Income Tax Planning / Tax Schedules / Remittances
January 20, 2017 Drache Aptowitzer LLP Accounting Systems and Controls, Accounts payable and receivable, Budgeting and Auditing, Business and Legal Issues, Charities, Corporate Administration, Corporate Administration and Legal Matters, Corporate Governance, Finance and Accounting, Financial Compliance / Planning / Management, Financial Management, Income Tax Planning / Tax Schedules / Remittances, IT, Privacy and Security, Leadership and Management, Network, Systems and Data Security, Not for Profit, Payroll and Personnel Management, Privacy Compliance and Management, Records Management and Retention, Software Acquisition, Implementation and Maintenance, Systems Acquisition, Maintenance and Disposal, Systems and Data Management,
If someone asked you “where” your cloud storage is, would you know the answer? The “cloud” is the common term used when data is stored remotely but yet accessible (to your multiple devices) through the internet. Given that the data is now ‘remote’ we often receive questions from clients as to whether keeping books and records in this way meets their obligation under the Income Tax Act.
accessibility, Cloud, cloud services, cloud storage, donations, eBay Canada Ltd. v. Minister of National Revenue (eBay), Income Tax Act, income tax system, qualified donee, records and books of account, remote, ss. 230(4.1)
December 21, 2016 Cristina Lavecchia, Editor Accounting Systems and Controls, Accounts payable and receivable, Board of Directors, Process and Responsibilities, Business and Legal Issues, Charities, Corporate Administration, Corporate Governance, Finance and Accounting, Financial Compliance / Planning / Management, Income Tax Planning / Tax Schedules / Remittances, IT, Privacy and Security, Leadership and Management, Network, Systems and Data Security, Not for Profit, Payroll and Personnel Management, Privacy Compliance and Management, Records Management and Retention, Sales, Marketing and Operations, Social Media/Social Networking, Systems and Data Management, Volunteers and Employee Relations,
The holidays are quickly approaching. However, leading to that point of unwinding can be stressful for many business owners, with the balancing of family demands and workplace year–end pressures. Regardless of such amounting pressures, businesses should not neglect their responsibilities to employees and clients before closing for the holidays.
Closing for the holidays, holidays, office closure, public holidays, statutory holidays, year-end payroll
November 16, 2016 Drache Aptowitzer LLP Budgeting and Auditing, Business and Legal Issues, Corporate Administration, Finance and Accounting, Financial Compliance / Planning / Management, Income Tax Planning / Tax Schedules / Remittances, Leadership and Management, Payroll and Personnel Management, Records Management and Retention,
Practically every tax professional in the country has had to deal with the situation which arises when the Canada Revenue Agency (CRA) bases its reassessing position on the basis of an oral comment to the CRA. The difficulty is that there is no proof the comment was made or it may have been the result of a misunderstanding between the parties. In our practice we had one instance where a comment by an official of a charity to the CRA served as basis for reassessing over a thousand taxpayers. While the official admitted to having made the comment the fact was that the CRA auditor had misunderstood the context in which it was made.
Canada Revenue Agency, CRA, CRA auditors, Income Tax Act, meeting with the CRA, section 231.1 of Income Tax Act, statement made to CRA, Tax Court of Canada, tax professional
November 2, 2016 Yosie Saint-Cyr, LL.B., Managing Editor Accounting Systems and Controls, Accounts payable and receivable, Business and Legal Issues, Corporate Administration, Finance and Accounting, Financial Compliance / Planning / Management, Income Tax Planning / Tax Schedules / Remittances, Records Management and Retention, Sales, Marketing and Operations,
The Canada Revenue Agency (CRA) has announced that it has redesigned the correspondence it sends to Corporations regarding their business tax information, including individual Canadians, and Goods and services tax/harmonized sales tax (GST/HST) notices of assessment (NOA) and notices of reassessment (NOR). The CRA has made changes to how the notices are structured, designed, formatted, and written, making the information easier to read and understand.
