2020 Personal Tax Checklist

Category: Tax Services

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 required to complete returns for you and any family members. Please review the checklist carefully and gather together all of the applicable information and tax slips. In addition to our checklist, […]

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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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RRSPs and the Home Buyers’ Plan (HBP)

Category: Tax Services

It’s RRSP time again, and many people may be trying to decide whether or not to invest their money in an RRSP.  As you make that decision, don’t overlook the possible financial advantage of the Home Buyers’ Plan (HBP). With the HBP, anyone who hasn’t owned a home in the last five years can use […]

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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 Income Tax Filings

2020 Personal Income Tax Filings

In spite of the challenging environment we are all facing as result of the COVID-19 global pandemic, we have yet to hear from Canada Revenue Agency (CRA) regarding any filing extensions…

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Wage & Rent Subsidy Support Continues to June 2021

Wage & Rent Subsidy Support Continues to June 2021

On March 3, 2021 the Government of Canada announced that it would continue financial support to June 5, 2021 to businesses effected by the COVID-19 global pandemic. …

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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 …

read moreArchives