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. This blog is meant for everyone, but in particular for high net worth individuals and owners of private corporations. My posts are blunt, opinionated and even have a twist of humour/sarcasm. You've been warned. Please note the blog posts are time sensitive and subject to changes in legislation or law.

Friday, February 22, 2013

Tax Tweets of the Day for the Week Ending February 22, 2013

My Twitter tax tips for this week are listed below. My twitter handle is @bluntbeancountr. If you will be receiving a severance payment/retiring allowance in 2013, or are planning to withdraw funds from your RRSP in 2013, ensure you pay attention to the first tip.

Tips for Week of February 18 - February 22, 2013

Receiving a retiring allowance? Cashing an RRSP this year? Beware, taxes withheld are often less than the tax you will owe. #blunttaxtip.

Note: For a discussion of this issue, see this blog post.

US citizens must file a 1040 US return. If you are a Cdn resident earning #Rental Income in the US, you must file a 1040NR. #blunttaxtip

Do you own shares in any bankrupt #stocks? You can file an election to claim the capital loss this year. #blunttaxtip

When filing a deceased parent/grandparent’s return, ensure you report any deemed dispositions of stocks or real estate. #blunttaxtip

Note: Upon passing, if property is not transferred to a spouse, you are deemed to dispose of your capital property at death as if you actually sold the shares or real estate. The determination of the cost base of that property can often be problematic to say the least.

Interest rates are very low; consider a 1% prescribed #loan to your spouse. The 1% interest rate is locked in forever. #blunttaxtip

Note: For a discussion of this issue, see this blog post.

White Paper on Salary or Dividend for Small Corporate Business Owners

My recent three part series on whether small corporate business owners should take Salary or Dividends , The Numbers and The Issues to Consider has been made into a more readable white paper on my firms Cunningham LLP's website. You can download the paper by following this link. Note: Full disclosure; you will have to submit your personal information.

The blogs posted on The Blunt Bean Counter provide information of a general nature. These posts should not be considered specific advice; as each reader's personal financial situation is unique and fact specific. Please contact a professional advisor prior to implementing or acting upon any of the information contained in one of the blogs.

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