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Firstly, the following personal tax credits have been eliminated for Federal tax purposes: The Education and Textbook tax credit; The children’s fitness and arts tax credits; and, The public transit tax credit – this credit was eliminated effective July 1, 2017. Therefore, one can make a claim for the period January 1, 2017 to June
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Overview of the Non-Resident Speculation Tax Effective April 21, 2017, the Government of Ontario introduced the Non-Resident Speculation Tax (the “NRST”). The NRST is a 15% tax on the value of consideration paid to purchase or acquire an interest in residential property located in the Greater Golden Horseshoe Region (the “GGHR”) by any of the
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We are pleased to highlight a couple of advancements to the HSS team members you already know. Alex Briganti has been appointed a Partner after spending more than a decade working with and supporting, privately owned businesses. Along with this core focus, Alex will be contributing to growing the not-for-profit practice. We are also delighted
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The disability tax credit (the “DTC”) is a non-refundable tax credit designed to help defray the unavoidable costs associated with an individual’s disability. The DTC is available either to the person with the disability, or to a person supporting the disabled person. For the 2018 year, the federal disability amount is expected to be approximately
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On July 18, 2017 Finance Minister Bill Morneau released his much anticipated consultation paper proposing changes to how private corporations are used to gain tax advantages. The proposals outlined in the consultation paper are significant and will affect everyone who owns a private corporation. The following three items are targeted in the consultation paper: ·
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On October 16, 2017 the Federal Government announced a number of proposed changes affecting small business corporations. First, the small business tax rate will be reduced from 10.5% to 10%, effective January 1, 2018 and to 9%, effective January 1, 2019. Second, the government intends to proceed with the proposed income sprinkling rules, although with
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February 28: T4,T4A,T5 slips and summaries March 1: Last day for 2017 RRSP contribution April 30: Personal Tax Filing Deadline April 30: Payment Deadline for Individuals and Sole Proprietor June 15: Sole Proprietor and Partnership Return Filing Deadline T3 Trust Return Filing Deadline: 90 days after the trust’s tax year-end Corporate Tax Returns are due
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The recent case of McMurtry V McMurtry (2016 ONSC 2853) highlights the importance of proper documentation of a gift. The wife of the deceased claimed that she was the owner of certain shares of a family corporation (worth several million dollars) that had belonged to her late husband. She argued that the shares had passed
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Federal Budget Commentary Article If you have any questions regarding the Federal Budget or its impact on you or your business, please contact us. We hope you find our Commentary informative. To assist you with other budget-related inquiries, please call our Federal Budget Hotline at (416) 499-3101. March 22, 2017 CPA Canada: Federal Budget Commentary
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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, but the accounting professionals at Hogg, Shain & Scheck can help to understand these forms and procedures. A completed T2200 certifies
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What is A Payroll Audit? A payroll audit is a review of the accuracy of a company’s payroll processes. Payroll audits are conducted annually to ensure that a company’s payroll process remains current and legally compliant. Companies may be chosen by the CRA for an audit if the information provided appears inaccurate or misrepresented. However,
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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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