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Health Spending Accounts

WebHealth Spending Accounts. In 2008 we published a tax tip regarding the use of Health and Welfare Trusts (“HWTs”) to fund uninsured medical expenses. HWTs must …

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URL: https://www.cadesky.com/publications/health-spending-accounts/

Health Care Spending Accounts

Web“To qualify, the plan must be made available to all employees of the group plan.” Family business owners and their employees are frequently looking for ways to improve the tax …

Category: Health Go Health

Personal Health Service Plans and Shareholder Benefits

WebInstead, it is an administrative policy of the CRA. The main benefit of a PHSP is the ability of a corporation to make a tax-deductible payment into the PHSP which …

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U.S. Employees and IRS Form 1095-C

WebForm 1095-C provides data to the IRS regarding your employee’s health insurance for the prior calendar year (beginning with 2015). Only ALE’s must file this …

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Health & Welfare Trusts

WebWith a health and welfare trust, the expense can be funded with $25,000 of corporate funds, with no taxable benefit. The result is an $8,000 saving. There are set up …

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GST/HST On Medical Fees

Web“GST/HST may apply to other services provided by a practitioner.” It is often thought that all services performed by physicians, dentists, physiotherapists, …

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New IRS program: Relief Procedures for Certain Former Citizens

WebRelief Procedures. Under the Relief Procedures for Certain Former Citizens (“these procedures”), the IRS is providing an alternative means for satisfying the tax …

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Transfer of Life Insurance to a Child

WebThe Income Tax Act allows a policyholder to transfer his or her interest in a life insurance policy on a child to that child or to another child of the policyholder.In these …

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Medical and Disability Related Matters

Web“Opportunities for your clients.” Many professionals are not well versed in the complicated area of medical and disability related tax benefits. Every Canadian has …

Category: Medical Go Health

Personal Health Service Plans – The Story Continues

Web“The health plan must be available to employees, not just shareholders..” The Tax Court has again looked at situations where a corporation has paid medical fees to a …

Category: Medical Go Health

How Much Are Non-Monetary Benefits Worth

WebThe Court decided (without explanation) that the value of the non-monetary benefits was $15,000. Consequently, the Court decided that the taxpayer was liable for …

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Evidence Required

Web“Sometimes evidence accepted by Courts is different from the CRA..” A situation that many professionals face when dealing with the Canada Revenue Agency …

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Tax Tips Archives

WebPost-Fairmont Rectification – A Small Measure of Guidance. Author: Henry Shew CPA, CA, TEP, CPA (Washington), MAcc Editors: Peter Weissman FCPA, FCA, TEP and Matthew….

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Contractor Vs. Employee

WebContractor Vs. Employee. “This issue requires a review of all relevant factors..”. Whether an individual is to be treated as a contractor or an employee for tax …

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Deferred Payment of Tax on Death

WebTo make the election to defer the payment of the tax on death, Form T2075 must be filed and acceptable security must be provided to the Minister on or before the …

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The Tax Fairness for Americans Abroad Act of 2018 [Proposed]

WebOn December 20, 2018, just before the Congressional holiday recess, Congressman George Holding (Republican-North Carolina) introduced H.R. 7358, the …

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Professional Corporations – Doctors and Dentists

Web“New rules allow for non-family members to be shareholders..” In the Ontario Budget tabled on May 11, 2005, the Ontario government announced that family …

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Negative Adjusted Cost of Limited Partnership Interest

WebUnder the Income Tax Act (Canada) (“the Act”) a limited partner (“partner”) is deemed to realize a capital gain where the adjusted cost base (“ACB”) of the partner’s …

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Professional Incorporation Update

Web“Holding companies cannot be used to hold shares of a professional corporation.” Further to the recent Tax Tip (06-04), Ontario now allows family members …

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