Blog | Tax

Analysis of Revised income Sprinkling Rules

On December 13, 2017 the government released the new proposed rules on income sprinkling to be effective January 1, 2018.  Please see the link below for more details. Taxpayers with corporations should seek professional advice before paying any dividends on or after January 1, 2018. Revised Income Splitting – December 13, 2017

Categories: Tax

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 […]

Categories: Tax

Income Sprinkling, What’s the Fuss

I have prepared a summary outlining what income sprinkling is and how it impacts the taxation of individuals in Canada and in particular Ontario.  I am hopeful that this documents will be useful to you in understanding the issues and help separate fact from fiction that is currently being reported in the media. Income Sprinkling […]

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 […]

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 […]

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 […]

Categories: Tax