Posts Categorized: Taxes

2018 Year-End Tax Planning Tips

December 31, 2018 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation. SOME 2018 YEAR-END TAX PLANNING TIPS INCLUDE:  1) Certain expenditures made by individuals by December 31, 2018 will be eligible for 2018 tax… Read more »

Subsidized Meals

Do you have an employee dining room or cafeteria? In a March 21, 2018 Technical Interpretation, CRA stated that they do not consider meals subsidized by the employer to be a taxable benefit provided the employee pays a reasonable charge. This charge should be sufficient to cover the cost of the food, its preparation and… Read more »

Employer-Sponsored Social Event Taxable Benefits

In an April 9, 2018 French Technical Interpretation, CRA clarified their position on taxable benefits arising from employer-sponsored social events, such as a holiday party or other event.  Where the cost of the social event does not exceed $150/person (previously the limit was $100), excluding incidentals such as transportation, taxi fares and accommodations, there would… Read more »

Directors’ Liability for Corporate Income Taxes

A December 11, 2017 Tax Court of Canada case examined whether a taxpayer was liable for unpaid income taxes of the corporation of which he was a director. CRA’s assessment was based on the assertion that the taxpayer was a legal representative of the corporation and had distributed assets of the corporation without having first… Read more »

Tax Tricks and Traps

Tax

Below is a list of tax planning considerations. Please see us for further details or to discuss whether these may apply to your tax situation. Carefully Review your Expenses Certain expenditures made by individuals on or before December 31, 2017 will be eligible for 2017 tax deductions or credits. These expenditures include moving expenses, child… Read more »

Tax Updates 2017

Here’s a summary of tax changes for the year. Please contact us if you have any questions or to book an appointment to discuss your taxes. Tax Rates There are no changes to tax rates or brackets for 2017. Income tax rates for individuals can be found here. Public Transit Tax Credit This credit has been eliminated… Read more »

Tax Changes for Small Business

On December 13, 2017, the Department of Finance released a number of updates relating to the proposed changes to private corporation taxation, in particular, the income sprinkling proposals, which were originally announced on July 18, 2017. Below is an update of the changes to the proposals. Individuals that receive certain types of income derived from… Read more »

2016 Tax Update

Tax Update 2016: As tax season approaches you are likely reviewing the information you collected last year and preparing to collect what is needed for this year. You may also be considering whether your return will be substantially different than it was in the prior year, or if you can expect a similar amount owed or refunded once… Read more »

Tax Tips and Tricks

Did you know? The CRA has a program called MyAccount, which allows you to track your refund, view your return, and check on important balances, the expected timing and amounts of benefit payments, and your TFSA and RRSP contribution limits. The CRA has now also released MyCRA and MyBenefits CRA, which are mobile phone applications allowing… Read more »