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 […]

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 […]

tax planning for private corporations department of finance

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 […]

2017 federal budget highlights, accountants vancouver

2017 Federal Budget Highlights

For our clients, we offer these 2017 Federal Budget Highlights. Finance Minister Bill Morneau released his second Canadian Federal Budget titled “Building a Strong Middle Class” on March 22, 2017 which continues to focus on innovation and skills development and to expand the tax base by taking aim at certain tax loopholes and perceived aggressive […]

Potential Changes to the Capital Gains Rate

Potential Changes to the Capital Gains Rate

Will they or won’t they? Rumours continue to swirl that the Federal budget expected to come out in Feb/Mar 2017 may increase the capital gains inclusion rate from 50 percent to as high as 75 per cent. Capital gains occur when you dispose of capital property, such as a stock, bond or mutual fund, for […]

2016 Canadian Personal Income Tax Returns Preparation

2016 Personal Income Tax Return Checklist

Organizing your Personal Income Taxes  Our Personal Tax Return Checklist is designed to help you make this process as easy and efficient as possible. It also assists us in ensuring that we have information that is as complete and accurate as possible to ensure your taxes are minimized and correctly reported. If you have any […]

New Back-To-Back Shareholder Loan Rules

Written by: Ken Chong, CPA, CA Mr. Big is a very successful businessman and has accumulated a significant amount of retained earnings in his company, BigCo.  BigCo invests its retained earnings primarily in deposits and investments held by BigCo’s commercial bank, First Bank. Instead of taking money out of his company to buy a new […]

BC PST Legislation Introduced

The B.C. government introduced legislation on May 14, 2012, to meet government’s commitment to return to the Provincial Sales Tax on April 1, 2013. As committed, the PST is being re-implemented with all permanent exemptions. The government also introduced common-sense improvements that will make administration of the sales tax easier for businesses. Consumers will pay […]