<p>Canadian-controlled private corporations earning business income can enjoy significant tax advantages.</p> <p><strong>Small business deduction</strong></p> <p>The small business deduction is the most significant advantage. The federal tax rate on the first $500,000 of business net income is reduced to 11 per cent from a general rate of 15 per cent. In addition, all provinces assess a general business tax rate ranging from 10 to 16 per cent, depending on the province. Each province also provides a significant rate reduction on the first $500,000 of business income (with the exception of Manitoba and Nova Scotia, which have lower thresholds).</p>

<p>Effective December 1, 2014, FedDev Ontario will re-open the&nbsp;SMART program, a grant benefitting small businesses in the manufacturing sector.&nbsp;The SMART program&nbsp;will fund up to 35 per cent of eligible costs to a maximum contribution of $100,000 for advancements focused on improving productivity through the adaption or adoption of new or upgraded advanced technologies, materials or processes.</p>

<p>In December 2014, the Canada Revenue Agency (CRA) issued a letter to a sample of taxpayers to remind them of the criteria for filing a T1135-Foreign Income Verification Statement and to review their income tax filings to ensure they have been properly reporting the relevant assets and income.</p>

<span class="post-content">This technical bulletin covers the various developments from October to December 2014. Collins Barrow regularly publishes Technical Bulletin for the general interest of its clients and friends to highlight the continually changing accounting and assurance standards, and the interpretations thereof, in Canada</span><br /> <p></p> <strong></strong>

PART TWO: <span class="post-content">This technical bulletin covers the various developments from October to December 2014. Collins Barrow regularly publishes Technical Bulletin for the general interest of its clients and friends to highlight the continually changing accounting and assurance standards, and the interpretations thereof, in Canada</span>

While the majority of Canadians will not notice any impact as a result of the Affordable Health Care Act, commonly known as Obamacare, a select few may need to comply with its rules. Read on to determine if and how Obamacare affects you.

The Ontario government announced this fall that the Ontario Interactive Digital Media Tax Credit (OIDMTC) program is under review as the program has seen a rapid increase in the number of claims in recent years, with a 40 percent annual growth rate in support claims processed.

The federal government recently introduced several tax measures designed to help Canadian families. Collins Barrow&rsquo;s latest infographic provides an overview.

<p>It&rsquo;s the most wonderful time of the year! That&rsquo;s right, time to start your year-end tax planning so any strategies that need to be implemented before key dates in order to be effective can be successfully launched.</p>

<p>On July 1, 2014, a Canada/U.S. intergovernmental agreement (IA) came into effect requiring financial institutions in Canada to begin identifying &ldquo;U.S. person&rdquo; account holders (for example, U.S. citizens and U.S. residents) for the purposes of disclosing specific information to the U.S. Internal Revenue Service.</p>

<p>Canadian residents probably do not give much thought to Obamacare, otherwise known as the <em>Affordable Health Care Act</em> in the United States. The program will have little or no impact on most Canadians. But in some circumstances, Obamacare will extend across the border to a small percentage of individuals living in Canada.</p>