Information About MacDonald’s Tax Blog
- What is a Net Worth Assessment ?
The Canada Revenue Agency (“CRA”) has many tools available to it for assessing taxpayers with what the CRA believes is unreported income. One of those is the Net Worth Assessment after it has conducted a Net Worth Audit. In a nutshell, a Net Worth Assessment is where a CRA auditor compares the taxpa … Read more »
- Does Bankruptcy Wipe Out Your Tax Debts ?
Many people try to eliminate their tax debts by filing for bankruptcy. Before doing that, however, you should explore all other options to reduce or eliminate your tax debt. Bankruptcy should only be used as a last resort when you have no other viable options. While tax debts are included in a bankr … Read more »
- How to Challenge a Net Worth Assessment
In the recent case of Bousfield v. The King, the Tax Court of Canada set out five methods that taxpayers can use to successfully dispute net worth assessments and other “alternative assessment techniques”. Click here to read the full judgement 1. Taxpayers can show that their income can more accurat … Read more »
- Why Canadians Are Retiring to Panama
If you’re looking for an affordable place to retire with sun-kissed beaches, tropical rainforests, close to home, and all of the amenities that a big city has to offer, then you may want to consider Panama. In recent years it has become a popular destination for American and Canadian retirees due to … Read more »
- 4 Reasons Why You Should Not Put Your Kids on Title to Your Home
Many seniors ask me whether they should put their children on title to their home so they can avoid probate fees when they die. Probate fees are essentially a tax the government gets paid from the estate once an estate trustee applies for a certificate to appointment. It varies from province to prov … Read more »