October 2017 Book a Meeting
 
 
Proposed Tax Overhaul for Private Corporations

Standard financial and tax planning advice for the past several decades for business owners has included the use of incorporation to both insulate Canadians from business risk and liability and for asset building and income cash flow planning.

The validity of this tax policy is now under attack, as you have likely heard, now that the Federal Government is proposing major changes to the way private Canadian corporations are taxed and monitored in an effort to eliminate certain tax minimization strategies. The overhaul upends many decades of public policy and has led some to call for...

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How’s Your Net Worth?

His banker asked Trent what his net worth was for a loan he was applying for. He had trouble answering the question right away.

Quite simply, net worth is the difference between what you own and what you owe. But true net worth may not be quite that simple.

Some things that we own contribute to our total net worth but are actually a drain on our financial net worth. A motor vehicle, for example, rarely increases in value. In fact, as soon as you drive a new car off the lot, its value drops, or depreciates, by about 10% to 15%. The same holds true for a new computer, travel trailer or home entertainment system...



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Will Your Estate Have Enough Cash?

We’ve all heard that life has two certainties - death and taxes. You need to know the two often coincide. While Canada does not have an official death, estate or inheritance tax, there are some postponed taxes that become payable on death. There are other obligations that need to be taken into account as well. Without proper planning, an estate may have to face large and unexpected cash shortages. Consider:

Let’s start with taxes. How many will your estate have to pay? How much? And in which jurisdictions? If you are not married, Canada Revenue Agency (CRA) assumes all your assets are sold when you die, at fair market value, and then levies income tax on...



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Life is what happens to us while we are making other plans.
Allen Saunders
 
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Donald R. Dasti & Associates
125 Mary Street - Whitby, ON L1N 2P3
Ph: (905) 666-0896