My name is Mark Goodfield. Welcome to The Blunt Bean Counter ™, a blog that shares my thoughts on income taxes, finance and the psychology of money. I am a Chartered Professional Accountant and a partner with a National Accounting Firm in Toronto. This blog is meant for everyone, but in particular for high net worth individuals and owners of private corporations. The views and opinions expressed in this blog are written solely in my personal capacity and cannot be attributed to the accounting firm with which I am affiliated. My posts are blunt, opinionated and even have a twist of humor/sarcasm. You've been warned. Please note the blog posts are time sensitive and subject to changes in legislation or law.

Monday, May 4, 2015

Topics of Interest

I am burnt out from personal income tax season and trying to get out my various December corporate year-ends. So I am taking a break from writing this week.

During the year I jot down topics to write about and draft blogs. It’s a process; from just an idea, to a draft, to a complete blog that just needs revisions. My ideas for this year take me until the summer when I hit the golf course. At that point I’ll be re-posting the “Best of The Blunt Bean Counter”.

However, I could use a few suggestions for future blog post topics for next fall. So if you have an idea or topic you would like me to discuss, leave a comment on this post, or feel free to send me an email to bluntbeancounter@gmail.com

See you next week, when I write about how your birth date affects your financial position.

Bloggers note: Sorry, by accident I closed the comments section for this post. However I have received many suggestions for future topics to my email.  Thank you. The comments section is now available. 

7 comments:

  1. Hi I enjoy your blog and have learned a few things. Possible topic or just an answer, your call.

    The accountant for an estate for a family member (was deceased accountant) added the property taxes that was paid over the years to increase the ABC for his commercial offices he rented out. He also said they could choose whatever value they wanted for current. The deceased owned some of the building since the late 1940's and mid-sixties and never had a company established. He also guesstimated improvements over the years as no paperwork as he paid moist tradespeople cash.

    Is this a legit method or option? I'm concerned they may be in for a nasty surprise.

    Enjoy the rest form the busy tax season

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    1. Thx Anon

      This is more of a question than a potential topic. I would suggest if audited the CRA May question some of these issues, especially the guesstimated improvements.

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    2. thanks for the fast reply

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  2. One thing I've seen discussed a fair bit recently with the TFSA increase is the tradeoff between leaving retained earnings invested in a CCPC and pulling out more to fund a TFSA. In most cases the latter seems preferable, but it obviously depends on a number of factors (especially marginal tax rate, current and anticipated in retirement). Might be worth a post.

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    1. Hi Nathan

      Great suggestion, especially since I was thinking about this for myself :)

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  3. "Small Business Tax Cut

    It is proposed the 11% Federal small business tax rate on active income for qualifying Canadian Controlled Private Corporations will be reduced by .5% annually beginning January 1, 2016 and will drop to 9% by January 1, 2019. The dividend gross-up and credit will be adjusted each year to reflect the lower corporate tax rate."

    Could you do an analysis of these changes and what it will mean for those of us taking dividends as our remuneration from our CCPCs ?

    Thx,
    Mike

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    1. Hi mike

      Thx I wrote in detail about this issue a while back but maybe I will update the analysis

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