Tax Advice

Reduction of tax on inter-generational business transfers Bill C-208 awaits Royal Assent today, the last formality in becoming part of the Income Tax Act (ITA), after being approved by the Senate on Tuesday, June 22, 2021. The Bill allows the inter-generational transfer of certain family businesses to receive the same tax treatment as businesses sold...

How much profit is your business losing to wastes hidden inside your operations every day?  Waste elimination is one of the most effective ways to increase profitability in your business. To get rid of waste we need to fully understand exactly what waste is and where it can be found.  Processes either add value or...

Budget Announcement: The 2021 Federal Budget released April 19th introduced a number of new measures, and expanded a number of existing programs, intended to support Canadian individuals and businesses as the COVID pandemic continues. The full detail of the Department of Finance release and Budget documents is linked below but we’ve summarized what we feel...

Canada Revenue Agency announced this week that they are temporarily simplifying and expanding the office-in-home deductions for employees. Background Traditionally office-in-home deductions are only allowed when the employer has a contractual expectation that the employee fulfill some of their duties at home; the deductions are then based on actual expenses incurred in residing in the...

The government has launched several support programs since the pandemic, each with their own complicated set of rules. We feel it important to take the time to inform you of the reporting requirements to Canada Revenue Agency (CRA) for your 2020 T4 filings as well as for the Temporary Wage Subsidy (TWS) and Canada Emergency...

The Saskatchewan government introduced legislation yesterday to reduce its Small Business Corporate Tax Rate to 0% effective October 1, 2020. The tax rate will increase to 1% effective July 1, 2022, and then back to 2% effective July 1, 2023. The reduced rate will apply to up to $600,000 of taxable income per year in...

Sometime during the month of February, millions of Canadians will receive mail from the Canada Revenue Agency. That mail, a “Tax Instalment Reminder”, will set out the amount of instalment payments of income tax to be paid by the recipient taxpayer by March 16 and June 15 of this year. Receiving an “Instalment Reminder” from...

The Canadian tax system is a “self-assessing system” which relies heavily on the voluntary co-operation of taxpayers. Canadians are expected (in fact, in most cases, required), to complete and file a tax return each spring, reporting income from all sources, calculating the amount of tax owed, and remitting that amount to the federal government by...

When parents separate and divorce, it is frequently the case that they are able to agree on an arrangement to share custody of their children. Such a shared-custody arrangement is often to the benefit of all concerned, especially the children of the marriage. While a shared-custody arrangement usually makes the most sense from a human...

In most cases, the need to seek out and obtain legal services (and to pay for them) is associated with life’s more unwelcome occurrences and experiences — a divorce, a dispute over a family estate, or a job loss. The only thing that mitigates the pain of paying legal fees (apart, hopefully, from a successful...