Blog

Tax Tips & Traps Fourth Quarter 2017 – Issue 120

Highlights:

Tax Ticklers
Business Loss or Personal Venture: Can I Deduct Losses Against Other Income?
Guaranteed Income Supplement: Change in an Individual’s Circumstance
Charity Filing and Compliance Obligations: The CRA Has Checklists to Help
Dying Without A Will: Who Can Manage the Deceased’s Tax Affairs?
Operating A Business In The U.S.: The IRS is Targeting Smaller Foreign Entities
Non-Compliant GST/HST Registrants: Impact on Tax Refunds or Credits
Support of Refugees: Tax and Filing Requirements
Underground Economy: Contractors, Online Sales, Farmers Markets

Tax, Tips and Traps Issue 120 – 4th Quarter, 2017

Categories: Tax

MP Letter Regarding Changes to the Taxation of Private Corporations

We have been provided with the following letter template that may be of assistance to you if you are interested in providing your thoughts to your Member of Parliament regarding the proposed changes to the Income Tax Act released on July 18, 2017.

2017_Aug_Proposed_New_Tax-Rules_Letter_to_Member_of_Parliament

The proposed changes will impact the ability to share income of a family business and significantly increase the personal income tax rate on income from a private corporation.  The ability to transition a business among families in a tax efficient manner including impacting the ability to claim the lifetime capital gains exemption is also impacted.

Further details of the changes can be found in our previous blog entry;

2018 – Changes to income sprinkling and other rules – July 31, 2017

or in the Tax Tips & Traps Third Quarter – Issue 119;

Tax, Tips and Traps 3rd Quarter – Issue 119

Tax Tips & Traps Third Quarter – Issue 119

Highlights:

Tax Ticklers
Tax For Private Corporations:  Major Changes Proposed
Employee Discounts On Merchandise:  Change in CRA Policy
Death Benefits:  Tax-Free Employment Benefit
Retirement Income Calculator:  Ensure you are Financially Ready
Return of a Gifted Property:  Charitable Organizations Beware
Voluntary Disclosure Program:  Proposed Tightening
Withholdings On Remuneration To Non-Resident:  Get your CRA Filings Correct
Professional’s Work In Progress Exclusion:  Changes are Coming
Electronic T4 Slips:  Now More Widely Available

Tax, Tips and Traps 3rd Quarter – Issue 119

Categories: Tax

Tax Tips & Traps Second Quarter – Issue 118

Highlights:

Tax Ticklers
Employment Insurance: Some Improvements
Sharing Economy: Know Your Tax Obligations
Uber Drivers: Registration for GST/HST
Personal Use Asset in a Corporation: GST/HST and Other Tax Issues
Donation of Publicly Traded Securities: Increase the Value of Charitable Giving
Investment Management Fees for RRSPs, RRIFs, and TFSAs: Are Changes Coming?
Website History: Finding What You Thought Was Lost on the Internet
Charities and For-Profits Working Together: Receipts for Cause-Related Marketing
Leave of Absence: There Are Tax Obligations

 

TTT118

Categories: Tax

Tax, Tips & Traps First Quarter – Issue 117 & Personal Income Tax Return Checklist

Highlights:

Tax Ticklers
Principal Residence Exemption (PRE):  Changes to Reporting
Employment Expenses:  Requirements for Deduction
Meal Reimbursements:  A Taxable Benefit?
Taxpayer Relief:  Financial Hardship
Payroll Advances:  Tax Consequence
Objections:  Not so Fast
CRA Strategies on Offshore Tax Evasion:  The World is Shrinking

 

Tax, Tips & Traps – Issue 117

2016PersonalIncomeTaxReturnChecklist

 

Categories: Tax