Canada, the United States and Mexico have signed a new free trade agreement that may benefit a lot of Canadian consumers wanting to shop online. The new deal, called United States-Mexico-Canada Agreement (USMCA), raises Canada’s duty-free level from C$20 to C$150. It also raises the sales tax from C$20 to C$40. Read more …..https://globalnews.ca/news/4503461/canada-duty-free-limit-usmca/
Ontario has nine public holidays: New Year’s Day Family Day Good Friday Victoria Day Canada Day Labour Day Thanksgiving Day Christmas Day Boxing Day (December 26) Most employees who qualify are entitled to take these days off work and be paid public holiday pay. Alternatively, the employee can agree electronically or in writing to work on the holiday Read more about How much you should pay or be paid for public holidays[…]
As a result of the new income splitting legislation released on December 13, 2017 , 2017 is the last year for many taxpayers in which dividends could be “sprinkled” to adult family members without attracting tax on split income (“TOSI”). As a result of the new rules, income sprinkling using dividends will likely attract more attention from the Read more about Effective Dating Vs. Backdating[…]
Since tax laws change every year, it is strongly recommended to update yourself with new tax laws to maximize your tax refunds. Even a change in your family status from the previous year requires different tax planning in current year. The checklist serves as a reminder of what types of payments are deductible or claimable Read more about 2017 Personal Checklist[…]
This attached presentation will give you quick answers to many questions relating to 2017 personal tax return and corporate tax planning. We list major changes to attached presentation, including income tax changes that have been announced but have not become law at this time. Click to view 2017 updates – 2017 Tax Updates
I have purchased a new home and have moved into it. I have finished part of the basement into a legal suite. I have not rented it out yet. My question is, if I rent the suite out will I be able to claim the primary residence tax exemption when I sell my home? Read Read more about Can I still claim the principal residence exemption?[…]
With an eye to next spring’s election, Ontario’s Liberal government will slash small business taxes as part of $500 million in new investments aimed at easing the transition to the province’s increasing minimum wage. Finance Minister Charles Sousa unveiled the government plan in the province’s fall economic statement Tuesday afternoon. The corporate tax rate for Read more about Ontario to cut small-business taxes to ease transition to higher minimum wage[…]
Accountants are busy crunching the numbers for small-business clients who may be affected by Ottawa’s proposals to close loopholes these companies use to lower their tax bills. The Liberal government is looking to remove what it sees as a financial advantage people with corporations have compared with salaried employees. Business owners argue the suggested moves are unfair Read more about How much will Morneau’s proposed tax changes cost small business?[…]
The Bank of Canada has hiked its key interest rate for the second time in less than two months amid surprisingly resurgent growth across the country. The central bank raised its overnight lending rate by a quarter of a percentage point to 1 per cent Wednesday, surprising many analysts who had not expected another rate Read more about Bank of Canada hikes rates as economy roars[…]
Running a small business is a challenge, but with the right help it can also be rewarding. Share the challenge with someone as committed to the success of your business as you are — a certified general accountant (CGA). CGAs see more than numbers. They provide the knowledge and skills that go beyond typical accounting services such as the preparation of Read more about What Every Small Business Needs to Know[…]