Knowledge
Thoughts, opinions and trends – everything, all in one place.
14 result(s)
Increased Interest Rates – Don’t Forget About CRA
July 25, 2023 – When we think of interest rates and how they have increased so dramatically over the last year or so we think of mortgages, lines of credit, credit cards and other forms of bank debt. But there is another creditor that may be looking to be paid – the Canada Revenue Agency (CRA).
The Enhanced Intergenerational Business Transfer re: Budget 2023 Changes
July 10, 2023 – The proposed amendments to Bill C-208 will affect how you transfer your business to the next generation of your family. These changes will come into effect for transfers that occur on or after January 1, 2024.
No Tax Filing Extensions Due to CRA Strike
April 19, 2023 – With recent news of the labour disruption at the Canada Revenue Agency (CRA), it is important to note that there are no extensions to Canadian tax filing deadlines planned at the moment and CRA will continue to accept all tax returns.
New Underused Housing Tax (UHT)
March 20, 2023 – Effective January 1, 2022, new legislation came into effect in Canada, and with that, additional annual tax filing requirements with severe penalties for non-compliance.
New Residential Property Anti-Flipping Tax Rules
March 17, 2023 – In an effort to turn down the heat on the housing market and make homes more affordable, the Federal government has approved new legislation to implement residential “anti-flipping” tax rules. The new “anti-flipping” tax rules will apply to residential properties sold on or after January 1, 2023.
The New Ontario Business Registry
September 08, 2021 – The Ontario government recently announced the Ontario Business Registry, which would allow corporations incorporated under the laws of Ontario to handle all of their corporate matters online. The new system will launch on October 19, 2021.
New Stock Option Rules (Bill C-30) effective July 1, 2021
July 26, 2021 – On June 29, 2021 Parliament passed legislation (Bill C-30) to implement measures from the 2021 Federal Budget. One of those measures is a long-anticipated change to the employee stock option deduction limit for stock options issued by non-CCPC’s, whereby the 50% stock option deduction will be limited to $200,000 worth of shares.
Benefits and Credits to Consider for the 2021 Tax Year
July 06, 2021 – As we exit the 2020 tax year, it’s never too early to start looking ahead to the benefits and credits that might be applicable or advantageous to you in 2021.
Form PD27 – Mandatory Subsidy Reporting Requirement for Employers
January 18, 2021 – The CRA is requiring all eligible businesses, partnerships, non-profits, charities and sole proprietors with a payroll account to complete and submit Form PD27 (10% Temporary Wage Subsidy Self-identification Form for Employers) indicating how they have applied the 10% TWS. This applies if:
Non-Resident Withholding Tax On Canadian Rental Income
January 23, 2020 – CRA imposes a 25% withholding tax rate on the gross rental revenues the non-resident receives. The withholding tax must be remitted to CRA on or before the 15th day of the month following the month the rental income is paid.
RRSPs and the headaches of excess contributions
December 03, 2019 – What happens if you contribute too much to your RRSP? The good news is that you can contribute up to $2,000 over your contribution limit without any negative consequences, but once you contribute over $2,000 above the limit, what happens?
Statute-Barred Corporate Refunds
February 25, 2019 – Overview In general any taxpayer who has overpaid their taxes (federal or provincial), CPP, EI, GST/HST, payroll source deductions etc […]
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