A change to the treatment of eligible capital property (ECP) for Canadian-controlled private corporations (CCPCs) could have a significant impact on business owners planning a sale of their business in the next year. That is, of course, unless they act now to take advantage of the existing tax rules. Before we explore these changes, let’s […]
Many aspects of the Income Tax Act are difficult for taxpayers to understand and navigate, but Section 160 is perhaps one of the most obscure. In fact, most taxpayers are not aware that this section exists, let alone do they understand its full implications. That’s because Section 160 gives the Canada Revenue Agency (CRA) broad […]
On December 24, 2015, Finance Minister Bill Morneau announced that, subject to two changes, the income tax deduction limits and expense benefit rates that applied in 2015 when using an automobile for business purposes will also apply in 2016. The two changes for 2016 are: The limit on the deduction of tax-exempt allowances paid by […]
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 […]
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