As you are likely aware, on July 18th, 2017, the government announced draft legislation to amend the Income Tax Act with an aim to significantly change tax planning strategies for Canadian controlled private corporations and their shareholders due to what the Liberal government perceives as unfair tax benefits.
Business managers maintain many responsibilities in both the day-to-day and long term planning of an organization. This ranges from corporate strategic management through to product/service delivery, and usually means there are a lot of decisions in between.
As accountants we often find ourselves answering the same question again and again, and rightfully so. As specialized professionals, with expertise that stretches beyond the common understanding of “accounting”, I think we might take this simple question for granted, almost as though we have become desensitized by its relevance over the years.
Finance Minister Charles Sousa tabled the Ontario Budget on April 27, 2017. The deficit for the 2016-17 fiscal year is projected to be $1.5 billion, with a balanced budget projected for 2017- 18, 2018-19 and 2019-20. The Budget does not include any changes to Ontario’s personal or corporate income tax rates. Measures Affecting Individuals Personal […]
Tax Tips and Traps
This edition of Tax Tips and Traps discusses Tax for Private Corporations, Employee Discounts on Merchandise, Death Benefits, Withholding’s on Remuneration to Non-Resident & more.
This edition of Tax Tips and Traps identifies changes to reporting, requirements for deduction, taxable benefits and more