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Direct from Drache: Legal Insights - October 2005

   Heads up on Prescribed Interest Rates
   Tax Free Cash from your Company
   Advances on Inheritance
   The Role of Capacity Assessments
   New Rules for Charities
   The Consumer Protection Act: Pitfalls for the unwary and unprepared.
   But I'm an Independent Contractor
   Drache grows again

Heads up on Prescribed Interest Rates - Arthur Drache
The Bank of Canada raised its interest rates by 25 basis points in both September and October with the rate now being 3% It is worth noting that the prescribed rates for Income Tax Act purposes is calculated on the basis of the arithmetic mean of federal government Treasury Bills in the first month of each quarter. This means that there is a good chance that the first quarter of 2006 will see an increase in the prescribed rates for tax purposes.
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Tax Free Cash from your Company - Charles Rotenberg
Conventional wisdom in tax planning is to do everything possible to defer taxes. That is usually the correct approach. But sometimes prepaying a bit of tax can be a good thing in the long run.
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Advances on Inheritance - Douglas Buchmayer
Parents commonly wish to pre-gift parts of their estate to their children. But if only one or two of several children are in need of such gifts, fairness can sometimes be compromised. How do you ensure all children will be treated equally? How do you reconcile the value of a gift given, say 10 years earlier, with its comparable value at the time of your death?
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The Role of Capacity Assessments - Elizabeth Lockhart
On some occasions, it becomes necessary to determine an individual’s mental competence to make decisions about his or her own personal care and property, both now and for the future.
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New Rules for Charities - Adam Aptowitzer
As the end of the year approaches, registered charities will soon be turning their minds to issuing receipts for donations received during the year. Most charities will know that the Canada Revenue Agency changed the requirements for receipts before the end of the last year but delayed strict enforcement of the changes until this year. If a charity does not include all the relevant information, it is subject to a penalty of 5% of the amount on the improper receipts.
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The Consumer Protection Act: Pitfalls for the unwary and unprepared. - Chad Boyd
Considering the broad scope, application and sizeable fines which may be levied, the new Consumer Protection Act (CPA), which was brought into force by the Ontario Government on July 30th, 2005, was done with very little fanfare. This Act applies to all consumer transactions if the consumer or the person engaging in the transaction with the consumer is located in Ontario. In other words if you are an individual operating a business in Ontario, selling to consumers anywhere in the world, i.e. over the Internet, the CPA will apply to your business.
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But I'm an Independent Contractor - Victor Au
The issue of whether a consultant is an employee or an independent contractor is one of fact and has been discussed and analyzed in numerous articles and cases. As such, this article will not review the factors used to distinguish the employee / independent contractor status. Instead, the focus of this article is to examine some of the tax issues surrounding the employer and the worker if services are provided through a corporation.
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Drache grows again
Join us in welcoming Adam Aptowitzer, who is moving from Toronto to join Drache LLP on November 1, 2005.
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