Form T2200 – Declaration of Conditions of Employment

Form T2200 – Declaration of Conditions of Employment

March 16, 2017 by

It is personal tax filing time again! At this time of year, many employees will ask their employer for a signed T2200. There is much confusion surrounding an employer’s obligation to complete this form. A completed T2200 certifies that certain conditions of employment exist which require an employee to incur out-of-pocket expenses in the course
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Payroll – Common Canada Revenue Agency (CRA) Audit Adjustments

March 13, 2017 by

The listing below highlights the common adjustments after a CRA payroll audit. Employers are not completing Form T4A concerning payments for services to independent contractors. Employers are not properly calculating the automobile standby charge and operating expense benefit on employer owned vehicles. Employers are paying flat rate vehicle allowances but not reporting them as a
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CRA’s Annual Audit Letter Campaign

March 11, 2017 by

The Canada Revenue Agency (CRA) annually sends audit letters to selected taxpayers. Letters sent in early 2017 will mark the eighth annual audit letter campaign initiated by CRA. This year the CRA will send approximately 30,000 “intent to audit” letters to individual taxpayers and business owners who continually report business and rental losses. They are
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Year-End Considerations for Investors

Posted in HSS Blog
December 21, 2016 by

Review asset mix of your non-registered portfolio. Interest income is the highest taxed of your investment income. Consider restructuring your portfolio so that interest income is earned in a registered plan (RRSP, RRIF, TFSA) where it is tax sheltered. Are you carrying debt that is not tax deductible? Consider reducing this debt with non-registered assets.
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What to do With Your Registered Plan Before December 31, 2016

Posted in HSS Blog
December 20, 2016 by

RRSP Contributions In order to obtain a deduction on your 2016 personal income tax return, you must contribute to your RRSP on or before March 1, 2017. As always, consider contributing earlier so that your money is growing tax free as soon as possible. Spousal Contributions Contributions made to a spousal plan before December 31
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How Long Do I Have to Keep My Business Tax Records?

Posted in Tax Accounting
December 6, 2016 by

It’s a simple question, but one you’ve probably heard different answers for. As a business owner, how long do you have to keep your tax records? Is there a statute of limitation of how far back they can go to audit you? Well, here’s the answer, straight from the source. According to the Canada Revenue
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Principal Residence Exemption Changes 2016

Posted in HSS Blog
November 30, 2016 by

The Canada Revenue Agency (the “CRA”) has recently announced a number of significant changes in relation to the disposition of residences. Section 40(2)(b) of the Income Tax Act provides a possible exemption on the gain when the property is sold. The exemption is applicable when the test in Section 40(2)(b) is satisfied and the property
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Amendment to the Business Corporations Act

Posted in HSS Blog
November 24, 2016 by

AMENDMENT TO THE BUSINESS CORPORATIONS ACT (ONTARIO) 2016 There is a new requirement for every Ontario corporation to prepare and maintain, at its registered office, a register of its ownership interests in land in Ontario. This change is effective December 10, 2016. Currently, Part XI of the Business Corporations Act (the “Act”) requires Ontario corporations
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Tax Implications of Financing Purchases for Businesses

Posted in Tax Accounting
May 19, 2016 by

If your business needs equipment to operate, the decision to purchase, finance, or lease your business equipment will affect your year-end taxes in different ways. From cash registers to medical equipment and big, heavy equipment like tractors, dump trucks, or even airplanes, the purchase or lease of business equipment must be accounted for on your
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2016 Canadian Federal Budget Commentary

Posted in HSS Blog
March 23, 2016 by

Theme: Economic growth, Job creation, Strong middle class When the new government said last year that it would return Canada to deficits, few expected the numbers to jump to nearly $30 billion this year and next and add $100 billion in debt over the next five years. But lower-than-expected revenues have forced the government’s hand,
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Tax Credits for Medical Residents

Posted in Tax Accounting
March 10, 2016 by

Those of us with family members in a medical residency program welcomed the recent technical interpretation (2015-0592051I7) issued by the Canada Revenue Agency (“CRA”).  The CRA has reversed its previous stance and will now allow an individual that is registered in a medical residency program to claim the education and textbook tax credits.  This change
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