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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
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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
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On January 14th, 2019, Hogg, Shain and Scheck attended Foreign Tongue, a Next Stage Theatre Festival performance presented by The Toronto Fringe, at The Factory Theatre. Both The Toronto Fringe Festival and The Factory Theatre are Not-for-Profit clients of the firm. Foreign Tongue is a new musical by a Toronto-based, Yugoslavia-born writer, Lola Xenos, that
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The semi-annual HSS academy was held for all accounting staff on November 22nd and 23rd, 2018 at the BMO Leadership Centre. This off site day is designed to develop soft and technical skills essential for HSS staff roles as professionals. During the academy, HSS was joined by Dr. Ken Jones, Dean Emeritus & Professor Emeritus
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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
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T1134 Filing Deadline Change On October 25, 2018, the Department of Finance released a Notice of Ways and Means Motion that included changes to the filing deadline for filing Form T1134. Form T1134, an information return for taxpayer’s with investments in non-resident corporations (known as foreign affiliates). Historically, a taxpayer had up to 15 months
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On November 21, 2018, the Honourable Bill Morneau presented the Federal government’s 2018 Fall Economic Statement. In the 2018 Federal Budget, the government stated that they would conduct a detailed analysis of U.S. tax reform to assess any potential impacts on Canada. Summary of New Tax Measures · Enhanced CCA rate of 100% for new
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Personal Income Tax The 2018 Ontario Budget had proposed adjustments to the tax rates, brackets, surtax and credits for Ontario Personal Income Taxes. These changes will not implemented. Corporate Income Taxes The 2018 Ontario Budget had proposed to parallel a Federal measure to phase out the $500,000 small business limit for corporations (and associated corporations)
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ONTARIO – EMPLOYER HEALTH TAX (EHT) The Province of Ontario recently announced that effective January 1, 2019, the EHT exemption will increase from $450,000 to $490,000. This increase is a result of adjusting the exemption every 5 years for inflation. Eligible employers are exempt from EHT on the first $490,000 of total Ontario remuneration each
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On November 21, 2018, the Ted Rogers School of Business Management, Accounting & Finance held a special awards night recognizing the achievements of students who have shown success academically and involvement with Ryerson University. Hogg, Shain & Scheck (HSS) has been supporting scholarships Ryerson University for a number of years now. This year the HSS
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On November 7th, Hogg, Shain & Scheck sponsored the Dean’s Speaker Series hosting David M. Shribman, a winning journalist and renowned speaker. This Speaker series was presented by the Ted Rogers School of Management and the Faculty of Communication and Design at Ryerson University. A few years ago, HSS hosted a client event with David
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What are the tax implications of gifting cash to adult children while you are still alive? This is a common question from those undergoing tax and estate planning. There is a misconception that there is a tax on such a transfer. This is most likely a result of specific gift tax rules in the U.S.
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