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Your Business and the Contract Payment Reporting System

June 19, 2013 by

The Contract Payment Reporting System (CPRS) requires construction companies to record their payments for construction services and to report these payments to the Canada Revenue Agency. If the subcontractor is a resident of Canada, payment information is provided on a Contract Payment Information Return, which consists of a T5018 Information Slip, Statement of Contract Payments
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Why am I being audited? Factors Leading to a Personal Tax Audit

June 13, 2013 by

Approximately 85% of personal tax returns are filed electronically.  Canada Revenue Agency processes these returns fairly quickly and many people have received their refunds.  However the process doesn’t end there. Canada Revenue Agency may revisit your return in July and request further information.  Since a majority of the returns are filed electronically, no actual receipts
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Leaving Canada? What You’ll Need to Know About Taxes

June 5, 2013 by

Leaving Canada to live or work abroad? Here is some important information about the reporting requirements for income tax when emigrating from Canada. Determining Your Residency For Tax Purposes Residency status is the primary issue that needs to be established before determining your tax liability to Canada. It’s often very difficult or complex to determine
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The Tax Effects of Corporate Reorganizations

May 31, 2013 by

Corporate restructuring always trigger a domino effect that can be felt in every aspect and every division of your company. The tax consequences can seem daunting, but they can also be deferred or possibly avoided with an appropriate planning strategy. H2: Here are the most common types of corporate reorganizations and their consequences/ requirements:        
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Ontario’s Not-for-Profit Corporations Act

May 22, 2013 by

The Act has targeted on July 1, 2013 as the effective date to help make Ontario Non-Profit Corporations (NPO) more efficient and effective in their operations and governance. What’s new? NPOs can engage in profit-oriented activities if the revenue is clearly re-invested to advance one or more of the non-profit organization’s purposes. Efficiencies with respect
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Canada Not-for-Profit Corporations Act

May 16, 2013 by

The Canada Not-for-Profit Corporations Act (“Canada NFP Act”) became effective October 17, 2011 and was developed to promote accountability, transparency and good corporate governance for the not-for-profit sector. This was considered a necessary modification, as not-for-profit (NFP) corporations incorporated under federal legislation have been abiding by an act which is approximately 95 years old. The
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We Congratulate MSI Global Alliance on Winning Association of the Year

March 20, 2013 by

Our firm has been a proud member of MSI Global Alliance since 1992, and we’re excited to announce they were recently named Association of the Year. They were honoured by The International Accounting Bulletin 2013 IAB awards, which recognizes innovative practices and firms that have risen above their peers in the past 12 months. We
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Canada’s Changes to the Scientific Research and Experimental Development Program

March 6, 2013 by

Canada’s 2012 federal budget contained a number of changes to the Scientific Research and Experimental Development program (SR&ED). The majority of changes resulting from these measures are cuts in expenditure eligibility for all companies claiming SR&ED. Additional expenditure cuts apply to public and foreign- owned corporations. What is the Impact Budget 2012 Changes to SR&ED:
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