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 […]
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 […]
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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