Income Tax Planning / Tax Schedules / Remittances
July 31, 2017 Yosie Saint-Cyr, LL.B., Managing Editor Budgeting and Auditing, Business and Legal Issues, Competition, Corporate Administration, Finance and Accounting, Financial Compliance / Planning / Management, Government Budget, Throne Speech and Plans, Income Tax Planning / Tax Schedules / Remittances,
On July 18, 2017, the federal Department of Finance released legislative proposals and a consultation paper dealing with tax planning affecting private corporations. The goal is to close loopholes that allow wealthy Canadians to avoid higher tax rates, largely by targeting people who incorporate themselves and then draw income from their businesses while paying lower corporate taxes. These proposals, if enacted, will potentially affect most Canadian business owners who carry on their businesses through private corporations, significantly increase the complexity of the tax rules applicable to private corporations and reverse many long-standing tax policies that have encouraged business growth.
Capital gains, Department of Finance, income splitting, income sprinkling, Income Tax Act, internal control, kiddie tax, lifetime capital gains exemption, passive investment income, passive investment portfolio, passive investments, public consultation, split income, tax on split income, tax planning strategy, tax practices, TOSI
July 17, 2017 Drache Aptowitzer LLP Board of Directors, Process and Responsibilities, Charities, Income Tax Planning / Tax Schedules / Remittances, Not for Profit,
Typically when donors are considering their end of life gift planning they attempt to include a number of strings by which to effectively direct their donations from beyond the grave. Generally speaking when the donation is large or the gift has personal, sentimental value to the donor (such as artwork) the strings attached will be significant.
Adam Aptowitzer, charitable gift planning, charitable giving, charitable objects, charitable restrictions, charity responsibilities, directed donations, donations, donor relationships, donor wishes, Drache Aptowitzer LLP, Estate Planning, Gift Planning
May 1, 2017 Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) Accounting Systems and Controls, Business and Legal Issues, E-Commerce, Finance and Accounting, Financial Compliance / Planning / Management, Government Budget, Throne Speech and Plans, Income Tax Planning / Tax Schedules / Remittances, Leadership and Management, Sales, Marketing and Operations,
The sharing economy has disrupted the traditional taxi, hospitality and other sectors, and is expanding the tax base available to governments and revenue agencies worldwide.
Canada Revenue Agency, CRA, Federal Budget 2017, GST/HST, Internal Revenue Services, IRS, ride sharing, sharing economy, small supplier exemption, tax base, tax collection, tax compliance, Uber
March 24, 2017 Yosie Saint-Cyr, LL.B., Managing Editor Budgeting and Auditing, Business and Legal Issues, 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, Sales, Marketing and Operations, Volunteers and Employee Relations
On March 22, 2017, Canada’s Finance Minister Bill Morneau tabled the Liberal Government’s Federal Budget 2017, Building a Strong Middle Class, which includes various measures affecting businesses. The federal budget 2017 is modest and is focused on skills training, innovation and how Canada will promote sustainable growth. The government is forecasting a deficit of $28.5-billion, […]
2016 Fall Economic Statement, anti-avoidance rules, Building a Strong Middle Class, Capital gains, Federal Budget 2017-18, Global Skills Strategy, income tax, tax loopholes, tax planning strategies, Tax system
March 13, 2017 Occasional Contributors Business and Legal Issues, Corporate Administration, Corporate Governance, Finance and Accounting, Financial Compliance / Planning / Management, Income Tax Planning / Tax Schedules / Remittances, Leadership and Management
In two recent decisions, the Supreme Court of Canada held (by a 7–2 majority) that rectification of a written instrument requires the existence of a prior agreement amongst the parties, with definite and ascertainable terms. Courts may rectify an instrument if it fails to accurately record the agreement and the rectification of the instrument would record the parties’ prior agreement.
