Personal Tax, Self-Employment, & Rental Income

In addition to regular income tax, we provide services for special cases including:

• Personal Tax: We at Mackisen, we formulate a personalized plan designed to cater to your individual needs. This ensures that you can take full advantage of opportunities for tax savings. Our services encompass personalized tax planning and advisory services, tax planning and advisory services specifically for owner-managers, comprehensive financial and retirement planning, as well as handling tax compliance for individuals, trusts, and partnerships.
• Students: At Mackisen, our specialized student tax solutions are meticulously crafted to empower students in Montreal by providing the knowledge and strategies necessary to navigate the complexities of tax obligations during their educational pursuits. From precise reporting of tuition fees, textbook expenses, and educational credits to adeptly managing income from part-time jobs and considering scholarships, our seasoned professionals ensure your compliance while maximizing available tax advantages. We adeptly guide you through the intricacies of student tax regulations, addressing provincial and federal tax nuances, and offering crucial insights into record-keeping. Whether you’re managing work-study programs, scholarships, or part-time employment, our personalized approach offers tailored tax planning strategies that align with your educational journey. Simplify the intricacies of student taxes with Mackisen, and gain the confidence to focus on your studies while optimizing your financial outcomes.
• Seniors: Discover retirement with assurance by utilizing our specialized senior tax services in Montreal. At Mackisen, our experts excel in navigating the complexities of tax implications for seniors, optimizing distributions from retirement accounts, managing investment income, and handling healthcare expenses. We provide personalized strategies that harmonize with your retirement objectives, guaranteeing you capitalize on accessible tax benefits. Streamline your senior tax obligations with Mackisen, and relish the benefits of your well-deserved years.
• Writers: Open up new horizons for your literary journey with our specialized tax services tailored for writers. Whether you’re a novelist, journalist, or content creator, navigating the distinctive tax landscape for writers can be intricate, regardless of your location. Our seasoned professionals comprehend the intricacies of reporting royalties, freelance income, and deductions for research materials and home offices. We also keep you updated about government tax credits and incentives specifically tailored to the creative field, enabling you to leverage available opportunities to offset your tax liabilities. Focus on your creativity and storytelling while we adeptly handle the financial intricacies. With our dedicated support, you can write with confidence, knowing your tax matters are in capable hands.
• Rental Income: Our comprehensive rental income tax services are meticulously designed to empower property owners in Canada with the knowledge and strategies required to navigate the intricate landscape of rental income taxation. From accurate rental income reporting and optimization of deductions, such as mortgage interest and maintenance expenses, to skillfully managing property depreciation and capital improvement distinctions, our experienced professionals ensure your adherence to regulations while maximizing tax advantages. We adeptly guide you through passive activity rules, address provincial and local tax intricacies, and provide essential record-keeping insights.
• Self-Employment: Our specialized self-employment tax services are thoughtfully designed to support freelancers, independent contractors, and business owners across Canada in navigating the intricacies of self-employment taxation. Our dedicated team is well-versed in the Canadian tax landscape and assists you in accurately reporting self-employment income while optimizing deductions such as business expenses, home office costs, and eligible tax credits. We ensure compliance with Canada Revenue Agency (CRA) regulations and guide you through the complexities of filing GST/HST returns, if applicable. Our experts provide insights into retirement planning options tailored to the Canadian self-employed, advising on Registered Retirement Savings Plans (RRSPs) and other tax-efficient savings strategies. Let us simplify your self-employment tax responsibilities, enabling you to drive your business forward with confidence. Reach out today to discover how our self-employment tax services can contribute to your entrepreneurial success in Canada.
• Capital Gains: Our specialized capital gains tax services are meticulously crafted to assist individuals and investors in effectively navigating the realm of capital gains taxation. Whether you’re selling real estate, stocks, or other assets, our dedicated team provides expert guidance on accurately calculating and reporting capital gains while optimizing eligible deductions and exemptions. We understand the importance of maximizing tax efficiency, and we’ll help you explore strategies such as tax-loss harvesting and identifying eligible tax credits to minimize your capital gains tax liability. Our experts stay up-to-date with ever-changing tax regulations to ensure compliance and offer insights into long-term investment planning, estate considerations, and potential deferral options. Let us simplify the complexities of capital gains taxation, allowing you to make informed financial decisions with confidence. Contact us today to learn more about how our capital gains tax services can empower your financial success.
