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 […]
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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 […]
2018 – Changes to income sprinkling and other rules – July 31, 2017 On July 18, 2017 Minister of Finance William Morneau released proposed changes to the Income Tax Act impacting virtually all Private Corporations. The attached document highlights these proposed changes.
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 […]
Tax Highlights of the 2017 Federal Budget Commentary Include: A. Personal Income Tax B. Business Income Tax C. International Tax D. Sales and Excise Tax E. Other Measures F. Previously Announced Measures Read the full article below. The 2017 Federal Budget Commentary
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
Highlights: 2016 Year End Planning 2016 Remuneration 2016-ye-tax-planning 2016 Personal Income Tax Checklist 2016-personal-income-tax-return-checklist
If you sell your home, there is new income tax reporting to consider. Under current income tax rules, when you sell your home for a profit there is no income tax and there is nothing reported in your income tax return for the year of sale assuming your home qualifies as a principal residence. Beginning […]
Highlights: Canadian Industry Statistics Benefit Paid To Shareholder Employees Mutual Funds Transferring Property To A Family Member Teachers Charities Registered Education Savings Plan (RESP) Documents Required To Claim A U.S. Foreign Tax Credit tax-tips-traps-issue-116-2016-fourth-quarter
In this issue: Tax Ticklers, Canada Child Benefit, Selling Your Business, CRA Instalment Notices, Looming Life Insurance Changes, Losing the Small Business Deduction – Intracompany Payments, Losing the Small Business Deductions – Partnerships, Director Liability, and more.