July 2020

Feeling a little loonie

Last week was busy for watchers of Canada’s economic data, with the main event being the Bank of Canada (BoC) rate announcement. Not surprisingly, the bank left rates unchanged.

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Ranked: The 50 Most Innovative Companies

In today’s fast-paced world, companies need to adapt quickly to changing markets and shifting consumer behaviors in order to thrive.

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CRA Tax Audit of U.S. Real Estate Property Transactions for Canadian Taxpayers

On June 25, 2020, CRA announced that it would carry out a tax review of six years of U.S. real estate transactions in order to find any tax non-compliance from Canadian taxpayers.

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Spousal loans — A strategy to increase net worth & reduce income tax

If your spouse pays tax at a lower rate than you, you may want to consider lending him or her money to invest so that the associated income is taxable at his or her marginal tax rates. This is referred to as a spousal prescribed rate loan strategy.

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Restructuring a prescribed rate loan — Taking advantage of the lower prescribed rate 

The prescribed rate has been 2% since April 1, 2018 but with recent interest rate cuts, the prescribed rate has dropped to 1% (from July 1, 2020 to at least until September 30, 2020). 

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