• Sale of Land, Building & Shares: Navigating the intricacies of taxation on the sale of assets such as land, buildings, and shares requires expert guidance, and that’s where we come in at Mackisen. Our seasoned professionals provide tailored tax services to individuals and investors, ensuring accurate reporting and optimization of capital gains tax implications. Whether you’re divesting real estate, offloading shares, or parting with other valuable assets, our team guides you through the process, calculating gains and identifying eligible deductions. We are well-versed in the ever-evolving tax landscape, helping you understand the implications of different asset sales on your overall financial portfolio. From strategic planning to compliance, let us empower you to make informed decisions regarding the sale of your assets. Reach out today to learn more about how our capital gains tax services can provide you with the insights and support you need for successful asset transactions.
• Investment Income: Effectively managing the complexities of investment income taxation is crucial, and at Mackisen, we’re here to assist you every step of the way. Our experienced professionals offer comprehensive tax services tailored to individuals and investors who seek to optimize their investment returns while ensuring compliance with tax regulations. Whether you’re earning dividends, interest, or capital gains from your investments, our team is equipped to provide expert guidance on accurate reporting and identifying eligible deductions. We understand the nuances of investment-related taxes and can help you navigate strategies like tax-efficient investment vehicles and timing of transactions to minimize your tax liability. With our up-to-date knowledge of tax laws, we ensure you stay informed about changes that might impact your investment income. Let us help you make the most of your investments by maximizing tax benefits and providing the clarity you need for effective financial planning. Contact us today to discover how our investment income tax services can contribute to your financial success.
• Estate, Trusts, Wills: Enhance your estate planning with our comprehensive services to mitigate probate fees and associated costs. Our Montreal-based accounting firm, Mackisen, specializes in estate planning, trusts, and wills. Our estate planning expertise encompasses crucial areas such as income tax planning, will structuring, estate freezes, strategic use of insurance for planning and investment, post-mortem planning, trust review for income splitting, and charitable gift planning. Our focus extends to optimizing your estate for reduced income tax and probate fees upon passing, implementing effective income splitting strategies, facilitating intra-family gifting and generation skipping, and providing meticulous will review and tax-informed updates. Trust Mackisen for tailored solutions in estate, trusts, and wills that safeguard your legacy and financial interests.
• U.S. Estate Tax: Whether you’re a U.S. citizen or green card holder residing in Canada, or a Canadian resident, Mackisen’s expert tax advisors possess a profound comprehension of tax regulations on both sides of the border, ensuring the mitigation or elimination of dual taxation challenges. Our specialized services encompass a range of vital aspects, including minimizing U.S. estate tax liabilities linked to U.S. securities and real estate assets. We’re also adept at navigating U.S. estate tax implications for U.S. citizens who are beneficiaries of Canadian trusts and estates. Entrust Mackisen for comprehensive solutions that address cross-border tax complexities and safeguard your financial interests effectively.
• NON-RESIDENT OF CANADA: Navigating Canadian taxation as a non-resident demands expertise. At Mackisen, our tailored tax services cater to non-residents. Our professionals adeptly handle complexities, ensuring accurate reporting and strategic planning. Whether it’s rental income, capital gains, or other Canadian-source earnings, we guide you through withholding tax and tax treaty benefits, all while ensuring compliance. Simplify your non-resident tax obligations – connect with us today to discover how we can assist your Canadian financial ventures.
• Transactions: Elevate your financial success with Mackisen’s comprehensive transactions services tailored for your personal tax needs. Our expertise is focused on optimizing your transactions to achieve favorable outcomes. We specialize in minimizing capital gains tax liabilities when selling assets, ensuring you retain more of your hard-earned gains. Our skillful tax structuring of acquisitions enhances your financial benefits, strategically aligning with your goals. Additionally, we adeptly advocate for your interests when dealing with tax authorities, simplifying complex processes. Trust Mackisen to navigate the intricacies of personal tax transactions, ensuring your financial well-being through customized and effective solutions.
• Insurance: Leverage Mackisen’s expertise in insurance for personalized financial success. Our focus is on optimizing tax-efficient life insurance purchases, ensuring you receive maximum benefits. Count on us to identify scenarios where insurance funding can strategically enhance your financial position. We excel in effective financing solutions utilizing insurance instruments. Additionally, we thoroughly examine insurance’s potential as both a planning and investment tool, aligning it with your unique goals. Mackisen is your trusted partner for harnessing insurance’s power for comprehensive financial planning, providing tailor-made insights that pave the way for your lasting prosperity.
