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Richard Fonagy
Transfer Capital Losses To Your Spouse
Transfer Capital Losses to a Spouse Using the superficial loss rules, capital losses can be transferred to a spouse or common-law partner...
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Richard Fonagy
Sep 25, 20212 min read
Want to know what to do if an auditor disapproves your mileage log?
Mileage Logs I cannot recall a client who has ever had an acceptable mileage log book. There is no requirement in the ITA for a taxpayer...
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Richard Fonagy
Sep 21, 20213 min read
Canada Recovery Hiring Program
Canada Recovery Hiring Program Budget 2021 proposes to introduce the Canada Recovery Hiring Program (the “hiring subsidy”) to provide...
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Richard Fonagy
Aug 14, 202114 min read
Are Your Employees Masquerading as Independent Contractors? Do You Know What a Dependent Contractor
Here Is What CRA and The Tax Courts Have to Say- And What your Clients- the employers- can do to protect themselves So we have a colorful...
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Richard Fonagy
Aug 5, 20212 min read
Want to Know The Number One Reason that Triggers an Audit?
Inconsistent Information may be your worst tell-tale I had a client a realtor. For the past 5 years she had 0 subcontractor expense in...
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Richard Fonagy
Jul 24, 20214 min read
What Foreign Vendors Selling In Canada Through E-Commerce Need To Know:
Non Resident Sellers in Canada: There are various Canadian sales tax rates imposed federally and provincially. Three major components...
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Richard Fonagy
Jul 10, 20213 min read
Medical Expense Credit & How To Optimize - Yes even Medical Marijuana
THE MEDICAL EXPENSES TAX CREDIT – TAX PLANNING FOR OPTIMIZING YOUR TAX CLAIM – PART I I Optimizing the Medical Expenses Tax Credit –...
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Richard Fonagy
Jun 27, 20214 min read
Want an easy way to promote your business and get new clients- or for communication: Look here...
Do you want to communicate better with your clients? Make getting referrals and "Marketing" for new clients easier? Here is where you...
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Richard Fonagy
Jun 23, 20212 min read
Not all Misrepresentations are Negligent - Therefore Statute Barred Years Past 3(sometimes 4)
Yesterday Post On Misrepresentation: Very Important to Know for Great Tax Practitioners and how to fight CRA for your client- an...
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Richard Fonagy
Jun 22, 20211 min read
What is the meaning of Misrepresentation to allow the minister to Reassess beyond the normal 3 year
WHEN SHOULD THE COURTS ALLOW REASSESSMENTS BEYOND THE LIMITATION PERIOD? [the predecessor of subparagraph 152(4)(a)(i)] would provide...
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Richard Fonagy
Jun 22, 20212 min read
What If You Lost A Receipt - You Can Fight CRA on Deductiblity
Expenses approved without Receipts Docket: 2004-1206(IT)I BETWEEN: RADEK CHRABALOWSKI, Appellant, and HER MAJESTY THE QUEEN, Respondent....
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Richard Fonagy
Jun 12, 20212 min read
When are tax installments necessary?
Interest and penalty charges on late instalments and for those not sure: When do you have to pay instalments- You may have to pay tax...
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Richard Fonagy
Jun 12, 20213 min read
Don't Have a Corporate Minute Book? Your Corporation May Be In Jeopardy:
What is a corporate minute book? It is Required By Law A minute book contains the constating documents (means articles of incorporation,...
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Richard Fonagy
Jun 12, 20213 min read
What is a Holding Company? And When Do You Need One:
What is a holding company? it is the opposite of a shell company (which holds no assets inside of it) in that it holds your precious...
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Richard Fonagy
May 17, 20214 min read
Innocent Businesses Being Denied GST Credits ITC:
Background Assuming your business makes “taxable supplies” for GST/HST purposes, you are normally entitled to input tax credits (ITCs) to...
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Richard Fonagy
May 11, 20215 min read
Death of a Taxpayer: How To File The "Final Return"
For those filing a Final (Deceased Return) this will explain what you need to know: For Those Interested (10 minute read) Amounts you can...
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Richard Fonagy
Mar 24, 20214 min read
Am I Being Taxed Or Penalized
Am I Being Taxed or Penalized Original article by David Rotfleisch (a great tax lawyer) When a taxpayer receives an unexpected tax...
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Richard Fonagy
Mar 4, 20214 min read
What Is the Difference Between Factual and Deemed Residency?
Residency is a crucial element of the Canadian tax system. Residents of Canada must declare their worldwide income and pay taxes on it,...
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Richard Fonagy
Feb 13, 20212 min read
How an Auditor Views Your Tax Return:
Proving Business Expenses What is Income to an Auditor: An auditor will take the position that "all bank deposits that you do not prove...
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Richard Fonagy
Feb 10, 20216 min read
Family Trusts What's New?
Trusts: The last three years have seen significant changes in tax legislation. Private family businesses have felt the bulk of these...
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