Highlights:
Tax Ticklers
Subsidized Meals: Are They a Taxable Benefit?
Employer-Sponsored Social Events: After the Party
Personal Use of Business Aircraft: How Big of a Taxable Benefit Is It?
Directors: Can They Be Liable for Corporate Income Taxes?
Interest on Delinquent Accounts: Proper Disclosure on Legal Documents
Donation Receipts: How Complete is Complete?
Interest Deductibility: Returns of Capital
Input Tax Credits: Making Timely Claims
Highlights:
Tax Ticklers
Digital Currency: Basics and Tax Implications
Family Members: Can I Pay Them a Salary?
Corporate Passive Investment Income: Proposed Changes
Reasonable Automobile Allowances: GST/HST Claim
Construction Activities: Reporting Obligations for Subcontractors
U.S. Citizens: Risks of Tax Non-Compliance
CRA Mobile Phone Apps: Individuals and Businesses
MSN has created a handy list of tax deductions that taxpayers may overlook.
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:
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?
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.
Please review the 2017 Personal Income Tax Return checklist and 2017 Year End Tax Planning document links below.
Please see the attached summary regarding changes to the Ontario corporate tax rates and other items announced by Finance Minister Charles Sousa.
The attached document summarizes government announcements regarding changes to the changes to the Income Tax Act proposed July 18, 2017.
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
