News

31
Dec

In the 2016 Federal Budget, new measures have been proposed to limit multiple access to the small business deduction (SBD). One proposed change that will affect a large amount of Canadian control private corporations and structures are SBD restrictions on payments between private corporations. This is important given that income taxed under the SBD is eligible to be taxed at ...

31
Dec

A director of a corporation may be personally liable for corporate remittances in certain circumstances. A May 5, 2016 Tax Court case provides a discussion where the taxpayer, who is also Director and 50% shareholder of a corporation, was found liable for the corporation’s unremitted payroll deductions and tax. Director of corporations are held liable if he or she does not ...

23
Mar

Here is a highlight of items proposed changes for Changes to GST/HST: Health Measures Zero-Rated Medical Devices Budget 2016 proposes to add insulin pens, insulin pen needles, and intermittent urinary catheters to the list of zero-rated medical devices. This measure will, with certain exceptions, apply to supplies made after Budget Day Purely Cosmetic Procedures Budget 2016 proposes to clarify that the GST/HST generally applies to ...

23
Mar

There has been many proposed changes that will affect corporate taxes; some of the things that may affect you are highlighted below. Small Business Income Tax Rate Budget 2016 proposes that the small business tax rate will remain at 10.5 per cent after 2016. In order to preserve the integration of the personal and corporate income tax systems, Budget 2016 also proposes ...

23
Mar

There has been many proposed changes that will affect personal taxes; some of the things that may affect you are highlighted below. Canada Child Benefit Budget 2016 proposes to replace the Canada Child Tax Benefit (CCTB) and Universal Child Care Benefit (UCCB) with a new Canada Child Benefit. The Canada Child Benefit will provide a maximum benefit of $6,400 per child under ...

23
Mar

Here are some of the proposed changes to the following programs that may be of interest to you. Employment Insurance (EI) Improvements Budget 2016 proposes many changes to the EI rules, including the following: elimination of the higher eligibility requirements for new entrants and re-entrants to the labour market - effective July 2016, they will be subject to the same requirements as any ...

03
Mar

It is that time of the year again to start organizing your receipts and keeping track of tax forms that are coming in from your financial institution. Also, here are some items to consider when preparing your tax return for 2015: 1)With a new tax bracket coming for the 2016 tax year for income earned in excess of $200,000, there may be ...

08
Dec

It is that time of the year again to start organizing your receipts and keeping track of tax forms that are coming in from your financial institution. Also, to avoid the rush of RRSP contributions, be sure to give us a call early to ensure that you have the correct contribution and deductions limits in 2014. Should you need any ...

17
Oct

Have you bought and sold a condo over a relatively quick period in the last 3 years? If so, you should be expecting to be contacted by the Tax Department shortly. The Tax Department is currently reviewing records at the Land Titles Office, looking for purchases and sales of condos within a short time frame. The transactions commonly know ...

17
Oct

A frequently asked question is "How much and how can I pay additional amounts to employees without them having to pay tax on it?" The Tax Departments policy is that up to $500 per year, per employee can be paid to an employee as a gift or award but the amount cannot be in the way of cash or near cash. As ...

Gregory & Associates