Tax Tips & Business Matters

05/17/2018

Tax Tips & Traps No. 122

This publication is a high-level summary of the most recent tax developments applicable to business owners, investors, and high net worth individuals. Enjoy!

 

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04/23/2018

Business Matters Volume 32 Issue 2

TAXATION

New 2018 CRA Allowances for Company-Use Vehicles

Owner-managers should discuss Canada Revenue Agency (CRA) changes to employee vehicle allowances with their CPAs before announcing any changes to company policy.

To keep up with the rising costs of operating vehicles, Revenue Canada has increased the maximum tax-exempt car allowance deductible for employees to 55 cents per kilometre for the first 5,000 kilometres, and to 49 cents per kilometre for distances travelled in excess of 5,000 kilometres.

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02/28/2018

Federal Budget Commentary 2018

On February 27, 2018 the Honourable Bill Morneau, Minister of Finance, presented the 2018 Federal Budget, Equality & Growth: A Strong Middle Class, to the House of Commons.

The Government's fiscal position includes a projected deficit in 2017-2018 of $19.4 billion, and projected deficits in the coming years as follows: 2018-2019 of $18.1 billion, 2019-2020 of $17.5 billion, 2020-2021 of $16.9 billion, 2021-2022 of $13.8 billion and 2022-2023 of $12.3 billion.

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02/01/2018

Business Matters Volume 32 Issue 1

TAXATION

For the Record

Good record keeping today can prevent CRA penalties tomorrow.

We live in a digital world where everything is captured electronically in real time. Paper financial statements have become relics from the past; unfortunately, the requirement to produce evidence for the Canada Revenue Agency (CRA) for HST or income tax has not.

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01/01/2018

Tax Tips & Traps No. 121

This publication is a high-level summary of the most recent tax developments applicable to business owners,  investors, and high net worth individuals. Enjoy!

read more