Author Archives: Swift Accounting

WITH THE NEW YEAR HERE, YOU NOW HAVE ADDITIONAL TFSA CONTRIBUTION ROOM

With the calendar turning to 2017, every adult will be allowed to contribute an additional $5,500 to their tax-free savings account. That means another $5,500 can be invested and the gains will never be taxed. If you have been an adult since the TFSA was initiated in 2009 the cumulative contribution total is now $52,000; […]

TRANSFERING CAPITAL LOSSES TO A SPOUSE – YEAR END TAX PLANNING TIP

Capital losses can be transferred to a spouse or common-law partner by selling the loss shares, and having your spouse purchase those shares within 30 days.  You are denied the superficial loss, but the loss amount is used to increase the cost basis of your spouse’s investment.  Your spouse must hold the shares for more than 30 days for […]

CRA cracking down on middle-income tax cheats

A CRA blitz of 145 serving staff in St. Catharines, Ont., flushed out $1.7-million in unreported tips and gratuities. Chris Ratcliffe/Bloomberg From recent initiatives targeting offshore tax havens and multi-millionaire tax cheats, the Canada Revenue Agency has been cracking its …