We’re pleased to announce the promotion of Joe Romeo from Senior Manager to Partner, effective January 1st, 2025. Joe has made steadfast contributions to our growth and success as a firm since joining KRP LLP in 2014, notably working to enhance our client service experience and to mentor our new employees. Joe has also supported […]
After 40 years at KRP LLP, long-time partner Hartley Cohen is announcing his retirement. Hartley’s career as an assurance partner at our firm began in 1985. He quickly distinguished himself by delivering high-touch service to his client base of entrepreneurs, owner-managers, family-owned businesses and not-for-profit organizations. Those clients spanned a wide swath of industries, allowing […]
When the federal government this week tabled a notice of ways and means motion providing technical details of planned changes to the capital gains inclusion rate, the news was more about what wouldn’t be included in future legislation than what would. Despite feedback from a diverse group ranging from economists to organizations representing Canada’s physicians—that […]
If last year’s budget was about restraint, the prevailing theme at Queen’s Park yesterday was that the $214 billion 2024 Ontario Budget was one designed with fiscal balance in mind. Specifically, Doug Ford’s Progressive Conservatives made it clear leading up to the budget announcement that while they weren’t prepared to make particularly ambitious new spending […]
If 2023 was the year to celebrate our 50th anniversary as a firm here at KRP LLP, 2024 is about looking to new growth and development as we continue to deliver industry-leading service to our clients. It starts by celebrating two very significant promotions. We’re very proud to welcome long-time manager Vincy Vuong to the KRP […]
The period of relatively low Canada Revenue Agency interest rates on overdue taxes seems like a distant (and fond) memory. Those charges are now hitting an uncomfortably high level that creates potential new challenges for taxpayers. Beginning in January 2024, CRA prescribed interest rates on overdue or outstanding balances will climb to 10 per cent—from […]
The federal government has made an eleventh-hour announcement to extend the deadline to file Underused Housing Tax returns. Ottawa today announced that homeowners who are required to file a return under the new Underused Housing Tax for the 2022 calendar year will now have until April 30th, 2024, to comply without facing additional penalties or […]
RESIDENTIAL PROPERTY WARNING — HUGE PENALTIES!! Are you involved with a residential property that is not owned directly by a human being who is either a Canadian citizen or a permanent resident of Canada? For example: A cottage is held in a Trust, which the family patriarch set up before his death years ago, so […]
There are relatively few businesses that have the pleasure of celebrating a 10-year anniversary, let alone 50. We’re very proud to join that latter club as KRP LLP marks a half-century providing accounting, assurance, tax and consulting services to entrepreneurs across all industries. We’re also very excited to announce our upcoming move to a new […]
CRA REQUIRING ADDITIONAL TRUST REPORTING—INCLUDING BARE TRUSTS In February 2018, the federal government announced plans to require extensive tax reporting from all trusts in Canada. Trusts are used for many different reasons, such as to keep family assets private, and to protect children until they are old and mature enough to manage money wisely. But […]
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