This is the most wonderful time of the year—not to mention the season of giving. That’s why many organizations and individuals are taking the opportunity to give back to their community or their favourite charities over the festive season. Recently, the trend is for organizations to involve their employees and create team events where everyone […]
The days of the Canada Revenue Agency taking a kinder, gentler approach to its relations with taxpaying business owners are long gone. From employing sophisticated algorithms to tightening rules around its own Voluntary Disclosure Program, Ottawa has become accustomed to using increasingly aggressive tactics to collect overdue taxes and punish alleged tax cheats. In some […]
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 […]
There are a few questions that chartered accountants get asked all the time. They include (but are in no way limited to): What’s the key to growing a successful business? What’s the most tax-efficient way to draw profits from a corporation? Should I lease or buy my company car? What’s the minimum amount of time […]
If there’s one letter that entrepreneurs dread receiving in the mail, it’s the one from the Canada Revenue Agency informing them that their business or personal returns are the subject of a tax audit. Audits can take weeks, months, even years to complete in extreme cases, and can be emotionally and financially draining for business […]
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 […]
If you’ve had reason to phone the Canada Revenue Agency of late, you may have experienced a long wait to speak to an agent—if anyone bothered to take your call. The anecdotal experiences of our accountants and clients has been confirmed in a new Auditor General’s report that sheds light on communication shortcomings at the […]
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 […]
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