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Audit and accounting Private enterprise Indirect tax
Newly defined “investment limited partnerships” to affect partnership distributions
The Department of Finance’s September 8, 2017 release of draft GST/HST legislation introduces the newly defined “investment limited partnership” and a series of legislative amendments that will apply to such partnerships. The Department of Finance is accepting comments on the draft legislative proposals until October 10, 2017.
Sep 13, 2017
Corporate finance Audit and accounting Private enterprise Tax advisory
What is a Retirement Compensation Arrangement (“RCA”)?
An RCA is a plan that is funded by contributions from employers and employees to a custodian who manages the funds. RCAs are used to fund the retirement of an employee, their loss of employment or a substantial change in the services that they provide. 
Jesse Genereaux Jul 26, 2017
Corporate finance Audit and accounting Private enterprise
Finance targets tax planning for private corporations
On July 18, the Department of Finance released a consultation paper outlining a number of measures designed to close down various tax planning strategies currently available to owners of private corporations in Canada with hopes to halt “unfair advantages.”  The paper was accompanied by draft legislation and explanatory notes for some of the proposed measures. The Government had previously signaled its intent to change how Canadian-controlled private corporations (“CCPCs”) were taxed in its March 2017 budget. 
Jul 20, 2017
Audit and accounting Tax advisory
CRA proposes substantial changes to Voluntary Disclosure Program
On June 9, 2017, the Canada Revenue Agency (CRA) invited public comment on a number of proposed changes to the Voluntary Disclosure Program (VDP). The changes are outlined in Draft Information Circular IC00-1R6 (applicable to income and payroll taxes) and Draft GST/HST Memorandum 16.5 (applicable to GST/HST, excise tax and certain other taxes). Information on the current VDP guidelines, the proposed changes (including downloadable versions of the draft documents) and how Canadians can provide their comments can be found by clicking <a href="https://www.canada.ca/en/revenue-agency/campaigns/consulting-canadians-voluntary-disclosures-program.html?utm_medium=Carousel" target="_blank">here</a>.
Jul 6, 2017
Audit and accounting Tax advisory
CRA issues proposed guidelines for GST/HST voluntary disclosures
On June 9, 2017, the Canada Revenue Agency (CRA) invited public comment on a number of proposed changes to the Voluntary Disclosure Program (VDP). The changes are outlined in Draft Information Circular IC00-1R6 (applicable to income and payroll taxes), and Draft GST/HST Memorandum 16.5 (applicable to GST/HST, excise tax and certain other taxes). Information on the current VDP guidelines, the proposed changes (including downloadable versions of the draft documents) and how Canadians can provide their comments can be found by clicking <a href="https://www.canada.ca/en/revenue-agency/campaigns/consulting-canadians-voluntary-disclosures-program.html?utm_medium=Carousel" target="_blank">here</a>.
Jul 6, 2017
Audit and accounting Tax advisory
Understanding caregiver tax credit changes
Finance Minister Bill Morneau announced on March 22, 2017 that the federal government would simplify the existing caregiver credit, the infirm dependent credit and the family caregiver tax credit by consolidating the three credits into a new Canada Caregiver Credit.
Jun 29, 2017
Transaction services Audit and accounting Tax advisory Succession and estate planning
2017 Ontario Budget Commentary
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.
Apr 28, 2017
Audit and accounting Tax advisory
Infographic: The pros and cons of incorporation
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.
Apr 24, 2017
Audit and accounting Tax advisory
A little free advice: encourage your auditor to speak freely
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.
Mar 29, 2017
Audit and accounting Private enterprise Tax advisory
Budget 2017: 4 areas to watch
The Minister of Finance, Bill Morneau, announced that the government’s federal budget will be tabled on March 22, 2017. Last year’s Canadian federal budget came in with a whopping <a href="/en/cbn/publications/infographic-2016-federal-budget-infographic" target="_blank">$29.4-billion deficit</a> and notable tax changes in the area of the <a href="/en/cbn/publications/clamping-down-on-small-business-deductions" target="_blank">small business deduction eligibility</a>, among others. There were a number of items promised by the Liberal government during its campaign that were not announced in last year’s budget.  Will the Liberal government hold true on those promises in the 2017 budget? How will those potential tax changes impact business owners and individuals? Some areas to watch are outlined below.
Mar 9, 2017
Audit and accounting Indirect tax Tax advisory
Get ahead of the curve on GST/HST obligation issues
The CRA announced in the December issue of the “Businesses – Tax information newsletter” the kickoff of a new campaign to send GST/HST compliance letters to GST/HST registrants. Through this campaign, the CRA hopes to assist taxpayers in gaining a better understanding of their GST/HST compliance requirements. Accordingly, the targets of this campaign are expected to be individuals and small businesses.  
Feb 27, 2017
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