TEN COMMON TAX MISTAKES What are the most common areas where Canada Revenue Agency auditors find errors that they can assess? Here are some of the most common tax problems or mistakes that people make, and for which tax assessments or reassessments may be issued. Watch out for them! Meals and entertainment: If you are […]
Ontario Finance Minister Peter Bethlenfalvy promised to table a provincial budget that would do what it takes to carry the province through the final stages of COVID-19—and the 2021 Ontario budget lives up to the promise of continued major spending commitments. The proposed package would see Queen’s Park spend $173 billion in 2021-22, up from […]
In the face of widespread confusion, complaints and a looming class action lawsuit, the federal government has changed course, cancelling plans to require some self-employed individuals to repay the Canada Emergency Response Benefit (CERB) funds they received at the height of the COVID-19 crisis. Controversy erupted late last year when the Canada Revenue Agency informed […]
INCOME SPLITTING AND ATTRIBUTION RULES The Canadian income tax system employs a graduated tax rate system, which means that the higher your taxable income, the higher tax rate or tax bracket that applies to the income. As such, if you are in a high tax bracket and a family member is in a low tax […]
On the heels of long-time partner Marshall Egelnick’s retirement after a more than 40-year career with our firm, we’re thrilled to announce a dynamic new addition to our leadership team. Cecily Huang is now a member of the KRP LLP partnership group. Huang has been a key member of the KRP team for more than […]
The New Year brings with it a change in the leadership ranks here at KRP. After 40 years as an integral member of our management team, our friend and colleague Marshall Egelnick is calling it a career. Egelnick replaced Founding Partner Ralph Rabinowicz (since retired) as Managing Partner in 2014, and in early 2020 was […]
The federal government’s Fall Economic Statement 2020 delivered few surprises. As expected, it did not provide a clear fiscal anchor for the year ahead. Nor was there a plan to return to fiscal balance in the near future. Ottawa hasn’t delivered a formal budget since March, 2019, well before the coronavirus pandemic sent the country’s […]
As a firm, KRP LLP has long been dedicated to providing you with the very best service, experience and expertise possible. Meeting that standard has meant working to enhance our strategic tax, accounting and assurance capabilities by recruiting and developing the best talent our industry has to offer. On that note, we’re proud to announce […]
Almost overnight, the COVID-19 crisis launched many Canadian businesses into the most ambitious remote-work/home office experiment ever attempted. Widespread lockdowns forced businesses to either shutter or have their employees work from home until further notice. Many still are—and have no plan to return to the office. Indeed, many a CFO and accounting department embraced […]
In tabling the 2020 Ontario Budget yesterday, the provincial government reminded us that the path to fiscal stability will be long and arduous as a result of the ongoing coronavirus pandemic—and that new COVID-19 lockdowns could still inflict major economic damage. In doing so, Doug Ford’s Progressive Conservatives scrapped plans to balance the budget in […]
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