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Audit and accounting Tax advisory
Trust reporting – lawyers beware
On July 27, 2018, the Department of Finance proposed changes to the <em>Income Tax Act</em> to require trusts to file T3 Trust Income Tax and Information Returns to provide prescribed information, applying to non-excepted trusts having taxation years ending after December 30, 2021.
Mar 10, 2021
Grants and incentives Tax advisory
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.
Mar 9, 2021
Business advisory services Audit and accounting Private enterprise Tax advisory
Farmers and the alternative minimum tax
In recent years, farmland prices have increased significantly across many parts of Canada. At the same time, the average age of the Canadian farmer has risen as well, leading to many farms being transferred to next generations or sold to third parties.
Feb 24, 2021
Business advisory services Audit and accounting Private enterprise Tax advisory
The revised T1134 form
The revised T1134 <em>Information Return Relating to Controlled and Non-Controlled Foreign Affiliates</em> was officially released in February 2021. It includes additional questions and more detailed disclosure with a goal of clarifying and enhancing compliance requirements.
Feb 19, 2021
Audit and accounting Grants and incentives Tax advisory
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.
Feb 16, 2021
Business advisory services Audit and accounting Private enterprise Tax advisory
Farmers and cash-basis accounting: be wary of the word “deemed”
The <em>Income Tax Act (ITA)</em> permits farmers to elect to compute their income from a farming business for a taxation year on a cash basis.
Feb 5, 2021
Business advisory services Audit and accounting Private enterprise Tax advisory
To compile or not to compile?
Many of you are quite happy with the compilation standards in place today. The existing standard on compilation engagements was issued in 1987. While it might have been a revolutionary standard in its day, time has come to make this area of practice more relevant to the needs of users in the current day and age.
Feb 4, 2021
Tax advisory Succession and estate planning
Family trusts and distributions of capital gains
Capital gain splitting on the sale of business interests, owned by family trusts with several beneficiaries, continues to be a valuable tool for tax planning purposes, including the opportunity under certain circumstances to access the super capital gains exemption more than once in such a transaction.
Steven Frye Jan 19, 2021
Audit and accounting Private enterprise Tax advisory
New T4 2020 reporting requirements
Effective for the 2020 T4 reporting of employee income, the Canada Revenue Agency (CRA) now requires additional reporting that applies to all employers, regardless of whether a business has applied for any of the COVID-19 related federal government relief/recovery programs.
Jan 11, 2021
Audit and accounting Tax advisory
Use of trusts by seniors in estate planning
There seems to be a growing interest among seniors to consider options that improve the administration and security of their assets during their lifetime, providing a greater degree of certainty that their estate’s assets will be distributed in accordance with their wishes. One option to consider is certain trusts available to individuals who are at least 65 years of age. 
Bill Crowther Dec 18, 2020
Business advisory services Audit and accounting Private enterprise Tax advisory
Canada Revenue Agency to simplify home office deductions
The Minister of National Revenue provided additional details today on how the Canada Revenue Agency (CRA) will make the home office more accessible for Canadians for the 2020 taxation year.
Dec 16, 2020
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