Canada (Attorney General) v. Fairmont Hotels Inc., Jean Coutu Group (PJC) Inc. v. Canada (Attorney General), legal instrument, order for rectification, rectification, rectification of written instrument, rectify legal instrument, retroactive tax planning, tax consequences, written instrument
March 2, 2017 Occasional Contributors Accounting Systems and Controls, Accounts payable and receivable, Budgeting and Auditing, Business and Legal Issues, Competition, Corporate Administration, Finance and Accounting, Financial Compliance / Planning / Management, Government Budget, Throne Speech and Plans, Income Tax Planning / Tax Schedules / Remittances, Leadership and Management, Sales, Marketing and Operations
On February 21, 2017, the Quebec government announced a plan to strengthen the Quebec economy as an executive-driven economy. The plan includes the enhancement of existing measures and the development of a number of new fiscal and legal measures designed to keep businesses in Quebec and facilitate the transfer of family businesses, therefore limiting the risk of their sale to foreign interests. The key measures include:
businesses in Quebec, Deferred payment of tax, Deployment of the Financial Initiatives Group, executive-driven economy, Fiscal measures, Harmonization of taxation of stock options with the federal regime, harmonized Canadian system governing hostile takeover bids, Head office, Legal measures, sale of businesses, Stock exchange
February 8, 2017 Occasional Contributors Accounting Systems and Controls, Accounts payable and receivable, Budgeting and Auditing, Business and Legal Issues, Competition, Corporate Administration, Corporate Governance, Finance and Accounting, Financial Compliance / Planning / Management, Income Tax Planning / Tax Schedules / Remittances, Leadership and Management, Payroll and Personnel Management, Records Management and Retention, Sales, Marketing and Operations
The first week of Trump’s administration has revealed a highly activist White House, hewing with surprising fidelity to campaign promises. The pace of change is materially faster than anticipated and the implications may be felt sooner rather than later.
border protection, Environmental Protection Agency, immigration, job protection, Muslim–majority countries, NAFTA, refugees entry into the United States, tariff, tariff on Mexican goods, Trans-Pacific Partnership, Trump, Trump administration
February 6, 2017 Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) Accounting Systems and Controls, Announcements and Administration, Board of Directors, Process and Responsibilities, Charities, Corporate Administration and Legal Matters, Corporate Governance, Finance and Accounting, Financial Compliance / Planning / Management, Financial Management, Income Tax Planning / Tax Schedules / Remittances, Not for Profit, Records Management and Retention
In January 2017, the CRA released its Report on the Charities Program 2015–2016, which provides interesting insights into Canada’s charitable sector. A common thread weaving through issues related to obtaining and maintaining charitable status is the need to create, maintain, and report/file information required by the Charities Directorate and the Income Tax Act.
charitable registration, charitable sector, charitable status, charities, Charities Directorate, CRA, non-profit, not–for–profit, record keeping requirements, Report on the Charities Program, Revocation
February 2, 2017 Occasional Contributors Advocacy and Public Policy, Board of Directors, Process and Responsibilities, Business and Legal Issues, Corporate Administration, Corporate Administration and Legal Matters, Corporate Governance, Finance and Accounting, Financial Compliance / Planning / Management, Government Budget, Throne Speech and Plans, Income Tax Planning / Tax Schedules / Remittances, Leadership and Management, Not for Profit, Sales, Marketing and Operations, Social Media/Social Networking
The Liberal Party of Canada made the legalization of marijuana a priority during the 2015 federal election campaign and now the Liberal government has taken a step toward enacting that promise. On June 30, 2016, the Government of Canada launched a Task Force to advise it on the design of a legislative and regulatory framework for legal access to cannabis. The prescribed framework was the Government’s commitment in the 2015 Speech From the Throne to legalize, regulate, and restrict access to cannabis.
cannabis, distribution of cannabis, legal access to cannabis, marijuana, production of cannabis, restrict access to cannabis, sale of cannabis, Tobacco Act
January 30, 2017 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
On December 20, 2016, the Financial Transactions and Reports Analysis Centre of Canada released new guidelines in respect of politically exposed persons and heads of international organizations. A separate guideline was released for each of financial entities, securities dealers, life insurance companies, agents and brokers and money services businesses. The Guidelines will be effective June 17, 2017.
Anti-money laundering, Financial Transactions and Reports Analysis Centre, FINTRAC, heads of international organizations, money laundering update, politically exposed persons, Proceeds of Crime (Money Laundering) and Terrorist Financing Act
January 27, 2017 Occasional Contributors 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
As anticipated, the Canada Revenue Agency has been put on notice to restrict its Voluntary Disclosures Program.
tax return, taxpayers, voluntary disclosures, Voluntary disclosures program
January 23, 2017 Yosie Saint-Cyr, LL.B., Managing Editor Accounting Systems and Controls, Accounts payable and receivable, Budgeting and Auditing, Business and Legal Issues, Corporate Administration, Corporate Governance, Finance and Accounting, Financial Compliance / Planning / Management, Income Tax Planning / Tax Schedules / Remittances, Records Management and Retention
Ernst and Young’s tables of substantively enacted corporate income tax rates have been updated to December 31, 2016. The tables are prepared on a monthly basis and you can subscribe to them on Knotia.ca. The determination of the substantively enacted date of a corporate income tax rate change follows the guideline provided in EIC-111 (generally […]
Canada Revenue Agency, Canadian generally accepted accounting principles, future tax asset or liability, income tax, International Financial Reporting Standards, small business tax rate, Substantively enacted corporate income tax rates
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