business tax information, Canada Revenue Agency, corporations, CRA, Goods and Services Tax, GST/HST, harmonized sales tax, Income Tax Act, Internal Controls, notice of assessment, notice of reassessment, Taxes
October 24, 2016 Occasional Contributors Charities, Corporate Administration and Legal Matters, Finance and Accounting, Financial Compliance / Planning / Management, Financial Management, Income Tax Planning / Tax Schedules / Remittances, Not for Profit, Records Management and Retention,
As a condition of charitable registration, charities are required to keep proper books and records. This requirement not only enables the Canada Revenue Agency (“CRA”) to audit charities efficiently, but it also ensures that charities are able to justify and validate the information provided on their T3010, Registered Charity Information Returns. One of the most common […]
charitable registration, charities, charity record keeping requirements, church offering envelopes, church offerings, donations, governing documents, Income Tax Act, Registered charities, Registered Charity Information Returns, source documents, T3010
September 14, 2016 Occasional Contributors Accounts payable and receivable, Board of Directors, Process and Responsibilities, Business and Legal Issues, Charities, Corporate Administration, Corporate Administration and Legal Matters, Corporate Governance, Finance and Accounting, Financial Compliance / Planning / Management, Income Tax Planning / Tax Schedules / Remittances, Leadership and Management, Not for Profit, Payroll and Personnel Management, Records Management and Retention
On June 3, 2016, the Supreme Court of Canada released two important decisions dealing with requests made by the Canada Revenue Agency (“CRA”) for information. The cases highlight the fact that when an individual or an organization receive such a request from CRA, they should consider whether any of the information requested is subject to solicitor–client privilege. If solicitor–client privilege applies, the information should not be produced.
accounts receivables, Canada (Attorney General) v. Chambre des notaires du Québec, Canada (National Revenue) v. Thompson, CRA requests for documents, Income Tax Act, not–for–profit, solicitor-client privilege
July 11, 2016 Occasional Contributors Accounting Systems and Controls, Accounts payable and receivable, Business and Legal Issues, Competition, Corporate Administration, Corporate Governance, Finance and Accounting, Financial Compliance / Planning / Management, Fraud and Corruption, Income Tax Planning / Tax Schedules / Remittances, Leadership and Management, Payroll and Personnel Management, Records Management and Retention, Sales, Marketing and Operations
Final amendments to Regulations to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act released.
Anti-money laundering, Electronic signatures, financial entities and securities dealers, FINTRAC, money laundering offence, Proceeds of Crime (Money Laundering) and Terrorist Financing Act, risk assessment, risk management, suspicious transaction, terrorist activity financing offence
June 29, 2016 Occasional Contributors Budgeting and Auditing, Business and Legal Issues, Charities, Corporate Administration, Corporate Administration and Legal Matters, Finance and Accounting, Financial Compliance / Planning / Management, Financial Management, Government Budget, Throne Speech and Plans, Income Tax Planning / Tax Schedules / Remittances, Leadership and Management, Not for Profit, Payroll and Personnel Management, Records Management and Retention, Sales, Marketing and Operations, Volunteers and Employee Relations
The Ontario Retirement Pension Plan (ORPP) seemed like a sure thing—until it wasn’t. On June 20, 2016, Bill Morneau, the federal Minister of Finance, and eight of ten provincial finance ministers did what many to this point thought was impossible: reach an agreement in principle to expand the Canada Pension Plan (CPP).
agreement in principle, Benefits, CPP contributions, expanded Canada Pension Plan, Income tax benefit, increased payroll costs, new tax deduction, Ontario retirement pension plan, ORPP, Payroll, Payroll tax, Quebec Pension Plan, Retirement, Year’s Maximum Pensionable Earnings
June 20, 2016 Occasional Contributors Business and Legal Issues, Corporate Administration, Finance and Accounting, Financial Compliance / Planning / Management, Government Budget, Throne Speech and Plans, Income Tax Planning / Tax Schedules / Remittances, Payroll and Personnel Management, Records Management and Retention
The federal government is reviewing one of the investment rules that applies to registered pension plan investments. The review is considering both the pension and tax policy rationale for the rule. While the repeal or relaxation of this rule would not impact the majority of Canadian registered pension plans in terms of their actual investments, any changes to income tax rules relating to pension plan investments could have much broader application. If you wish to make submissions to the federal government, they must be submitted by Sept. 16, 2016.
dividends, Income Tax Act, interest-bearing loans, investment rules, pension, private trust, registered pension plan investments, tax deductible, tax policy, taxable income, Thirty percent rule
June 6, 2016 Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) Accounting Systems and Controls, Accounts payable and receivable, Budgeting and Auditing, Business and Legal Issues, E-Commerce, Finance and Accounting, Financial Compliance / Planning / Management, Financial Management, Government Budget, Throne Speech and Plans, Income Tax Planning / Tax Schedules / Remittances, Payroll and Personnel Management, Records Management and Retention, Sales, Marketing and Operations
HST rates are set to increase in three provinces. Businesses based in, or doing business with these provinces should prepare for the changes.
