Tax Tips & Business Matters
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.
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.
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.
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!
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.
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.
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.
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!
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