Effective January 1, 2016 there will be significant changes to the taxation of trusts and estates, including alter ego, joint spousal / common-law partner and spousal / common-law partner trusts. There has been significant uncertainty in the tax community as a result of the impending legislation. Specifically, the new subsection 104(13.4) of the Federal Income […]
Obtaining the right accounting and tax planning advice is critical for every business owner. That requires a strategic approach that takes both their personal and professional finances into account, while also incorporating long-term goals into any financial plan. At least that’s a best practice we reinforce here at KRP. But in some cases, we take […]
Typically, a Registered Retirement Income Fund (RRIF) is created on the conversion of a Registered Retirement Savings Plan (RRSP) before the end of the year in which an individual turns 71. A RRIF is beneficial as it allows an individual to accumulate tax-deferred growth. However, unlike an RRSP, there is a requirement to withdraw a […]
2015 Ontario Budget Commentary Introduction On April 23, 2015 Finance Minister Charles Sousa tabled his third Budget. The deficit for the 2015-16 fiscal year is projected to be $8.5 billion, which is less than had been forecasted in the 2014 Budget. The deficit is projected to drop to $4.8 billion for 2016-17 and to […]
While the 2015 federal budget may not have contained many surprises, it did contain more than its fair share of entrepreneur-friendly measures. From a reduction in the small business tax, to investments in innovation and help for targeted entrepreneurial groups, this was a pre-election budget intended to appeal to a wide range of stakeholders. Here […]
A recent spate of fraudulent calls has given some entrepreneurs reason to review their over-the-phone dealings with Canada Revenue Agency (CRA). Just yesterday, for example, a KRP client received a threatening call purportedly from CRA’s tax fraud investigation division. The telephone number provided by the individual was a legitimate-looking number with an Ottawa area code. […]
We want to take this opportunity to remind clients that they need to ensure that all interest payable on all outstanding non-arm’s length loans is paid on or before January 30th, 2015. In 2014 or earlier, you may have made a loan to a grandparent, parent, spouse, sibling, child or grandchild for the purpose of […]
We’re proud to introduce Marshall Egelnick as Kestenberg Rabinowicz Partners LLP’s new Managing Partner. Marshall, a KRP partner since 1980, will divide his efforts between core leadership duties such as team management, business development and growth strategy, while continuing to manage a diverse client portfolio. Marshall brings nearly 40 years of experience as a chartered […]
We’re proud to announce that KRP has developed a compliance policy under the Accessibility for Ontarians with Disabilities Act (AODA). According to the Ministry of Economic Development, Employment and Infrastructure website, AODA sets “out a clear goal and timeframe to make Ontario accessible by 2025. The Act lays the framework for the development of province-wide […]
Welcome to the new KRP website. We’ve spent several months refining a new look for our online platform and we hope you like the results. The new and improved KRP.ca offers a range of new features including mobile responsiveness—making it easy for you to read about us on any mobile device—improved navigability and greater interactivity. […]
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