March 4, 2022 by John F. Oakey

2022 Prince Edward Island budget tax highlights

On February 24, the PEI government released their 2022 budget. The following are highlights of the key tax measures.

December 16, 2021 by M. Ruphina Kaulback

Immediate expensing: buyer beware

As part of the federal government’s economic recovery plan, Budget 2021 proposes new measures that provide Canadian-controlled private corporations (CCPCs) the ability to immediately expense certain capital purchases acquired on or after April 19, 2021.

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.

December 6, 2021

Receive value for your values

Historically, the success or failure of most brands has been a direct result of products and services.

November 23, 2021

Sourcing and closing better deals with PitchBook

In its role as a financial advisor, Baker Tilly Canada Capital Corporation (BTCC) helps small- to mid-size companies execute sell-side, buy-side and valuation engagements. 

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.

September 21, 2021

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.

May 28, 2021 by Todd King, Martha MacRae, Connor MacKenzie

Who is more GILTI, Biden or Trump?

The Biden administration’s “Made in America Tax Plan” and what it could mean for U.S. citizens residing in Canada

May 13, 2021 by John F. Oakey

New business registry created for all Ontario businesses

Updated May 13, 2021 (see below)

The Canada Revenue Agency (CRA) and Service Ontario announced they are severing ties as of May 15, 2021 regarding the agreement to submit Ontario corporate annual information returns through the CRA’s tax filing system.

March 9, 2021 by John F. Oakey

Wage and rent support extended to June

The Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS) were legislated to be available until June 2021 with details of the program provided up to March 13. On March 3, the Department of Finance announced the details for the final three claim periods covering March 14 to June 5, 2021.

February 16, 2021 by John F. Oakey

New HASCAP guidelines

In the Fall Economic Statement, the federal government announced it would work with financial institutions to develop a financing program to help Canadian-based businesses that have been highly affected by the pandemic. The program, which was officially launched on Feb. 1, is called the Highly Affected Sectors Credit Availability Program (HASCAP). This program is available until June 30, 2021, and applications will be accepted at participating financial institutions. There are various businesses that are not eligible for the program, which are listed in the appendix.

December 10, 2020 by Sameer Noormohamed

Infographic: Shining a light on indirect tax

Indirect taxes are highly complex and often overlooked. Since they can be imposed by major tax jurisdictions at practically any stage of production and distribution, they must be managed and monitored vigilantly. If ignored or dismissed, they can result in exposure and exact a heavy toll on your company’s overall operations, cash flow and profitability.

December 1, 2020 by John F. Oakey, Rosa Maria Iuliano

Fall economic statement 2020 – Sales tax measures

Application of the GST/HST in Relation to E-commerce Supplies

The Government proposes a number of changes to the GST/HST system to ensure that the GST/HST applies in a fair and effective manner to the growing digital economy. These changes relate to:

• GST/HST on Cross-Border Digital Products and Cross-Border Services
• GST/HST on Goods Supplied through Fulfillment Warehouses
• GST/HST on Platform-based Short-Term Accommodation

December 1, 2020 by John F. Oakey, Rosa Maria Iuliano

Fall economic statement 2020 – Income tax measures

The Government proposes to formally extend the CEWS and CERS to periods 11 to 13, which will be as follows:

• Period 11 – December 20, 2020 to January 16, 2021,
• Period 12 – January 17, 2021 to February 13, 2021, and
• Period 13 – February 14, 2021 to March 13, 2021,

May 19, 2020 by John F. Oakey

Canada Emergency Wage Subsidy – Part IV

The wage subsidy is the most lucrative program offered by the federal government with wide appeal ranging from small to large businesses. The proposed wage subsidy program was originally introduced on April 1, 2020. It received a few modifications a week later with even further amendments as it passed through the House as Bill C-14 on April 11, 2020.

April 27, 2020 by John F. Oakey

Canada Emergency Wage Subsidy – Subsidize up to 100% of payroll costs

Today is application day for the Canada Emergency Wage Subsidy (CEWS), and in certain circumstances, you can get up to 100 per cent subsidy of your payroll costs.

December 7, 2018 by Catherine Kozma

Quebec 2018 Fall Economic Update

On December 3, 2018, Quebec’s Minister of Finance Eric Girard, under the newly elected Coalition Avenir Quebec government, provided a fall economic update.

October 25, 2018 by Craig Hoover

Infographic: New funding opportunities

The Canadian Agricultural Partnership (CAP) launched on April 3, 2018. This five-year federal and provincial initiative is designed to strengthen agriculture, agri-food and other agri-based businesses across Canada. While some provinces are fine-tuning their agreements, CAP in Ontario has been implemented to provide funding in order to boost competitiveness, prosperity and sustainability within the agricultural sector.

August 24, 2018 by Shawn Strandberg

Voluntary disclosure of foreign assets

The Internal Revenue Service (IRS) has announced it will begin to wind down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close it entirely on Sept. 28, 2018. 

July 30, 2018 by Bob Boser

Avoiding and Getting Off of The TOSI Highway

On July 18, 2017 the Federal Finance Minister announced proposals to change the tax rules related to income splitting using private corporations. The original proposals were subsequently withdrawn in October, re-released in December and after further changes the proposed legislation was included in Bill C-74 in March 2018. Bill C-74 received Royal Assent on June 21, 2018 and the new tax on split income (TOSI) rules are now in effect as of the beginning of 2018.