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Tax Alert - Summer 2009
Tax Planning and Fair Market Value
As a small business owner, you are well aware that proper tax planning and corporate structuring are essential for increasing your wealth and protecting the assets you have built up over many years of hard work. After carefully planning your financial, legal and personal affairs, and with so much at stake, would you put your plans at risk by not taking the necessary steps to ensure success? Many business owners do just that, by failing to value their assets approriately prior to implementing their plans. Cutting corners on your tax plan by not obtaining a valuation of your assets is like buying a new car and neglecting to top up the engine oil. The plan might work well for a while, but there is a significant risk that it will come to a rather abrupt and unpleasant end.
Federal Home Renovation Tax Credit
The 2009 Federal Budget proposed a temporary home renovation tax credit for individual taxpayers in the 2009 tax year. The Government has not yet passed legislation to enact this proposal, but it appears likely that the proposal will become law.
In this article we will answer the questions most frequently asked by our clients recently regarding this proposed new credit.
Income Tax Advantages to Going "Green"
The Federal government has put in place a number of income tax measures designed to encourage business and industry to invest in and to use alternative and renewable energy sources. In addition, the federal government and many provincial governments have a number of funding programs in place to support the development of "green" energy.
Unexpected Income Tax Penalties
Many people file their income tax returns well before the April 30 deadline, only to receive yet another income slip (T3 or T5), or perhaps multiple income slips from an investment company, bank or insurance company. Inevitably, the temptation is either to ignore the additional slips or to add them to the next year's income tax return. The proper course of action, however, is to amend the appropriate income tax return and have the Canada Revenue Agency ("CRA") issue a Notice of Reassessment for that year's income tax return.
Collins Barrow regularly publishes Tax Alert for its clients and associates. It is designed to highlight and summarize the continually changing tax and business scene across Canada. While Tax Alert suggests general planning ideas, we recommend professional advice always be sought before taking specific planning steps.
If you have any questions or would like further information, you may contact one of the tax partners in our Toronto Tax group:
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Collins Barrow Toronto LLP
Midtown Office: 20 Eglinton Avenue West, Suite 2100, P.O. Box 2014, Toronto, Ontario, Canada. M4R 1K8
p - 416.480.0160 f - 416.480.2646
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p - 416.361.1622 f - 416.367.1238
email: cbtoronto@collinsbarrow.com online: collinsbarrowtoronto.com
Collins Barrow Toronto LLP, a Member Firm of Praxity, AISBL, a Global Alliance of Independent Firms
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