A new feature has recently been released on the Canada Revenue Agency website that will detail any uncashed cheques that the CRA may have sent over the past few years. In most cases, an uncashed cheque will be the result of a lost or damaged cheque, possibly due to a change in address, or an…
How long you visit the United States matters Are you a snowbird? Do you spend our cold, dark, wet, winters down south? If so, you need to be aware that there is a very specific rule that will be applied to your travels. This rule, or test, is known as the “Substantial Presence Test” (SPT),…
Our previous newsletter detailed the CMHC First-Time Home Buyers Incentive Program. Continuing with the trend of purchasing a home as a prospective buyer, we have detailed another underused resource that is often overlooked, the RRSP Home Buyers’ Plan. Many individuals feel as though the RRSP Homebuyers’ Plan doesn’t apply to them because they may have other…
Many of our clients find themselves in a situation where they or someone they know is looking to purchase their first home. It can be difficult to coordinate all factors that go into the purchase of a first home, and in many scenarios, the individuals we speak with are not aware of all resources and…
Scotiabank In 2018, Scotiabank purchased MD Financial from the Canadian Medical Association for $2.6 Billion. With this acquisition, Scotiabank released the Scotiabank Healthcare+ program. This program is designed for Physicians only and offers the following benefits for personal banking: Free Scotia One Chequing Account with: Unlimited e-transfers Automatic approval for $5,000 in overdraft protection ScotiaLine…
Finance Minister Bill Morneau released the 2019 Federal Budget on Tuesday, March 19th. The newly released budget has made a number of new tax changes some of which are still waiting to be clarified. There were no new developments related to income splitting or passive investment rules that were introduced in the 2018 Federal Budget.…
On December 13th, Federal Finance Minister Bill Morneau announced revisions to the income splitting proposals set to take effect in 2018. The announcement served to clarify income splitting rules amongst family members and introduced specific tests to determine whether or not a family member is able to receive income from a small business. For all…
TPC Financial Group Ltd. was recently named one of Wealth Professional Magazine’s Top Advisory Teams and had the opportunity to provide an interview regarding the services that we offer and what exactly makes us different. We feel confident that the scope of our services is second-to-none, and are continually looking for ways to provide additional…
Dear TPC Financial Group Ltd. clients, Throughout the year, the CRA will have special projects that will look to target certain expenses claimed by businesses across Canada. One recent project resulted in small business owners having to produce receipts for professional fees claimed on their corporate tax returns. More recently, the CRA has been targeting…
Announcement by Federal Government: Passive Income Relief Dear TPC Financial Group Ltd. clients, As part of our commitment to professionals and business owners across Canada, our office has been doing our best to keep all parties informed of ongoing developments related to Bill Morneau’s proposed tax changes, as well as to help spread information to…