November 22, 2023 by Rosa Maria Iuliano
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.
December 15, 2021 by John F. Oakey
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.
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
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.
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 27, 2020 by John F. Oakey
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.
March 19, 2019 by John F. Oakey
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.
December 28, 2018 by John F. Oakey
Orthodontists have faced difficulties in complying with the Goods and Services Tax (GST) since it was introduced on January 1, 1991.
February 27, 2018 by John F. Oakey
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
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
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
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
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
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.
June 7, 2017 by Julie Chrétien, Dan Gauthier
In today’s ever-changing business environment, digital globalization is aggressively increasing. With the world more connected than ever, it is the dawn of a new era of surging flows of data and information. The growth of the internet and use of digital technology have both transformed and disrupted the world of business. A hyper-connected universe has opened up radical new possibilities, but has also cultivated an increase in cybercrime.
Finance Minister Charles Sousa tabled the Ontario Budget on April 27, 2017.
The deficit for the 2016-17 fiscal year is projected to be $1.5 billion, with a balanced budget projected for 2017-18, 2018-19 and 2019-20.
April 24, 2017 by Brandon Gilbert
If you are a doctor or dentist who is considering incorporating, it is important to know when it’s appropriate to take this step. Could income-splitting, the tax deferral and the capital gains exemption have a positive effect on your savings? Not everyone is in a position to benefit from these opportunities, but if the examples outlined in this infographic apply to your practice, incorporating could be right for you.
March 29, 2017 by Jamie Welsh
Having led over 1,000 audits of almost every shape and size, I often find myself in possession of extremely confidential and sensitive client financial information. This position of privilege occasionally provides me with a glimpse into a cross-section of some of the most successful (and sometimes unsuccessful) businesses in Canada each and every year. It is from this vantage point that I am offering a little free advice from a simple auditor to any client or potential client.
February 24, 2017 by Chris Brennan
Owning property for the purpose of earning rental income creates benefits and challenges. Property owners incur a variety of expenditures in order to earn rental income and maintain property value. Since not all expenditures are treated equally for tax purposes, it is important to be aware of the tax implications when incurring such expenditures in a rental property business.
November 30, 2016 by Scott Dupuis
The small business deduction has been the focus of much attention recently, with perceived abuse of the available deferral provided to corporations. Of particular concern are corporate and partnership structures that work around the existing partnership and association rules to multiply their small business deductions. In response, the 2016 Federal Budget has taken steps to close these gaps in the legislation and limit the use of the small business deduction to its original intention.