employee taxable benefits, harmonized sales tax, HST, sales tax, transitional rules
May 27, 2016 Occasional Contributors Backup and Disaster Planning, Business and Legal Issues, Finance and Accounting, Financial Compliance / Planning / Management, Fraud and Corruption, Income Tax Planning / Tax Schedules / Remittances, IT, Privacy and Security, Network, Systems and Data Security, Privacy Compliance and Management, Systems and Data Management
A recent IRS announcement raises questions about how Canadian tax authorities will treat the free data protection services that organizations often provide in order to mitigate data breaches.
Aaron Wenner, Canada Revenue Agency, credit monitoring, data breaches, data protection services, data security strategy, fraud, identity theft protection, Internal Revenue Service, Mitigate risk, organizational data breach preparation plans, tax treatment of data protection services, taxable benefit
May 9, 2016 Cristina Lavecchia, Editor Budgeting and Auditing, Business and Legal Issues, Charities, Corporate Administration, Corporate Administration and Legal Matters, Finance and Accounting, Financial Compliance / Planning / Management, Financial Management, Government Budget, Throne Speech and Plans, Income Tax Planning / Tax Schedules / Remittances, Not for Profit, Payroll and Personnel Management, Sales, Marketing and Operations
Throughout the last few months a number of provinces and territories have released their Budgets for the year 2016. The following is a brief overview of each of those Budgets released to date.
Alberta Budget 2016, British Columbia Budget 2016, employment law, New Brunswick Budget 2016, Newfoundland and Labrador Budget 2016, Nova Scotia Budget 2016, Nunavut Budget 2016, Ontario Budget 2016, Prince Edward Island Budget 2016, Quebec Budget 2016, Yukon Budget 2016
March 29, 2016 Cristina Lavecchia, Editor Business and Legal Issues, Corporate Administration, Finance and Accounting, Financial Compliance / Planning / Management, Government Budget, Throne Speech and Plans, Income Tax Planning / Tax Schedules / Remittances, Payroll and Personnel Management
On March 22, 2016, the new Liberal Government’s first federal budget, Growing the Middle Class (“Budget 2016”), was tabled. Budget 2016 focuses on growing the economy, creating jobs, and strengthening the middle class.
Budget 2016, business income, business operations, canada pension plan, Corporate income tax measures, Economic growth, Employment, Employment Insurance, Federal budget 2016, General corporate tax, Growing the Middle Class, Income Tax Act, Jobs, Payroll, Small business and tax rates, small business deduction
March 14, 2016 Cristina Lavecchia, Editor Business and Legal Issues, Corporate Governance, Finance and Accounting, Financial Compliance / Planning / Management, Income Tax Planning / Tax Schedules / Remittances, Payroll and Personnel Management, Records Management and Retention
In light of the Canada Revenue Agency’s (CRA) annual report revealing that there has been a significant increase in the number of Canadians coming forward to correct their tax affairs under the Voluntary Disclosures Program (VDP), we wanted to give some insight into what the VDP is about. Essentially, the VDP gives a taxpayer a […]
Canada Revenue Agency, CRA, Form RC199, named disclosure, No-names disclosure, tax affairs, Taxpayer Agreement, valid disclosure, Voluntary disclosures program
March 9, 2016 Occasional Contributors Accounting Systems and Controls, Accounts payable and receivable, Business and Legal Issues, Corporate Governance, Finance and Accounting, Financial Compliance / Planning / Management, Fraud and Corruption, Income Tax Planning / Tax Schedules / Remittances, Leadership and Management, Payroll and Personnel Management, Records Management and Retention, Sales, Marketing and Operations
A recent arbitration decision out of the province of Quebec (available in French only) involving the director of a bankrupt corporation serves as a reminder that directors can be personally liable for unpaid employee wages, notice of termination, and vacation pay.
bankruptcy, Director liability, director of a bankrupt corporation, directors can be personally liable for unpaid employee wages, employment law, HR Law, jointly and severally liable, receivership, unpaid wages, Wage Earner Protection Program, WEPP
