Year-End Considerations for Investors

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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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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Ontario Budget Commentary – February 25, 2016

Posted in HSS Blog
February 26, 2016 by

Ontario Budget Commentary, February 25, 2016 If you have any questions regarding the Ontario Budget or its impact on you or your business, please contact us. We hope you find our Commentary informative. Introduction On February 25, 2016 Finance Minister Charles Sousa tabled his fourth Budget. The deficit for the 2015-16 fiscal year is projected
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Recent Federal Tax Changes

Posted in Tax Accounting
December 23, 2015 by

On December 7, 2015 the Federal government announced numerous personal and corporate tax changes which become effective January 1, 2016. They include: The Federal personal tax rate for taxable income between $45,282 and $90,563 will be reduced from 22% to 20.5%;   The top Federal personal tax rate of 29% will apply to taxable income
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An Update On Recaptured Input Tax Credits

Posted in Tax Accounting
December 15, 2015 by

The recaptured input tax credit (RITC) rules were introduced with the Ontario and British Columbia Harmonized Sales Tax (HST) on July 1, 2010. Canada Revenue Agency (CRA) has started to audit businesses’ compliance with these rules. As noted in a previous memorandum, large business and certain financial institutions are required to repay or “recapture” the
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