Don't let it sneak up on you!

Don't let the tax season sneak up on you

McIntyre & Associates Professional Corporation
200 – 900 Morrison Drive
Ottawa, ON
K2H 8K7

General Enquiries: 613-726-7788

That Time Year Again

The staff here at McIntyre & Associates wants to wish everyone a safe and happy back-to-school season.

McIntyre & Associates Professional Corporation
200 - 900 Morrison Drive
Ottawa, ON K2H 8K7

General Enquiries: 613-726-7788
Fax: 613-729-4477
general@mcintyreca.com

Federal Budget Commentary for 2016

New info you may be interested in for the 2016 year.

Take a look at our latest publication for related information on:

1. Theme: Economic Growth, Job Creation, Strong Middle Class
2. Building and Spending for Growth
3. Key Budget Measures for Business
4. Key Personal Measures & Measures That Were NOT Introduced
5. Business Income Tax Measures
6. International
7. Personal Tax Measures
8. Sales and Excise Tax Measures 

Plus more
Please follow this link to get the scoop: McIntyre_Associates_2016_Federal_Budget_Commentary
Please note that you will need a PDF viewer. You can get one free here. Adobe PDF Reader
Office Location
McIntyre and Associates Professional Corporation
200 - 900 Morrison Drive
Ottawa, ON.
K2H 8K7
General Enquiries: 613-726-7788
Fax: 613-729-4477
Or visit our contact page here.

Principal Residence

One of the tax rules that most taxpayers are aware of, though not necessarily in detail, is that there’s an exemption from tax on a gain from a sale of the house they live in. If an individual (or family) owns one house that they live in then the rules are fairly straight forward however complications arise as soon as there’s some deviations in the scenario. What the rules actually state is that the exemption is available for a housing unit that the individual or family unit ordinarily inhabits. This means that there’s a limit of one dwelling per family on which the exemption can be claimed. The designation of the exemption is done for each year that the property is owned. For example, the family owns a house for 10 years and a cottage for 5 years. The exemption is first assigned to the house as that’s the only property owned for the first five years and then a decision has to be made whether the house or the cottage gets the exemption for the 5 years that both properties are owned at the same time.

When there’s only one property then the situation is fairly simply however as soon as another property is introduced then there’s potential for a tax liability. It’s best to review all of the properties and their potential gains prior to making any elections.

Questions?

General Enquiries: 613-726-7788

Fax: 613-729-4477
general@mcintyreca.com

McIntyre & Associates Professional Corporation

200 – 900 Morrison Drive

Ottawa, ON

K2H 8K7 

Alter Ego Trusts

An alter ego trust is an inter vivos created after 1999 by a settlor who was 65 years of age or older at the time the trust was created. A key property of this type of trust is that the settlor is the only one entitled to receive any income or capital distributions from the trust during his or her lifetime. It is only upon death of the settlor that the property passes to a beneficiary. This type of trust is typically used to avoid probate fees (which are charged at 1.5% on assets over $50,000 in Ontario) since the trust assets do not formally pass into the estate.

However there are some drawbacks to using this type of trust. The alter ego trust cannot use the capital gains exemption available in respect of qualifying property such as small business company shares. In addition, any losses within the trust can only be used to offset the gains of the trust and do not attribute back to the individual. In the year of death, capital losses can be used to offset non-capital gains in the year of death or the preceding year. Depending on the makeup of the investments, this could be a substantial benefit which may be unavailable. The alter ego trust does not form part of the Estate and therefore the assets cannot be used to form a testamentary trust. This is a type of trust that forms on death of a taxpayer and unlike an inter vivos trust, has the benefit of the marginal tax rates that apply to individuals. The potential savings are up to $17,000 per year however recently CRA has been discussing limiting the access to the marginal tax rates for a period of 36 months from the date of death.

Provided that the most common use of the alter ego trust is to avoid probate fees, the trust will typically have more than $500 of income and therefore would be subject to the annual filings requirement. Ensure that review both the benefits and the drawbacks to this type of arrangement to ensure that it meets your needs.

Questions?

General Enquiries: 613-726-7788

Fax: 613-729-4477

general@mcintyreca.com

McIntyre & Associates Professional Corporation

200 – 900 Morrison Drive

Ottawa, ON

K2H 8K7 

Our Fall 2015 Publication is Now Available

What you will find in our new publication:

• Common U.S. - Canadian Tax Issues "What is the substantial presence test? and does it involve me?"
• CRA's Prescribed Interest Rates "What will I owe if I am late on my income tax payments?"
• What' s New at McIntyre & Associates
• New and Improved McIntyreca.com just for you!

If you would like to receive these updates please register at general@mcintyreca.com
Please Note: Publications are in PDF file format.

Look @ What People are Saying

They set up a tax-effective structure for us – excellent ideas and great execution!
Nasr Salib - Owner
Professional Physiotherapy Centres Inc.
www.prophysiotherapy.com
_____________________________________________________________________

The tax advice we get from McIntyre & Associates is invaluable to us – they know tax!

Dr. Daniel Seller & Dr. Heather Brown
Dental Practice
www.seller-brown.ca
_____________________________________________________________________

With McIntyre & Associates, it’s more than just numbers but the analysis behind them.
Jim Saint
J.R. Saint & Associates
_____________________________________________________________________

Beyond the usual excellent accounting support, McIntyre & Associates also assist me with complex financial models and tax advice that is integral to the service I provide to my own clients.

Peter Nicholson, Owner
Wealth Creation Preservation
and Donation Inc.
www.wcpd.com
_____________________________________________________________________

McIntyre & Associates not only help with my monthly and year-end statements but also provide crucial advice in areas such as R&D claims and corporate restructuring. With everything, the service and thinking is excellent.
Kent MacLeod, Owner
NutriChem Pharmacy Ltd.
www.nutrichem.com
_____________________________________________________________________

Our family business has been with McIntyre & Associates for two generations. They not only understand the construction industry but how best to service a family-owned enterprise.
Michael Nicolini, Owner
Nicolini Construction Ltd.
www.nicolini.ca

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CAREERS - Why Join Our Team?

McIntyre & Associates knows the value of good people. Working with us means being on the leading edge of new trends, policies and procedures. By joining M^cIntyre & Associates you’ll enjoy a rewarding environment providing:

• A paperless office on the leading edge of technology
• A well-rounded role where you can see the whole picture for your client
• Opportunity to work with great clients
• A flexible work environment
• A relaxed atmosphere and a bright work space
• Ample opportunity for learning
• Fun employee activities and events
• A great work environment where everyone contributes

Regardless of our current job opportunities, we encourage qualified individuals to contact us at any time to discuss the possibility of joining our team.

Contact

Jennifer Brownlee, CPA, CA - Director
M^cIntyre & Associates Professional Corporation
200 - 900 Morrison Drive
Ottawa, ON
K2H 8K7
Fax: 613-729-4477