Tax Tips & Business Matters

12/28/2018

Tax Tips & Traps - Yearend Special

YEAR-END TAX PLANNING

December 31, 2018 is fast approaching... see blow for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation.

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11/08/2018

Business Matters Volume 32 Issue 5

Taxation

Impending Changes to CPP

In 2018, many owner-managers across Canada chose to adjust staff levels, wages and prices when the minimum wage was increased. For many, it is still to early to determine the final impact on the corporate bottom line as a full fiscal year has not been completed.

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10/17/2018

Tax Tips & Traps No. 124

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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08/16/2018

Tax Tips & Traps No. 123

TAX TICKLERS....some quick points to remember....

  • A large amendment to a T4 slip may trigger a payroll audit. Ensure that T4 slips are as accurate as possible at the outset.
  • CRA may request taxpayer information from third-parties. A recent project using third-party data identified $86 million of unreported income and attracted over $19 million in additional taxes. CRA stated additional projects began in late 2017.

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07/26/2018

Business Matters Volume 32 Issue 4

MANAGEMENT

Complacency 

Every owner-manager has experienced new employees enthusiastically jumping head-first into the task at hand -  only to see that enthusiasm for their job morph into complacency over time.

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06/28/2018

Business Matters Volume 32 Issue 3

TAXATION

We Owe How Much?... OUCH!

Manage cash flow better by projecting future tax liabilities.

Unforseen circumstances often leave owner-managers short of the cash needed to pay federal and provincial taxes. Unfortunately, many owner-managers consider unpaid tax bills to be the same as unpaid trade credit. They are not.

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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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