All corporations incorporated in Ontario are required to file an Annual Return with the Ontario government within six months after the end of each tax year. This filing requirement is in addition to a requirement to file any income tax returns. The Annual...
New tax reporting requirements for certain trusts will come into effect for the 2021 taxation year ending on December 31.As a result, most trusts must now file a Canadian tax return even if there was little or no activity. Penalties for late filing are...
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...
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...
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 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...
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...
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...
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,...