Category: Tax Services

Ontario to cut small-business taxes to ease transition to higher minimum wage

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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[…]

How much will Morneau’s proposed tax changes cost small business?

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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?[…]

What Every Small Business Needs to Know

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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[…]

Ontario to raise minimum wage to $15 an hour by 2019

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May 30, 2017 10:04 A.M. Ministry of Labour The Ontario government has announced its intention to introduce proposed legislation, The Fair Workplaces, Better Jobs Act, 2017. The legislative proposals include broad ranging amendments to Ontario’s Employment Standards Act and Labour Relations Act. While the province’s economy is strong and growing, the nature of work has Read more about Ontario to raise minimum wage to $15 an hour by 2019[…]

2016 – Income Tax Update, Rajesh Arora, CPA, CGA

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This attached presentation will give you quick answers to many questions relating to 2016 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 2016pdates – 2016 Tax Updates – Rajesh Arora, CPA, Read more about 2016 – Income Tax Update, Rajesh Arora, CPA, CGA[…]

When you should use a checklist for filing Income Tax Return?

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When you should use a checklist for filing Income Tax Return? Answer: Every year 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 Read more about When you should use a checklist for filing Income Tax Return?[…]

Reporting the sale of your principal residence for individuals

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On October 3, 2016, the Government announced an administrative change to Canada Revenue Agency’s reporting requirements for the sale of a principal residence. When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return and Read more about Reporting the sale of your principal residence for individuals[…]

Highlights for Physicians, Residents and Medical Students

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Budget 2016 proposes tax amendments that will limit the benefits of certain corporate and partnership structures which currently allow for the small business tax rate to apply to multiple instances of $500,000 of active income. This has historically been accomplished through the use of more complex structures that use a combination of multiple corporations, partnerships Read more about Highlights for Physicians, Residents and Medical Students[…]

How principal-residence tax changes will affect every Canadian homeowner

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Earlier this week, Finance Minister Bill Morneau introduced tax changes that were aimed primarily at foreign investors in Canadian real estate to ensure they abide by our existing tax rules. But the changes also catch many Canadian residents who, in the past, have often inadvertently escaped paying tax on their principal residences. Read More….   Read more about How principal-residence tax changes will affect every Canadian homeowner[…]