February 27, 2024 by Sean Grant-Young
2024 British Columbia provincial budget tax highlights
On Feb. 22, 2024, the British Columbia government released its 2024 budget. The following are highlights of the key tax measures.
Recent Publications - Medical professionals
Recent Publications
November 22, 2023 by Rosa Maria Iuliano
2023 Fall Economic Statement: Tax measures
Deputy Prime Minister and Finance Minister Chrystia Freeland delivered the 2023 Fall Economic Statement (FES) in the House of Commons on Tuesday, Nov. 21, 2023.
March 24, 2023 by John F. Oakey, Brenda L. Scott
2023 Nova Scotia budget tax highlights
On March 23, the Nova Scotia government released its 2023-24 budget. The following are highlights of the key tax measures.
November 4, 2022 by John F. Oakey
Fall Economic Statement
On November 3, 2022, the Fall Economic Statement was provided by Deputy Prime Minister and Minister of Finance, The Honourable Chrystia Freeland, P.C., M.P. in the House of Commons.
December 15, 2021 by John F. Oakey
2021 Economic and Fiscal Update
On Dec. 14, 2021, the Economic and Fiscal Update was provided by Deputy Prime Minister and Minister of Finance, The Honourable Chrystia Freeland, P.C., M.P.
November 1, 2021 by Rosa Maria Iuliano
Ontario Business Registry is now open for business
The new Ontario Business Registry was launched on Oct. 19, 2021 for businesses and not-for-profit corporations of all sizes. The new registry permits registered entities to access more than 90 services online including registering a new business, dissolving an existing one and filing an annual return. The registry is available 24 hours a day, 365 days a year.
October 22, 2021 by John F. Oakey
Government announces targeted COVID-19 support measures
On October 21, 2021, two days before most of the Federal government’s COVID-19 recovery programs were set to expire on October 23rd, Deputy Prime Minister and Finance Minister Chrystia Freeland announced the expansion of these programs under a more targeted approach. This announcement was subsequently supported by information published by the Department of Finance on their website.
The profits and pitfalls of maintaining QSBC share status
With the recent Royal Assent of Bill C-208, owners of incorporated small and medium-sized businesses, and their tax advisors, were reminded that proactively monitoring and maintaining qualifying small business corporation (QSBC) share status is essential to make many tax-planning strategies possible. There are many traps that may cause the unintended loss of QSBC share status, and when the time comes to take advantage of available tax planning, it can be too late to correct the problem.
April 9, 2021 by John F. Oakey
2021 Manitoba provincial budget tax highlights
On April 7, 2021, the Manitoba government released its 2021 budget. The following are highlights of the key tax measures.
April 1, 2021 by Kari Viglasky
Burning out? Help is on the way!
The COVID-19 pandemic has had negative impacts on our working world and economy. Jim Clifton, chair and CEO of Gallop stated, “Only 15 per cent of the world’s full-time workers are engaged at work and that’s what the whole world wants is a good job, and we are failing to deliver it.” In other words, a full 85 per cent of workers on this planet are not engaged at work. Imagine the economic, social, physical and mental health ramifications of that fact.
March 30, 2021 by John F. Oakey
2021 Québec provincial budget tax highlights
On March 25, 2021, the Québec government released its 2021 budget. The following are highlights of the key tax measures.
December 11, 2020 by Sameer Noormohamed, Mark Bloch
Medical practitioners and GST/HST registration: an update
In Canada, governments at all levels and of all political stripes struggle to deal with the rising costs associated with delivering quality health care to Canadians. They strive to pay for the services patients need and demand when they visit their doctors, dentists, psychologists, orthodontists and other members considered under the Excise Tax Act (ETA) as “practitioners” and “medical practitioners.”
July 29, 2020 by Leigh-Anne Finch
Employee mental health: How and why to build support
Every single person on our planet has been affected by the COVID-19 pandemic, which has highlighted the importance of employee mental health. This challenge provides employers an opportunity to support their employees’ personal needs, resulting in a more productive and engaged workforce.
March 19, 2019 by John F. Oakey
Missed opportunities to invest in Canadian business
Heading into the 2019 federal budget, many Canadian businesses were hoping the Liberal government would backpedal on several years of restrictive tax measures. It started when they took office and promised to review the Income Tax Act, eliminating unnecessary tax deductions and credits – but it didn’t stop there.
February 27, 2018 by John F. Oakey
How will the new Passive Investment Income rules actually affect CCPCs?
OTTAWA, ON – After months of public consultation, speculation and concern, the rules regarding Passive Investment Income have finally been unveiled. In today’s 2018 Federal Budget release the government announced that passive investment income over a certain limit will now reduce a Canadian-controlled private corporation’s (CCPC) small business deduction.
October 19, 2017 by Salome Victor, Sankalp (Sunny) Jaggi
Finance abandons the surplus stripping rules for now
On October 19, 2017, the Department of Finance (“Finance”) announced that it will abandon the proposed tax measures aimed at restricting the conversion of income into capital gains (“anti-surplus stripping rules”).
October 18, 2017 by Salome Victor, Sankalp (Sunny) Jaggi
Proposed changes: Finance takes hard stance on passive income of private corporations
On October 18, 2017, the Department of Finance (“Finance”) provided more details on its proposals (see CBT’s summary here) to target the deferral of tax benefits of passive investments within a private corporation. .
September 27, 2017 by Abe Zylberlicht, Riccardo Zerbino
Multiplication of the lifetime capital gains exemption: proposed rules
In its Consultation Paper and draft legislation released July 18, 2017, the Department of Finance proposes to restrict the lifetime capital gains exemption (LCGE). The Department of Finance indicates that the current tax rules do not properly prevent the multiplication of the LCGE. In many cases, the exemption of each individual family member is used to shelter gains on a family business.
September 13, 2017 by Stephen Rupnarain
Budget 2017 Update – Extended transitional period for work in process of professionals
An earlier version of this Tax Flash was originally published on May 11, 2017. The following version has been amended to reflect important updates as of Sept. 8, 2017.
As proposed in the March 22, 2017 budget, every professional must include year-end work-in-progress (WIP) into taxable income effective for taxation years beginning after March 21, 2017. WIP for professionals typically represents unbilled professional time and cost incurred in the rendering of services to clients. This is often captured in the form of a professional’s “charge-out” rate, which represents their cost, overhead and some profit component.
August 23, 2017 by Ross Cammalleri
Increasing the cost of intergenerational business transfers
The Canadian Federal Government introduced draft legislation on July 18, 2017 that will profoundly change the taxation of private corporations and their shareholders. The Government claims the changes are necessary to instil fairness into the tax system as it believes the current rules are being used for personal benefit and do not contribute to the economy as a whole.