Department of Finance Targets Tax Planning for Private Corporations

Department of Finance Targets Tax Planning for Private Corporations

Category: Tax Services

On Tuesday July 18, 2017, the Department of Finance (“Finance”) released several proposed changes that will affect tax planning using private corporations. The main focus of these proposed changes is on tax planning strategies that involve: Sprinkling income amongst family members using private corporations; Multiplication of the Lifetime Capital Gains Exemption “LCGE” (currently $835,714); and […]

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Taxation of Stock Options

Category: Tax Services

Stock options are a popular way for companies to attract and retain key employees.  So what happens when an employee is granted stock options by a Canadian-Controlled Private Corporation (“CCPC”)? There are no tax consequences to the employee when the stock options are granted or when the options are exercised by the employee. When the […]

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Plan Ahead for New SR&ED Rules

Category: Tax Services

The changes to the Scientific Research and Experimental Development (“SR&ED”) program announced in the 2012 Federal Budget may have an impact on your 2013 SR&ED claim.  Here’s a short summary of the main changes and some possible planning points to allow you to maximize your SR&ED claim. 1. Reduced Investment Tax Credit (“ITC”) Rate for […]

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Tax Implications of Solar Projects For Business Owners

Category: Tax Services

You own a business in Kingston, Ontario and are considering the installation of solar panels on your facility’s roof to take advantage of the terms offered under the microFIT or FIT programs. Your tax considerations would include: The income you earn from the project will be taxable. However, you will be entitled to claim deductions […]

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Why is CRA Auditing My Business?

Category: Tax Services

Most corporate returns are e-filed with CRA, and starting January 1, 2013, almost all corporate tax returns will be required to be e-filed with CRA.   Electronic transmission gives them easy access to analyze your financial data.    Don’t be surprised if you get a corporate tax audit if: You’ve had a bad year and carry back […]

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What To Do When CRA Comes Auditing

Category: Tax Services

We’ve noticed that CRA appears to be getting more aggressive in the way they perform their field audits. Here are some basic tips that will help you survive your CRA audit When CRA calls to advise you that you’re having a tax audit, call your accountant immediately, even if the CRA tells you that you […]

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2020 Personal Tax Checklist

2020 Personal Tax Checklist

It will soon be time to file your 2020 personal tax return. Please download the checklist which will assist you in assembling the necessary information …

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Auditing and Assurance

Changes to NPO Accounting

If you serve on the management team or the board of a non-profit organization (“NPO”), you may have heard about some recent changes to accounting standards…

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Business Advisory Services

Is Your Business Healthy?

Is Your Business Healthy? Much is being said and written about organizational health and culture. Culture has been described as what happens when the CEO, the partners, or the leaders leave the room; that’s when culture takes over. …

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