Please review the year-end tax planning document below for tips.
The 2018 personal income tax return checklist has valuable information for all clients.
2018 Personal Income Tax Return Checklist
Blog | Tax
2018 Federal Fall Economic Statement “Investing in Middle Class Jobs”
The Federal Government released the Fall Economic Statement including certain tax measures to increase the write off for capital assets acquired. Full details are included in the following attachment:
2018 – Federal economic update – November 21, 2018
2018 Ontario Economic Outlook and Fiscal Review
Tax information included in the information released by the Ontario Government November 15, 2018 can be found in the following document:
Tax Tips & Traps 4th Quarter – Issue 124
Highlights:
Tax Ticklers
Retaining Employment Insurance (EI) Benefits: Starting Part-Time Work
Director’s Liability: Helping Out Family
Tax On Split Income (TOSI): Can I Take a Salary Instead of a Dividend?
Active Business vs. Property Income: Music Royalties
Contractor vs. Employee: Agreement on Contractor Status Is Not Enough
Divorce Settlement: Family Business
Tax Tips & Traps 3rd Quarter – Issue 123
Highlights:
Tax Ticklers
Subsidized Meals: Are They a Taxable Benefit?
Employer-Sponsored Social Events: After the Party
Personal Use of Business Aircraft: How Big of a Taxable Benefit Is It?
Directors: Can They Be Liable for Corporate Income Taxes?
Interest on Delinquent Accounts: Proper Disclosure on Legal Documents
Donation Receipts: How Complete is Complete?
Interest Deductibility: Returns of Capital
Input Tax Credits: Making Timely Claims
Tax Tips & Traps 2nd Quarter 2018 – Issue 122
Highlights:
Tax Ticklers
Digital Currency: Basics and Tax Implications
Family Members: Can I Pay Them a Salary?
Corporate Passive Investment Income: Proposed Changes
Reasonable Automobile Allowances: GST/HST Claim
Construction Activities: Reporting Obligations for Subcontractors
U.S. Citizens: Risks of Tax Non-Compliance
CRA Mobile Phone Apps: Individuals and Businesses
15 Tax Deductions You May Have Overlooked
MSN has created a handy list of tax deductions that taxpayers may overlook.
Federal Budget 2018
On February 27, 2018 the Minister of Finance presented the budget for 2018. The budget contains the awaited rules designed to restrict the ability of corporations to accumulate passive investment assets. Further details can be found in the following document:
Tax Tips & Traps 1st Quarter 2018 – Issue 121
HIGHLIGHTS:
Tax Ticklers
Income Sprinkling: Where Are We Now?
Input Tax Credits: Checking Up On Suppliers
Marijuana: A Growing Industry
Loans To A Relative’s Business: What Happens When It Goes Bad?
Business Failure: Personal Liability for Corporate Tax Debt
Commission Paid To A Corporation: Any Issues?
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.