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

Summer Newsletter

Inside this issue:

• Tax free is not what it used to be
• Summer hours
• CRA's Prescribed Interest Rates

As always you will need a PDF viewer to see the newsletter, you can view it by clicking this link: McIntyre and Associates Summer Newsletter

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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 

We are looking for a new recruit!

McIntyre and Associates Chartered Professional Accountants are hiring, take advantage of this rare opportunity to become part of our team! 

We are looking for individuals who fit the following:
Duties/Responsibilities:
• Build and maintain professional relationships with clients
• Coordinating workload and deadlines for numerous clients
• Client accounting including: processing of accounts payable and accounts receivable, general journal entries and bank reconciliations
• Payroll processing for salaried and contract staff (including source deduction remittances and annual reporting for T4s and EHT)
• Preparing year-end supporting schedules (i.e. accruals, prepaid expenses, capital assets and long-term debt)
• Preparation of HST returns
• Setting up new clients in Simply Accounting and QuickBooks
• Planning and preparation of year-end compilation engagements and corporate income tax returns

Qualifications The successful candidate must have:
• A minimum of 2-3 years experience in a public accounting firm
 • A strong knowledge of general accounting
• Excellent knowledge of QuickBooks and Simply Accounting
• Experience in payroll preparation and knowledge of applicable payroll legislation
• Experience in preparation of year-end compilation engagements using Caseware/Caseview
• Familiarity with preparation of personal and corporate income tax returns using Taxprep
• Superior organizational skills, the ability to prioritize and manage deadlines
• Excellent communications skills, both written and verbal

Take a look at Our Industry Canada Profile.

McIntyre & Associates Professional Corporation

Click the following link to view the 2015 Federal Budget Commentary provided by McIntyre and Associates.
http://www.mcintyreca.com/commentaries/McIntyre_Associates_2015_Budget_Commentary.pdf

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

Trouble Finding Us?

CONTACT US

1. PARKING

    Free visitor parking is available on the south side of the building.
    

2. OFFICE LOCATION

   M^cIntyre & Associates Professional Corporation
   200 – 900 Morrison Drive
   Ottawa, ON
   K2H 8K7
    

3. PHONE & FAX NUMBERS

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

4. DRIVING DIRECTIONS

   Our office is located in the Lee Valley Tools building.
   From Greenbank Northbound - Turn left at Lisa Avenue, (the first set of lights after Baseline Road). At the stop sign, turn right on to Draper Avenue. At the next stop sign, turn right on to Morrison Drive. Our office is on the north side of the street at the corner of Morrison and Greenbank.
   From Queensway - Exit Queensway at Pinecrest/Greenbank (exit 129). Head south towards Greenbank. Turn right onto Morrison Drive. Our office is on the north side of the street.