Category Archives: Press

Paul Babber & Associates Warns Against U.S Dividend Stocks in TFSA

Toronto, Canada, January 11, 2016 – Paul Babber & Associates (www. pbaltd.ca), a premier accounting and tax consultation firm in the Greater Toronto Area (GTA), is warning Canadians to be cautious about one part of their Tax-Free Savings Accounts (TFSA) that is not entirely tax-free. The costs arise when Canadian investors attempt to diversify their TFSA by incorporating dividend stocks from the United States. (Source: Jackson, D., “The TFSA isn’t always tax free,” Business News Network, December 21, 2015; https://www.bnn.ca/News/2015/12/21/The-TFSA-isnt-always-tax-free.aspx.) "The IRS [Internal Revenue Service] takes 30% of any U.S dividends," explains Paul Babber, the CEO and president of Paul Babber & Associates. "This happens regardless of whether the investor is an American citizen or resident." Due to a tax...
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and Associates Weigh Costs of Trudeau Small Business Tax Changes">Paul Babber and Associates Weigh Costs of Trudeau Small Business Tax Changes

Paul Babber and Associates (www.pbaltd.ca), a premier accounting and tax consultation firm in the Greater Toronto Area (GTA), is weighing in on the predicted changes to the small business tax rate and what the Trudeau government's plans will mean for Canadians. The Liberal government has pledged to revise small business tax rules and wants to ensure that their plan does not inadvertently aid wealthy citizens who set up "shell" businesses to reduce their personal income tax amounts. This is a heightened concern in light of the tax increase that will be imposed on the country's top one percent. (Source: Curry, B. “Uncertainty looms for small-business owners as Ottawa rolls our tax reforms,” The Globe and Mail web site, December 8, 2015;...
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and Associates Ltd. Predicts Results of Liberal Tax Plan">Paul Babber and Associates Ltd. Predicts Results of Liberal Tax Plan

Toronto, Canada, December 9, 2015 – Paul Babber and Associates Ltd. (www.pbaltd.ca), a premier accounting and tax consultation firm in the Greater Toronto Area (GTA), comments on who will be affected most when the Liberal government enacts their planned tax changes. With Parliament fully resumed, it is expected that a tax bill in line with Prime Minister Justin Trudeau's campaign pledges will be introduced within the coming weeks. "There are currently four main income tax brackets under the existing system," explains Paul Babber, the CEO and president of Paul Babber and Associates Ltd. "The middle income bracket—between $44,701 and $89,401—is expected to be the target of a rate reduction." The current income tax rate on this segment is 22%. Under...
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