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.

What You Do Not Want To Know About Me






During a misguided summer in the late 1970’s I worked for my father, an accountant, to make money for a trip to Europe. To my father’s consternation (he was asked to try out for the Cleveland Indians but became an accountant instead due to family circumstances) I continued along the path of becoming a Chartered Professional Accountant. Along the way I moved from accounting to income tax, from a Big 4 firm (PWC) to a boutique firm, to a two person partnership, to Cunningham LLP, a mid-sized accounting firm in Toronto, and back now to a national accounting firm.

As someone who has been an accounting partner, tax partner, managing partner and partner in charge of Wealth Management, I speak from several perspectives within the accounting profession.

I love sports and played baseball, hockey and basketball, but with age and body erosion, I turned into a golfer. I enjoy good food, music and travel. I have been a Big Brother, acted on the Investment Committee for the Reena Foundation and have been involved in the Make A Wish Foundation on a committee level and as a wish grantor with my wife. We intend to grant more wishes over the next couple years,

Finally, I for some unknown reason have always enjoyed writing and thus, this blog.

8 comments:

  1. Can you explain how a RRIF in a segregated fund is taxed upon death. It has adult children as named beneficiaries. Is there any benefit to having a RRIF in a segregated fund?

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    1. Hi Anon

      Upon death if the RRIF if left to adult beneficiaries whether in a seg fund or not, the RRIF is deemed disposed and the estate of the deceased must pay tax on the value of the RRIF at death. I dont provide investment advice, so no comment on a RRIF is a seg fund, but in my practice I rarely see such.

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    2. I would take to know of there is a tax sheltered method to transfer monies from my holdco to a resp or ITF for my children

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    3. Hi Ed:

      Not that I am aware of. Many people have a family trust own their opco which is an indirect way of accomplishing the above.

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  2. Hello,

    We have a contractor business and sometimes work for or hire a sub. I would like clarification on how to pay a sub - have the sub submit an invoice to us and pay the agreed amount. Then if we work for the sub we would invoice the sub for the work, then pay our employees through payroll that worked on the job and at year end submit aT5018 to cra. The sub wants to use our BN number and put each persons info that was on the job on a T5018 and submit to cra. I don't think this is right and could cause us tax implications.

    Your comments would be greatly appreciated.

    H

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    Replies
    1. Hi Anon

      You should speak to your accountant, or here is the CRA's link

      http://www.cra-arc.gc.ca/tx/bsnss/cntrct/frmt5018/menu-eng.html

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  3. What's your current favourite basketball team and player?

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    1. Raptors and Wiggins since he is from Toronto

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