MSN has created a handy list of tax deductions that taxpayers may overlook.
Blog | Tax
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.
2017 Personal Income Tax Return Checklist & 2017 Year End Tax Planning Document
Please review the 2017 Personal Income Tax Return checklist and 2017 Year End Tax Planning document links below.
Ontario Economic Outlook and Fiscal Review – November 14, 2017
Please see the attached summary regarding changes to the Ontario corporate tax rates and other items announced by Finance Minister Charles Sousa.
Summary of Government Tax Announcements for the Week of October 16 – 20, 2017
The attached document summarizes government announcements regarding changes to the changes to the Income Tax Act proposed July 18, 2017.
Tax Tips & Traps Fourth Quarter 2017 – Issue 120
Highlights:
Tax Ticklers
Business Loss or Personal Venture: Can I Deduct Losses Against Other Income?
Guaranteed Income Supplement: Change in an Individual’s Circumstance
Charity Filing and Compliance Obligations: The CRA Has Checklists to Help
Dying Without A Will: Who Can Manage the Deceased’s Tax Affairs?
Operating A Business In The U.S.: The IRS is Targeting Smaller Foreign Entities
Non-Compliant GST/HST Registrants: Impact on Tax Refunds or Credits
Support of Refugees: Tax and Filing Requirements
Underground Economy: Contractors, Online Sales, Farmers Markets
Income Sprinkling, What’s the Fuss
I have prepared a summary outlining what income sprinkling is and how it impacts the taxation of individuals in Canada and in particular Ontario. I am hopeful that this documents will be useful to you in understanding the issues and help separate fact from fiction that is currently being reported in the media.
MP Letter Regarding Changes to the Taxation of Private Corporations
We have been provided with the following letter template that may be of assistance to you if you are interested in providing your thoughts to your Member of Parliament regarding the proposed changes to the Income Tax Act released on July 18, 2017.
2017_Aug_Proposed_New_Tax-Rules_Letter_to_Member_of_Parliament
The proposed changes will impact the ability to share income of a family business and significantly increase the personal income tax rate on income from a private corporation. The ability to transition a business among families in a tax efficient manner including impacting the ability to claim the lifetime capital gains exemption is also impacted.
Further details of the changes can be found in our previous blog entry;
2018 – Changes to income sprinkling and other rules – July 31, 2017
or in the Tax Tips & Traps Third Quarter – Issue 119;