• Offshore Investments: Discover the world of offshore investment with Mackisen’s insightful guidance. Our expert team navigates the complexities of international markets to offer you strategic opportunities for diversification and growth. We specialize in identifying offshore investment prospects that align with your financial goals, helping you capitalize on potential tax advantages and favorable regulatory environments. Whether you’re seeking to expand your portfolio, mitigate risks, or explore new avenues of wealth creation, Mackisen provides tailored solutions that harness the benefits of offshore investments while ensuring compliance and maximizing your financial gains.
• Marital/Litigation Support Tax Planning: Navigate marital and litigation support with Mackisen’s specialized tax planning services. Our expert team understands the intricate financial dynamics of these situations, offering tailored strategies to optimize tax outcomes. Whether you’re facing divorce, separation, or litigation matters, we provide comprehensive support to ensure fair and advantageous financial arrangements. Our approach involves meticulous analysis of assets, income, and potential tax implications, enabling us to create effective tax plans that safeguard your interests. Trust Mackisen to guide you through complex marital and litigation scenarios, providing clarity and strategic insights that lead to favorable financial resolutions.
• Succession Planning: Mackisen’s comprehensive service excels in guiding you through the intricate journey of succession planning. We understand that this process demands timely action, and our expert tax advisors are here to support you every step of the way. Our services encompass essential components such as strategic tax planning and advisory services, meticulous business valuation, retirement planning, and thoughtful business succession planning. Our focus lies in ensuring the seamless and orderly transfer of your business to the next generation, regardless of family members’ involvement. We’re adept at orchestrating the effective transition of business control to maximize its value, while providing insightful advice on shareholder agreements. Additionally, we assist in the critical task of selecting and training a suitable successor. With Mackisen by your side, you can confidently navigate the intricacies of succession planning, ensuring a legacy that preserves your business’s value and integrity.
• Reorganizations: Mackisen excels in strategic reorganizations, offering a comprehensive range of services that include tax-efficient asset distribution among family members. Our approach ensures that assets are split up in a manner that optimizes tax benefits while safeguarding your family’s financial interests. We also specialize in implementing robust asset protection strategies, securing your wealth for both the present and the future. Our expertise extends to leveraging tax losses and deductions within corporate groups, effectively enhancing your financial position. With Mackisen, you can confidently navigate complex reorganization scenarios, benefiting from our tailored solutions that align with your unique goals and aspirations.
• Charitable Gifts: Mackisen is your trusted partner for charitable giving, offering a range of specialized services. We provide expert assistance in establishing and effectively managing private foundations, ensuring your philanthropic efforts align with your goals. Our expertise extends to optimizing the timing and structure of gifts to maximize tax credits, enhancing the impact of your contributions. We also specialize in strategic bequest structuring within your will, ensuring your charitable intentions are seamlessly integrated into your estate plan. With Mackisen, your charitable gifts are supported by tailored strategies that make a meaningful difference while optimizing your tax benefits.
• Bankruptcy: Mackisen offers referrals to clients who require debt consolidation and personal bankruptcy assistance. There are several alternatives to personal bankruptcy and our professionals can help you consider them before taking steps toward filing. We will refer you to experts who can inform you of your options and chart out the best course of action to suit your situation.
• Executive Compensation: Mackisen offers comprehensive solutions in executive compensation, catering to a range of strategic needs. We specialize in enhancing the outcomes of stock option plans, ensuring you receive the maximum benefits. Our expert team is skilled in designing tailored remuneration packages and pension plan arrangements that align with your objectives. We provide insightful guidance on tax matters related to retirement planning, ensuring your financial future is well-prepared. Our expertise extends to comprehensive tax and cash flow planning for severance scenarios, ensuring optimal outcomes during transitions. With Mackisen, you can confidently navigate the complexities of executive compensation, benefiting from our customized strategies that secure your financial well-being.
• Tax Compliance: Mackisen’s expertise extends to comprehensive tax compliance services, covering a range of needs for individuals, estates, and beneficiaries. We ensure meticulous adherence to tax regulations, handling all aspects of tax compliance with precision. Our dedicated team specializes in managing tax compliance for individuals, providing tailored solutions that align with your unique financial circumstances. Additionally, we offer expert assistance in tax compliance for estates and beneficiaries, ensuring that tax obligations are met accurately and efficiently. Trust Mackisen to navigate the complexities of tax compliance, offering peace of mind through our thorough and knowledgeable approach.

