selling season is quickly approaching and it's time to review your portfolio to sift out non-performing assets. Selling them can generate capital losses to help minimize your tax obligations.

Joint Forces Combating Tax Evasion

On: 2014-06-16 14:19 
Trying to evade taxes and conceal money off-shore is about to get a whole lot harder to do. Forty-seven countries, including a substantial number of well-known tax havens, have banned together signing a pact that will revolutionize the way the world shares tax information. These 47 countries have stepped up their ongoing hunt for individuals stockpiling undisclosed money overseas. Switzerland and Singapore are the most notable members of the pact, as Switzerland was at the center of the scandal that gave rise to FATCA (the United States’ 2010 Foreign Account Tax Compliance Act). Both countries, with reputation of ironclad bank confidentiality, now have been forced to bend on their strict banking privacy policies due to intense international pressure.

ImageOttawa allows you to deduct certain everyday living and business expenses and to take tax credits for others. Here is a list of deductions and credits that can help lower your income tax liability.

T1135 deadline extended

On: 2014-03-07 10:14 

The Canada Revenue Agency (“CRA”) has responded to the concerns raised against the new T1135 reporting requirements and announced on February 26, 2014 transitional relief for the 2013 taxation year only.

Lifetime Capital Gain Exemption

On: 2014-03-04 11:52 

Under the income tax system when assets are sold the taxpayer must pay tax on the appreciation of the assets. This appreciation is often referred to as capital gains. Note that a property does not have to be actually disposed of for it to be considered ‘sold’ under the income tax system. For example at death, a taxpayer is deemed to have ‘sold’ all their assets for income tax purposes at a fair value. To shelter some of these harsh tax consequences the income tax system provides an individual with the lifetime capital gain exemption (“LCGE”) on capital gains realized on the sale of qualified assets.


Income splitting has always been an attractive but complicated way of reducing your taxes. Canadian tax laws are designed to ensure that family members cannot easily reduce their tax liability by splitting their income and allowing each spouse take advantage of their personal marginal tax brackets. Despite these strict laws, there are some effective ways, still available, that taxpayers can successfully split their income.

The goal of personal tax planning is to minimize or defer taxes payable which requires some flexibility as the year 2013 comes to an end. Now is the perfect time to assess your tax standing and to identify appropriate planning strategies for the coming year. This guide is intended to help you do just that. It has been formatted as answers to the most common questions asked in year-end planning and preparation for the 2013 taxation year.

Graduated tax rates

On: 2013-09-04 11:48 

On June 3, 2013 a consultation paper was published by Finance Canada addressing the concern that the graduated tax rates currently in place for testamentary trusts are “unfair” since they are depriving the federal government from tax revenues.


Significant changes to the Quebec Sales Tax (“QST”) system will take effect on January 1, 2013. These new measures have been instituted following a sales tax harmonization and coordination agreement (“agreement

Small Degrees of Separation

Solving One Cash-Crunch Problem

Solving One Cash-Crunch Problem
Collecting GST, remitting it and claiming a refund can be complicated and time-consuming, and at times it can create a cash crunch. But some corporations and partnerships can avoid this with an Excise Tax Act exemption.

Tax season is officially on us, and although it is your responsibility to file your return by midnight April 30, it also is your right to arrange your finances in a way that you pay the least amount of taxes.

Small Degrees of Separation

Solving One Cash-Crunch Problem

In 2004, the Canada Revenue Agency (CRA) launched a pilot project to examine the compliance with tax rules of Canada’s high net worth individuals (HNWI) and their related entities. The project arose from evidence gathered by tax agencies in other parts of the world that indicated that high net worth individuals may not be in full compliance of their countries’ tax laws through the use of multiple business entities and complex structures located in one or many jurisdictions.