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Every business or individual can make better decisions with access to financial details that are accurate. This is where I come in. To take advantage of my services, contact Dean Constand CPA Professional Corporation in Toronto.

  • 06/11/2019
    Income Tax Update 2019 – Post Election

    More on the Federal Budget 2019

    Easier Access to Scientific Research & Experimental Development Program (SRED)

    • Canadian controlled private corporations (CCPCs) are entitled to a very generous refundable tax credit of 35% on qualifying annual SRED expenditures, up to a maximum of $3 million of expenditures.
    • A CCPC is a private corporation, not public which is traded on the stock exchange, and is controlled by a Canadian resident. A Canadian resident for tax purposes is a question of fact based on residential ties.
    • Before the federal budget, the SRED expenditure limit and resulting tax credit were reduced the higher the business income.
    • After the budget, a CCPC can get this credit irrespective of income.
    • This change also bodes well for companies doing research and development work for climate change.

    100% Tax Deduction on New Zero Emission Vehicles up to $55,000

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  • 28/10/2019
    Global Downturn – When the Music Stops, Keep Dancing

    August 17, 2019, Small Business Needs


    Even though the big investors are betting for the music to stop with a global downturn, there is a way to keep dancing and weather the storm. They could be wrong about the recession. John Lennon said, “life is what happens when you are busy making other plans”. Although I believe in this adage as well (my creative right side of my brain is to blame), the left side of my brain, the analytical and methodical side, has some tips for the new headwinds.

     

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  • 28/10/2019
    Federal Budget 2019 – A Breath of Fresh Air

    March 21, 2019, Personal Income Tax


    Welcome Spring with a Budget that is a breath of fresh air!
    “Protecting the environment and growing the economy go together.”
    Government of Canada

     

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  • 28/10/2019
    Morneau’s Christmas Mini-budget – Wrapped with Good Government and Tax Breaks

    December 13, 2018 – Small Business Needs

     

    On November 21st Finance Minister Bill Morneau unveiled the 2018 Fall Economic Statement. Canada’s economy is strong and growing, at 3% it had the strongest economic growth of all Group of Seven (G7) countries in 2017. To continue this growth, Morneau delivered a Christmas mini-budget wrapped with good government and tax breaks. It emphasizes that government has an important role to protect the environment and consumers. Doing business in Canada will be even easier. As my old professor would say, “Tax is a microcosm of life”.

    Read More
  • 28/10/2019
    A Good Deed a Day Keeps the Taxman Away

    December 13, 2018 – Personal Income Tax


    A wise old man said to me once, “A good deed a day is enough, and sometimes it doesn’t hurt to say, say a little prayer to God”. Apart from the reciprocating benefits of doing a good deed, and perhaps getting a nod from God, there are tax benefits too! As my old tax professor would say, “Tax is a microcosm of life”. Here is my list of good deeds this Christmas:

    Read More
  • 28/10/2019
    The Tax Benefits of Taking Care of Our Elderly

    December 13, 2018 – Personal Income Tax

     

    The benefits of taking care of our elderly are indeed reciprocating, both for the caregiver and the loved one. Apart from these precious moments in time, there are tax benefits too! As my old tax professor would say, “Tax is a microcosm of life”.

    Read More
  • 28/10/2019
    Proposed Morneau/Trudeau Tax Changes – What You Need to Know

    October 2, 2017 – Small Business Needs


    Dear Client,

     

    Let’s face it, taxes are not something the public likes, nor understands. When it comes to taxes, most of you want to know to two things, where do I sign, and how much do I pay? Of course there’s a smile on your face when you get money back ☺.

    Read More
  • 28/10/2019
    2016 Tax Season Update

    February 26, 2017 - Personal Income Tax

    • RRSP Contribution Deadline Wednesday March 1, 2017.
    • Your RRSP deduction limit shows up on you Notice of Assessment for 2015 taxes filed.
    • Go to CRA’s Online Service: My Account, click on link below to set up for instant access to some of your tax information.
    Read More
  • 28/10/2019
    2016 Tax Season Update #2

    April 8, 2017 – Personal Income Tax

     

    How much do we each pay for our health care in Ontario?


    Health care has been in the news lately south of the border. Our health care in Ontario is paid through our personal tax system. The Ontario Health Premium is included on our pay stubs as part of income tax withheld, but did you know how much? The premium ranges from $0 if your taxable income is $20,000 or less, to $900 if your taxable income is more than $200,600.

