• Justin Trudeau ‘will make no apologies’ for proposed tax changes that anger small business owners

    Author: Mark Poty |

    By Mark Poty: "While we will be closely monitoring these proposals for more details, at this time we don't think this will affect the majority of our client base. The corporate tax rates are not changing, just the way money taken from the corporation is being handled. We will be in touch with our corporate clients soon." OTTAWA – Justin Trudeau says he’s paying attention to the growing dissent over his government’s controversial plan to eliminate tax incentives that he insists only benefit wealthy small business owners. But the prime minister said Friday he “will make no apologies” for the Liberal government’s commitment…

    CLICK HERE TO READ THE FULL ARTICLE »


  • We Have Officially Moved to a Shiny New Location

    Author: Mark Poty |

    Please swing by and say hello! We're just down the street, and only a few doors down from the Double Decker Bus Cafe. 4732 Ross Street, Red Deer, AB Thank you for your patience while we made the transition. Mark

    CLICK HERE TO READ THE FULL ARTICLE »


  • CRA looks to collect $75M over improperly used TFSAs

    Author: Mark Poty |

    The Canada Revenue Agency is looking to collect more than $75 million in taxes from Canadians who may be running afoul of the tax-free savings account rules. The CRA said that while most Canadians are using their tax-free savings accounts, or TFSAs, properly, “there are a small number of wealthy individuals using these accounts in aggressive tax planning.” “These individuals are putting millions of dollars into TFSAs by manipulating valuations and/or using non-arms length transactions to work around contribution limits,” the CRA said in a statement Tuesday. The CRA said it has been conducting TFSA audits since 2011 and has selected less than…

    CLICK HERE TO READ THE FULL ARTICLE »


  • VTS is Moving to a New Location

    Author: Mark Poty |

    Renovations are underway at our new office just up the street from our current location. We look forward to offering you more parking and a professional new space. More info to come shortly

    CLICK HERE TO READ THE FULL ARTICLE »


  • TAX STRATEGY: A LARGE DOWN PAYMENT HELPS FIRST-TIME HOMEBUYERS

    Author: Paul Delean |

    How to allocate funds for the purchase of a first home...

    Q: My wife and I are looking at buying a house in the $275,000 range within eight months and wondering what would be an appropriate down payment. I have $80,000 and my wife has an additional $20,000 in cash, both earning very little in the bank. Borrowing more rather than less would seem to be the way to go, with interest rates so low. What do you suggest?

    CLICK HERE TO READ THE FULL ARTICLE »


  • LOVE AND TAXES: CANADIANS CONFUSED ON HOW MARITAL STATUS IMPACTS DEDUCTIONS, CREDITS

    Author: Darah Hansen |

    Valentine’s Day — that greeting-card-inspired celebration that turns up the heat on romance and inspires mad gestures of chocolate and roses.It also happens to fall smack in the middle of tax season. And, believe it or not, the Canada Revenue Agency is almost as interested in your relationship status as your mother is. It’s not uncommon for taxpayers in Canada to be confused about the tax rules and how they intersect with our love lives. A recent survey found that more than half of us mistakenly think that married and common-law spouses can file a joint return to save money on…

    CLICK HERE TO READ THE FULL ARTICLE »


  • RRSP OR TFSA? BOTH IF YOU CAN, SAY FINANCIAL ADVISERS

    Author: Linda Nguyen |

    Canadians should explore retirement savings in both RRSP and TFSA vehicles. Instead of debating the merits of an RRSP or a TFSA, Canadians should consider socking away money in both types of accounts for the best tax breaks, financial advisers say. But since that can be a challenge for most people, the decision of where to save boils down to what you want to use the money for, your income and how much you expect to earn in retirement. "In a perfect world, people would be maximizing both their RRSPs and TFSA contributions," said Susan Stefura, a certified financial planner with…

    CLICK HERE TO READ THE FULL ARTICLE »