3 new & revised accounting & auditing standards for charities & not-for-profit organizations Fiscal years beginning on or after January 1, 2019 Early adoption permitted 2017 annual improvements to existing ASNFPOs Section 4433 & 4434: Tangible & intangible capital assets held by charities & not-for-profit organizations The roof of an owned building HVAC
Read More
March 19, 2019 CPA Canada Federal Budget Commentary Finance Minister Bill Morneau’s message with Budget 2019 is that, thanks to the Federal Government’s investments over the past three years, things are going well — especially for the middle class: more Canadians have full-time jobs, unemployment is at historic lows, wages are growing, consumers and businesses
Read More
On December 27, 2018, the Department of Finance Canada announced the income automobile tax deduction limits and expense benefit rates that will apply in 2019 when using an automobile for business purposes. The following two changes are effective January 1, 2019; Mileage Reimbursement Rate in Canada for 2019 The tax-exempt automobile allowance paid by employers to employees who use
Read More
What is the Maximum Canadian Pension Plan Contribution? The CPP contribution rates and maximums for 2019 are as follows: Maximum Pensionable Earnings: $ 57,400.00 Annual Basic Exemption: $ 3,500.00 Maximum Contributory Earnings: $ 53,900.00 Contribution Rate: 5.10 % (Employee and Employer) Maximum CCP Employee Contribution: $ 2,748.90 Maximum Employer CCP Contribution: $ 2,748.90 The Canada Revenue Agency (“CRA”) will gradually
Read More
Due Dates for 2019 and Tax Deadlines for 2018 Tax Filing in Canada February 28: T4,T4A,T5 slips and summaries March 1: Last day for 2018 RRSP contribution April 30: Personal Tax Filing Deadline April 30: Payment Deadline for Individuals and Sole Proprietor June 17: Sole Proprietor (and spouse) and Partnership Return Filing Deadline – (April 1: Partnership
Read More
TEC Canada released the results of a confidence survey of small-to-medium enterprises with employees between 50 and 500 and annual revenue over $1 million The survey included questions on the taxation of small business and on NAFTA uncertainty. For the results of the survey you can download the full report here: TEC Canada CEO Confidence
Read More
A recent decision by the Tax Court of Canada highlights the danger of Section 116 of the Income Tax Act (“ITA”). In the case of Kau v. the Queen, Mr. Kau purchased a condo in Toronto from Mr. Y for $368,000. Mr. Y it turns out was a non-resident for Canadian tax purposes (he had
Read More
A fundamental principle of Canada’s tax legislation is that an expenditure should only be deductible if it was incurred for the purposes of gaining or producing income. It holds then that expenditures that are personal in nature can’t be claimed against one’s income. While that sounds simple and straightforward in theory, real life has a
Read More
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
Read More
Introduction Finance Minister Charles Sousa tabled the Ontario Budget on April 27, 2017. The deficit for the 2016-17 fiscal year is projected to be $1.5 billion, with a balanced budget projected for 2017-18, 2018-19 and 2019-20. The Budget does not include any changes to Ontario’s personal or corporate income tax rates. Measures Affecting Individuals Personal
Read More
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
Read More
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
Read More