Over the past 4 years or so, we have experienced an unprecedented increase in the complexity of private company taxation. In today’s tax environment what strategies are tax practitioners looking at for 2019? Please keep in mind that the information contained herein does not represent tax or legal advice and is for informational purposes only. Read more about Tax Planning in 2019[…]
News release December 27, 2018 – Ottawa, Ontario – Department of Finance Canada The Department of Finance Canada today announced the income tax deduction limits and expense benefit rates that will apply in 2019 when using an automobile for business purposes. Most of the limits and rates that applied in 2018 will continue to apply Read more about Government Announces the 2019 Automobile Deduction Limits and Expense Benefit Rates for Businesses[…]
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[…]
A gross negligence penalty (“GNP”) is a discretionary penalty applied by the Canada Revenue Agency (the “CRA”) when the CRA believes that a person has knowingly, or in circumstances amounting to gross negligence, made or participated in the making of a false statement or omission in a return. The penalty is severe and is the Read more about Negligence – The Penalties Can Be Gross[…]
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
Question: Hi, I have my non-registered investments at ModernAdvisor and really enjoy the platform and the service. However, I haven’t opened an RRSP or TFSA yet. The reason is that I’m not sure if I will stay in Canada for the remainder of my career. My question is, what would happen to my RRSP and TFSA if Read more about Leaving Canada with an RRSP & TFSA[…]
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?[…]