In recent weeks we saw the publication of a landmark investigation into U.S. President Donald Trump’s business dealings surrounding the sweeping real estate empire built by family patriarch Fred Trump, all the way up to the present-day management of the business under Trump scions Donald Jr. and Eric. Indeed, the venerable New York Times declared […]
Shortly after the release of the report by the Standing Senate Committee on National Finance, which is highly critical of the Department of Finance’s proposals on the taxation of private corporations, Finance Minister Bill Morneau released what he referred to as clarified rules around income sprinkling. Unfortunately, the release came with the same rhetoric used […]
In more than 30 years of practice as a Chartered Accountant, one of the most common two questions I’ve been asked by clients is whether they should buy or lease a car, and whether they should buy personally or under their company name. Inevitably my answer has been, “It all depends.” How long do you […]
When the Department of Finance released its proposed changes to the taxation of private corporations in Canada on July 18, 2017, entrepreneurs across the country immediately took issue with measures they felt would cause undue financial harm to their businesses. And for good reason. If passed, these proposals will have extensive implications for all private […]
Small business owners in Ontario are getting a break on their taxes. This week Minister of Finance Charles Sousa delivered a fall economic statement that will lower the corporate small business income tax rate on the first $500,000 of business income to 3.5 per cent from 4.5 per cent, by January 1, 2018. The change […]
After several weeks of insistent rhetoric from Ottawa, entrepreneurs across Canada finally received some good news when the federal government began rolling back proposed tax changes for corporations. Although there is still a lack of detail, at least on the surface, there appears to be some compromise. However, there are still some troubling proposals on […]
As Finance Minister Bill Morneau wrapped up his cross-country ‘listening tour’ to gauge Canadians’ reaction to proposed federal tax changes this week, it would have been easy to confuse the minister’s message. He has made it clear the federal government is determined to promote greater fairness across the tax system, levelling the playing field for […]
The federal government last week took another step towards implementing sweeping tax changes that could have a disproportionate impact on small and medium-sized business owners across Canada. The Trudeau Liberals announced plans for a 75-day consultation period during which they’ll be seeking feedback on changes to three common tax-planning strategies for private corporations. The government’s […]
The Federal Government’s 2017–18 Budget gives Canadians a taste of what they might expect over the next couple of years: attempted efficiencies, closed tax loopholes, steady deficits, and a touch of caution. Budget 2017 outlines only $200 million in net new spending, but also an increase to the deficit of more than $5 billion for […]
Buying a residential or commercial property in Ontario is about to get more expensive. The Government of Ontario recently announced plans to hike land transfer tax (LTT) rates across the province, effective Jan. 1, 2017. As part of those changes, the LTT rate on any portion of the sale value of a single-family residence exceeding […]
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