Posts by Kim
Kim G C Moody’s Musings – 1-1-1 Newsletter For November 22, 2023
1. Taxation – Are You a U.S. Citizen Resident in Canada? Be Warned
2. Leadership – The Eight Characteristics of Effective Executives
3. Economics & Politics – The Feds’ Attack on Short-Term Rentals
If you have American connections, you may owe the IRS some tax money
Welcome to a world of onerous tax filing requirements for U.S. tax purposes. Were you born in the United States? Was one of your parents born there? If you answered “yes” to either question, then there’s a good chance you are a U.S. citizen and have been since the moment you took your first breath.…
Read MoreKim G C Moody’s Musings – 1-1-1 Newsletter For November 15, 2023
1. Taxation – The Need For A Tax Designation
2. Leadership – The Importance of Speaking Up
3. Economics & Politics – The Impact of High Personal Tax Rates on Productivity
Does your tax adviser know the rules? Probably not, which is why reform is needed
The vast majority of Canadian accountants only have a very basic understanding of income tax law. Practising taxation is not for the faint of heart. The Income Tax Act is, by far, the largest statute (and likely the most complex) in Canadian law. It’s fair to say many Canadians believe that most accountants understand tax.…
Read MoreKim G C Moody’s Musings – 1-1-1 Newsletter For November 8, 2023
1. Taxation – The Anti-Year-End Tax Planning Checklist
2. Leadership – The Importance of Peer-to-Peer Learning
3. Economics & Politics – Windfall Taxes on Canadian Oil and Gas Companies
Taxes are Canadians’ biggest expense — you need to tax plan all year long
Tax planning shouldn’t occur just before the deadlines; it needs to happen at least monthly. At this time of year, there’s no shortage of “year-end tax-planning tips” that show up in articles, social media feeds and your email. It’s like clockwork: such articles magically appear from about Nov. 1 until Dec. 31 every year. And…
Read MoreKim G C Moody’s Musings – 1-1-1 Newsletter For November 1, 2023
1. Taxation – Alternative Minimum Tax (AMT) Amendments
2. Leadership – What Happens When You Make a Mistake?
3. Economics & Politics – The Canadian Carbon Tax
Canadian charities should be worried if alternative minimum tax changes are passed
Decades and decades ago, Canada made a deliberate policy choice to use our taxation system to help encourage philanthropy. Such a choice included providing tax-exempt status for registered charities — and tax incentives for donors to make gifts to such organizations — and non-profits. During Canada’s one and only comprehensive taxation review (from 1962–1966), The…
Read MoreKim G C Moody’s Musings – 1-1-1 Newsletter For October 25, 2023
1. Taxation – Comprehensive Tax Review/Reform: What Would I Change?
2. Leadership – Why You Should Dress For Success
3. Economics & Politics – Are Further Interest Rate Hikes on Hold?
13 questions to ask for a complete and proper overhaul of Canada’s tax system
It’s time for a comprehensive tax review, not just one to look good. Adam Smith, the Scottish economist and philosopher, laid out his thoughts on what the four basic tenets of a good taxation system are in The Wealth of Nations, his 1776 landmark writing, as follows: Equity: the taxation of persons should be proportional…
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