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Restricted Input Tax Credits 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
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Litigation is a complex and nerve-wracking experience, and unless you have expert guidance on your side, your case can be under-researched and underrepresented. The result: financial loss and potential legal implications that can have a significant impact on your life now and in the future. Your accountant can provide critical support throughout the litigation process
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The current commercial real estate market in Ontario is seeing a number of commercial properties available for rent. When there are more rental spaces than there are renters, a landlord will typically attract tenants by offering leasehold inducements. While leasehold inducements can be beneficial for both tenant and landlord, the tenant often stands to reap
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A phantom stock option is a bonus tax treatment plan where the amount of the bonus is determined by reference to the increase in value of the shares subject to the option. Shares are not actually issued or transferred to the option- holder when an option is exercised, but rather the right to receive an award based
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Federal Budget Commentary – April 21, 2015 In order to offer targeted tax reductions for small businesses, seniors, and families with children; to increase spending for the military, public and national security, public transit, and for the Canada Revenue Agency (CRA) to address tax avoidance and evasion; and to eke out a $1.4 billion surplus
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It’s that time of year again when you have to account for how you did in the previous year to tax authorities. It’s not the most interesting time of the year for most. Preparing ahead of time will help reduce last minute stress. Here are some tips on how to best prepare: 1. Gather
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To avoid financial penalties, small business owners in Canada need to be aware of how to properly file taxes. Below are some of the most common tax questions that small business owners ask our accountants. 1. Will the structure of my business affect the way I file taxes? Yes, how you file taxes will be influenced
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Whether you’re a tenant or landlord who is taking advantage of a rent-free period to secure a new lease on a building or other asset, such as business equipment, you probably have questions on how to account for this rent-free period when it comes time for income reporting to the Canadian Revenue Agency (CRA). What
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If you are a Canadian business owner or manager, you need to make sure that you have a good grasp of fundamental accounting principals. This knowledge is important because it will allow you to analyze your firm’s financial statements, and identify problem areas or areas for improvement. One key thing that needs to be understood
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On a recent trip to Niagara Falls, New York, my friends and I were stopped at the Rainbow Bridge border for overspending. Little did we know that our spending limits were so low, and that we would have to pay taxes and duties on what we brought back to Canada to the Canadian Border Security
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If you’ve received a notice of reassessment from the CRA, you are not alone; millions of Canadians are hit with reassessments each year. Most of these reassessments aren’t aimed at uncovering fraud or malfeasance; instead, they’re triggered by the CRA’s matching program, a system designed to look at every return and match it to the
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Income tax time can cause businesses a lot of stress and hassle. However, income tax deductions can also be essential in creating a buffer for your bottom line. From minor expenses such as entertainment to employee salaries, business owners can greatly reduce their cash outflow by accurately filing their taxes. Read below to learn about
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