DMCL CPA is pleased to announce that Cherry Ho, CPA, CA has been admitted to the partnership effective January 1, 2018. Cherry has over 12 years of experience providing accounting and assurance services to both public and private companies and not-for-profit organizations. Cherry specializes in mining, technology and medical industries and has extensive experience working with clients […]
Revised Income Sprinkling Rules
On December 13, 2017, the Department of Finance released the much-anticipated revised rules for the tax on split income, or TOSI. The revised TOSI rules address income sprinkling between family members, and apply to the 2018 and subsequent taxation years. The revised rules address some, but not all, of the issues with the July 18, […]
US Tax Reform Summary
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (HR 1). This legislation, which was passed through Congress strictly on party lines, has made a significant number of changes and modifications to existing US tax law. Although the new tax law is getting an enormous amount of press coverage […]
Income Sprinkling Rules Simplified
On December 13, 2017, the Department of Finance released further clarification on the previously proposed tax on split income (“TOSI”) or income sprinkling rules. The government has simplified the rules, excluding family members who make “meaningful contributions” to the business. Additionally, family members excluded from the new rules include: A business owner’s spouse, provided the […]
Charitable Donations – Giving and Tax Savings
The season of giving has arrived! You may be thinking of making some final charitable donations for 2017. Many are inspired to give back to the community by donating to charitable organizations. As you embrace the giving spirit by making donations, keep in mind the tax benefits available to you. Eligible Donations Donations are eligible […]
Tax Planning Changes for Private Corporations – Where Do We Stand And What Should We Do?
Over the past few months the Federal Government has refined its previous July 18, 2017 proposal with more announcements expected in the near future. Pressured by a large public outcry, Finance Minister Bill Morneau has revisited the means by which his agency will address strategies used by high-income individuals through private corporations to gain “tax […]
CPA Canada’s New Review Engagement Standard – What to Expect
Does your company require us to perform a review of its financial statements? You should be aware that the review engagement standards are changing. DMCL will be applying the new review engagement standard, Canadian Standard on Review Engagements (CSRE) 2400, Engagements to Review Historical Financial Statements, as required by CPA Canada, for reviews on your […]
How Will the IRS Catch Me?
How will the IRS catch me? Sticking your head in the sand and wishing your troubles away is never a sound tax strategy. You may be surprised, though, as to how many US persons (i.e. US citizens, green card holders or resident aliens) continue to follow this path even after years of media attention on […]
Crackdown on “Unfair Tax Practices” undertaken by Private Corporations – July 18th 2017 Tax Proposals
I was blissfully enjoying my quiet vacation after a typically hectic tax season and hoping to relax for the rest of the summer, when I was hit with the July 18th, 2017 tax proposals by the Department of Finance (“Finance”) that means to eliminate certain “unfair tax practices” used by private corporations. Below is a […]
Proposed Strategies Aimed at Private Corporation Tax Planning from the Department of Finance
On July 18th, 2017, Finance Minister Bill Morneau announced the next steps the Department of Finance would be taking to improve the fairness in the Canadian tax system. The government’s objective is to address tax strategies used by high-income individuals through private corporations to gain “tax advantages.” The three scenarios specifically addressed in the draft legislation that […]
