Recent CRA Changes to Allow Businesses Electronic Distribution of T4 Slips
CRA has provided commentary on its website to discuss recent changes to allow the electronic distribution of T4 slips. In the past, an employer could provide a T4 electronically only with the employee’s consent. For 2017 and subsequent tax years, employers may also satisfy their obligations by providing electronic versions without specific consent, provided other […]
Read MoreNew year rings in changes to laws, taxes, wages
January 1st brought with it changes to laws, regulations and taxes. For small businesses, this means a federal tax rate drop from 10.5 percent to 10 percent. There be a slight increase in EI premiums, which will add an estimated $6 in costs for the average worker and $13 per employee. While not immediate, the […]
Read More85% of Canadians say they ‘need to save more money’
In a recent poll intended to research how Canadians save; the results indicate that the majority of people are still not putting away sufficient amounts of money into savings. A full 79% of people surveyed, who were aged 35 to 54, said they do not save enough and are concerned about retirement. CIBC, who performed […]
Read MoreTax changes in 2018 include hike in carbon price, cut to small-business rate
The tax changes in 2018 include a hike in carbon price and a cut to the federal small business tax rate. As of January 1st, Albertans will be paying more in carbon tax from $20 per tonne of emitted carbon dioxide to $30 per tonne. For individuals who qualify, they can expect a 50 percent […]
Read MoreSmall-business advocates lament ‘appalling’ lack of detail ahead of Jan. 1
The federal government’s tax reform changes for small-business owners are causing concern in part due to vague details surrounding the changes. Dan Kelley, president of the CFIB, believes the change is being rushed and should at least be delayed a year. The Finance Minister Bill Morneau introduced the changes as a series of alterations designed […]
Read MoreWe have 750 billion reasons to have ‘the talk’ about inheritance with our children
Canadians can expect a $750 billion windfall from inheritance over the next decade, but it’s also expected to create a lot of family tension. This is why it’s important for older Canadians to talk about their inheritance with their children. Putting plans in place and communicating those plans can help avoid fights between their children […]
Read MoreCRA squeezes voluntary disclosures amid tax-evasion crackdown
The Canada Revenue Agency (CRA) is squeezing voluntary disclosures while they are currently undergoing a tax evasion crackdown. The CRA is no longer going to allow Canadians to benefit from financial relief when they disclose income left off of tax returns that involve money from sophisticated tax-avoidance strategies or offshore dealings. Starting in March, the […]
Read MoreIncome sprinkling and passive investments held inside a private corporation
The Liberal government released the new proposals on income sprinkling and passive investments held inside a private corporation. Based on our analysis, income splitting with your spouse is going to be seriously impacted by these changes. With these new changes, we are now recommending that if you were planning on paying dividends to a non-active […]
Read MoreU.S. tax reform could have repercussions for business owners in Canada
The United States tax reform could have some major repercussions for people that own businesses in Canada. Key elements of this proposal include a corporate tax rate reduction, capital expensing and more. While political barriers still exist for this proposal, the proposed overhaul of the US tax system appears to do a lot of good […]
Read MoreWhat’s a “Fair Market” Value for a Private Business?
Whether you are a business owner looking to sell a percentage (or all) of your business or an investor wishing to purchase a company, the first step is to arrive at a fair market value for the business. For every scenario, buyers and sellers need to quantify the worth of all, or part, of a […]
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