For further information visit Tax Audit.

In recent years, an increasing number of partnerships have been forming as an alternative to incorporation. Partnerships allow for a greater amount of money, skill and other resources to be pooled and are subject to limited government regulations. We can advise you on whether or not a Partnership is the right option for you and help you through all the steps of setting one up. Our consulting and accounting services are also available for existing Partnerships.

Our services for Partnerships include:

• Accounting for initial investments
• Capital interest
• Compensation for services and capital
• Allocation of earnings
• Allocation of ownership interest
• Withdrawal and addition of partners

INVESTORS & IMMIGRANT TAXES

The Business Immigration Program seeks to attract experienced business people to Canada who will support the development of a strong and prosperous Canadian economy. Canada’s three classes of business immigrants are investors, entrepreneurs and self-employed. We will assist you in determining your eligibility and in filing all the necessary forms. In addition, investments made by immigrant investors generate revenues that a company may benefit from through special programs. We will help you find these benefits and claim them in your taxes.

Immigrant Taxes: We can help you keep track of your tax obligations and assist you in filing them during the first tax year that you are a new resident of Canada. After you’re first tax year in Canada, you are no longer considered a newcomer for tax purposes. We will file your taxes and keep track of all your tax obligations associated with being a new resident. Our people are experienced in immigration tax law and can assure you the best tax credits entitled to you.

Your tax obligations include:

• Reporting income from all sources both inside and outside Canada on your tax return
• Verifying your income tax status on an annual basis
• Claiming all deductions, non-refundable tax credits, and refundable federal and provincial credits that apply to you

If you are a Canadian resident traveling or temporarily living outside of Canada and you need to file your Canadian tax return, we can help. We will prepare your return and answer any questions about your tax filing obligations. Email us your name and contact information and a description of your situation.

Which out of country residents are required to pay taxes in Canada?

Canadian residents travelling or temporarily in another country who have maintained significant ties with Canada are considered to be factual residents of Canada. If this situation applies to you then you are obligated to pay taxes in Canada. Other types of factual residents include those vacationing outside of Canada for extended periods of time, those teaching or attending school in another country, and those commuting to the U.S. and returning to Canada for work purposes on a daily or weekly basis.

Alternative Minimum Tax for high-income individuals

Addressing the specific concerns of high-income individuals, we delve into the realm of the Alternative Minimum Tax (AMT). The AMT calculation stands as a parallel tax computation, wielding a more restrained approach to deductions, exemptions, and tax credits compared to the conventional tax regulations. This tax mechanism prompts taxpayers to settle for the higher of the AMT or regular income tax.

In a strategic move targeting high-income individuals more effectively, our proposal outlines the elevation of the federal AMT rate. This proposed shift raises the rate from 15% to 20.5%. Accompanying this, we propose an augmentation in the exemption amount for all individuals (including graduated rate estates). Our intended threshold spans from $40,000 to the initiation of the fourth federal tax bracket, amounting to approximately $173,000 for the 2024 taxation year. Notably, the proposed exemption will undergo annual indexing to keep pace with inflation.

To bolster the AMT base, we lay out several key amendments, enhancing the system’s integrity. These changes encompass the elevation of the capital gains inclusion rate from 80% to 100%. We recommend that capital loss carry forwards and allowable business investment loss deductions should apply at a 50% rate. Additionally, we advocate for the full inclusion of the benefit tied to employee stock options, an inclusion that had previously been curtailed. The capital gains on donations of publicly listed securities will also feel the impact of our proposal, with 30% of these gains being included in the AMT base.

Furthermore, we intend to augment the AMT base by curbing certain deductions. This involves disallowing 50% of deductions related to employment expenses, apart from those incurred to earn commission income. Similar disallowances will apply to deductions tied to contributions for the Canada Pension Plan, Quebec Pension Plan, and Provincial Parental Insurance Plan, along with deductions linked to moving expenses, child care expenses, and more.

Notably, we advocate that only 50% of most non-refundable tax credits should be permitted to alleviate the AMT. While we are pushing for substantial changes, we intend to preserve the existing AMT foreign tax credit, treatment of taxable dividends, and the withholding of certain non-refundable credits. The carryforward period for AMT credits to offset ordinary tax will also remain consistent, spanning seven years.

It is important to highlight that the proposed changes are earmarked for taxation years commencing after 2023, reflecting our commitment to maintaining a forward-looking approach in tax policy.