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  • 28/10/2019
    Harper Tax Credits Gone

    April 25, 2016 – Personal Income Tax


    What we used to call the “Harper Tax Credits” will disappear after you file your tax return this year. Personally, I don’t think that taking these away is a bad thing because these are things that don’t enhance the productivity of the economy. The federal budget of March 22, 2016 also unveiled a middle class tax cut, a boost to student grants and the guaranteed income supplement for single low income seniors, and a new high tax bracket rate.

     

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  • 28/10/2019
    Estate Planning Made Simple

    Estate Planning Checklist (Part 1)

     

    October 20, 2014 – Personal Income Tax


    Do you want to give some of your estate away today during your lifetime to family, friends, and/or charity? – Yes/No

     

    Gifting Your Estate During Your Lifetime – Pros

    • You get to see your gift enjoyed.
    • Gifting money to young adult children (over the age of 18) lets them invest and pay tax on their returns at lower tax rates if they’re in a lower tax bracket than yours.
    Read More
  • 28/10/2019
    Estate Planning Checklist (Part 2 – Trusts)

    Do you want to give some of your estate away today during your lifetime by way of a living trust to those who are entitled to benefit from it, your beneficiaries, such as family, friends, and/or charity, while you still have legal control of those assets? Yes/No

     

    Living Trusts set up during your lifetime – Pros

    • Providing For Beneficiaries Who Can’t Manage Assets On Their Own – You can provide for dependants with special needs, beneficiaries of a complicated estate who don’t have the expertise to manage it, management of a minor’s inheritance to be received in a lump sum when he or she reaches 18 by spacing it out, with a living trust.
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  • 28/10/2019
    Filing Your Taxes for 2013, What’s New?

    March 13, 2014 – Personal income Tax

    • Safety deposit box payments made after March 20, 2013 are no longer deductible.
    • Adoption expense tax credit has been enhanced to claim eligible adoption expenses earlier than before; from the time an application is made for registration with a provincial ministry responsible for adoption. This allows certain expenses such as provincially required home study and fees to complete adoption courses to be claimed.
    • A first-time donor super credit is applicable for donations up to $1,000 made after March 20, 2013 to December 31, 2017. First-time donors are defined as follows: neither they nor their spouse or common-law partner have claimed a donation credit since 2007. In terms of tax savings, the super credit is worth an extra 25% on the first $200 of donations, or $50 in extra tax savings, and an extra 25% on the next $800 of donations, or $200 in extra tax savings.
    Read More
  • 28/10/2019
    Estate Planning… Are You Ready?

    March 13, 2014 – Personal income Tax

     

    1. Minimizing income taxes and other taxes or “probate fees” payable on death.
    2. Ensuring liquidity to pay taxes at death, for example, with life insurance, or by paying capital gains tax with instalments over ten years.
    3. Providing an orderly transfer of assets to the next generation.
    4. Delaying taxes on assets transferred to your spouse.
    5. Maintaining control and management over assets transferred.
    6. Protecting assets from creditors.
    7. Providing income to meet retirement needs.
    8. Maximizing after-tax income if disabled and authorizing someone to act on your behalf.

    Read More
  • 28/10/2019
    Year-end Tax Tips

    December 3, 2013 – Personal Income Tax

     

    December 2011

     

    Dear Client,

     

    Happy Holidays!

     

    I would like to take this opportunity to thank you for letting me serve your accounting and tax needs. I look forward to working with you for a prosperous 2012.

     

    This blog discusses Year End Tax Tips. While minimizing taxes is important, the year-end tax tips should not take your attention away from making sound economic decisions with your financial planner when it comes to investment strategy.

    Read More
  • 28/10/2019
    Salary or Dividends or Both?

    December 3, 2013 – Small Business Needs


    November 2011


    Dear Client,


    If you are a small business owner and you have a corporation, you can compensate yourself with a salary from your corporation, a dividend, or both. This blog uses a decision tree to help you with this.

     

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  • 28/10/2019
    Family Cottage Transfer

    December 3, 2013 – Personal Income Tax


    October 2011


    Dear Client,


    Welcome to my blog! The old format of my newsletters discussing both Small Business Needs and Personal Income Tax will now each be posted as an alternating new blog to my website periodically. As promised in my last newsletter, I was going to discuss planning for the succession of the family cottage and tax implications, and my first blog uses a decision tree to help you with that.

     

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General Information

Dean Constand CPA Professional Corporation

Address: 42 Mossgrove Trail Toronto M2L 2W3 ON

Phone: 416-575-8271

Email: constand@sympatico.ca

 

Hours

Monday – Sunday: By appointment only

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