Prior to the 2016 federal budget there was a perceived abuse that certain corporate groups were benefiting from a multiplication of the small business deduction. To curb this behavior the budget introduced certain measures that aim to, amongst other things, prohibit a corporation from claiming the small business deduction on income received from certain private…
The 2016 Federal Budget was released on Tuesday. Many changes and additions to the budget were expected, and many were certainly not. The Federal Budget can affect you, your business, and your family. With many of the tax changes, you need to know which ones to stay on top of. We have outlined many of the…
Since the equalization system began, these are the Federal payment dollars that have gone out to the various provinces. Do you notice? • Quebec has received $198 Billion (half of the total payments) • Alberta has received under $1 Billion According to Gary Lamphier, between 2000 and 2014, on a net basis, Alberta’s individual…
With digital currency, such as Bitcoins, gaining in popularity as a form of financial currency, it’s important to understand the implication it has on income tax. The CRA has released a Bulletin addressing some of these concerns; in essence, it reminds stakeholders that tax rules apply when digital currency is used. The full release is…
Are you one of the majority of business owners who have chosen a December year end for their corporate tax year? As you are probably aware this is a hectic time of year for accounting firms! A December year end for most Canadian corporations means taxes are due at the end of March and filing…
What do I need to keep for personal tax season? Many people each year file their personal taxes without considering the many deductions, credits, expenses and claims they can make simply because they didn’t know they could claim them! Our advice, keep a folder where you can file away anything that comes in through-out the…
A proposal to US immigration and the JOLT Act in the USA could mean big changes for Canadians over 55 who prefer to trade the Canadian Winter for an American sun spot. Increase from 180 days to 240 days for Canadian visitors over 55. Under the proposed JOLT Act, Canadians age 55 or older who…
“Personal Tax Freedom Day” in Canada has been picking up popularity in recent years. The Fraser Institute has come up with a fantastic calculator to help you determine what day you stopped working for your tax money and started working for yourself based on your annual income. Click through and enjoy a bit of fun…
Have you just received a tax slip you had forgotten about? Or forgotten to claim a donation receipt or other deduction? Making changes to your tax returns is simple with CRA’s online services. The CRA has a matching program which would catch these missing tax slips but this program can also result in large penalties if…
Canada has come a long way in the fight against counterfeiting. We have already seen the release of the polymer $20, $50 and $100 bills and come November, the new $5 and $10 plastic bills will be finding a home in your wallet. The technology used in these new bills is expected to have a…