Industry Updates

Getting Back to Business. As Canada continues to recover from the COVID-19 pandemic, businesses are beginning to resume operations and depending on your situation, you may need to contact the CRA.
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The Ontario Budget released on March 24, 2021 was mostly about spending, with no tax changes announced other than some personal and business tax credits.
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If you operate in a business sector identified as being a higher risk of underground economy activity, don’t be surprised if your operations attract more CRA attention.
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As the year is coming to a close, tax planning should be a priority right now. Some tax planning opportunities may be still available to you for 2020.
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COVID-19 News

The government has taken further action to support Canadians and businesses through the outbreak of COVID-19, with targeted new initiatives. Our commentary is now updated and consolidated into 6 topical documents:
Click here to access all 6 documents

The CRA has proposed new disclosure requirements for trusts and estates.
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Personal Real Estate Corporations in Ontario:
Effective October 1, 2020 Ontario Real Estate Agents are eligible to incorporate which could mean significant tax benefits and deferrals.
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Here’s what you need to know about claiming employment expenses
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Changes coming in Ontario on January 1, 2020
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2019 Year End Tax Planning
December 31, 2019 is fast approaching — here is a list of tax planning considerations.
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Is Your Business registered for the Greenhouse Gas Pollution Act?
There is a mandatory registration requirement for certain businesses.
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2019 Federal Budget Commentary
On March 19, 2019 the Honourable Bill Morneau, Minister of Finance, presented the 2019 Federal Budget, Investing in the Middle Class, to the House of Commons.
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CRA Adopts OECD Transfer Pricing Guidelines
At the most recent Annual Conference of the Canadian Tax Foundation, the Canada Revenue Agency disclosed that it will now be following the OECD 2017 Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, and will consider applying them to years prior to 2017.
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Ontario passive investment income rules impacting small business
If your corporation or associated corporate group has a passive investment income portfolio that may be affected by the new federal rules, your corporation’s small business limit for federal purposes calculated under these rules may potentially be different from its small business limit for Ontario purposes. The impact on your corporation’s income tax liability may be significant, depending on the extent of that difference.
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Get ready for new QST rules
New changes are coming to QST starting on January 1, 2019.
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2018 Year End Tax Planning
December 31, 2018 is fast approaching — here is a list of tax planning considerations.
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Check out the Tax Highlights of the Ontario and Federal 2018 Fall Economic Updates…
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Walter Williams of Vine and Partners LLP was among more than 65 professional advisors from some 40 accounting firms in 24 countries attending IAPA’s International Conference held in Miami, Florida, November 2-5, 2018.
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If your corporation has passive earnings in excess of $50,000 and is also earning active business income, prepare for a potentially higher corporate tax bill in the coming years.
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CRA provides a number of convenient mobile phone apps for individuals and corporations. Learn more: Download PDF

Government to Review Holiday Pay Rules
Ontario government backs down on controversial holiday pay calculations. Learn more: Download PDF

Employment Expenses CRA Reviews
It appears the CRA has backed off its employment expenses project. Learn more: Download PDF

Federal Budget 2018
On February 27, 2018, the Liberal government released their 2018 budget. Here’s what you need to know: Download PDF

Charity Education Program
The Canada Revenue Agency (CRA) is committed to giving registered charities the educational tools and resources they need to easily fulfill their obligations under the Income Tax Act. Learn more — Download PDF

2018 Tax Planning Considerations
During the past year there have been significant changes made to tax legislation. The changes impact corporation and individual taxpayers and may require action.
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Income Sprinkling: Where Are We Now?
Will your ownership or working relationships need to be restructured? View a summary of the latest proposals from the Department of Finance. Download PDF

What will the proposed new income sprinkling mean for you and your family? See newly released income sprinkling rules… Download PDF

Are you prepared for Bill 148? Ontario has completed new Workplace Laws effective January 2018.
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8 Keys To Preparing Your Business For The New Year
We have had the pleasure of working with many successful entrepreneurs over the past 52 years and based on that experience we have compiled the following list of suggestions which we believe could serve as a useful guide to those wishing to use the holiday time to reflect on the past year and reposition for the New Year.
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Fall Economic Update
Ontario’s Liberal government released a fall economic update Tuesday that included a tax cut for small businesses.
Click here for some highlights: Download PDF

Dramatic Tax Changes that will Have a Negative Impact on All Small Business Owners
The proposed changes Finance Minister, Bill Morneau released on July 18, 2017 can impact future tax planning, use of family trusts, estate planning and could also have a significantly negative impact on existing retirement plans.
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Legal Rules that Could Affect Ontario Corporations
Effective December 10, 2016 the Business Corporations Act (Ontario) (the “OBCA”) was amended. Subsection 140(1) and section 140.1 now requires a corporation incorporated or continued under the OBCA to maintain a “register of ownership interests in land in Ontario”.
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Provincial Budget 2017
On April 27, 2017 Finance Minister Charles Sousa presented the 2017 Ontario Provincial Budget.
Download a summary: Click Here

The Rules of the Sale of a Principal Residence have Changed
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The Federal Government Attacks Structures Used to Multiply the Small Business Deduction
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Industry Links

Canada Revenue Agency
Ministry of Finance
Finance Canada
Labour Standards Board
Government of Canada
Government of Ontario
Financial Bank of Canada
TSX Stock Exchange
Canadian Institute of Chartered Accountants
Institute of Chartered Accountants of Ontario