Industry Updates

On April 16, 2024, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2024 – Fairness for Every Generation, to the House of Commons. No changes were made to personal or corporate tax rates.

Canada has a new Underused Housing Tax for 2022, and if you are affected your UHT return must be filed by October 31, 2023. Late filing by even one day can be subject to a penalty of $5,000 or more, even if no UHT is actually payable.

Download 2022 Underused Housing Tax Return Form

The CRA Really, Really, Really Wants You to Connect Online. You now must register for CRA’s My Account and My Business Account if you want your tax preparer/advisor to represent you.

Is your corporation a personal services business? CRA wants to know.
Learn More: download PDF

Tax planning can be undertaken by a high-income earner who receives investment income by using prescribed rate loans for income splitting that could lower the overall taxes paid within their family.
Learn More: download PDF

On April 7, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, tabled her second budget. Some of the key tax changes and proposed incentives are summarized here.
Learn More: download PDF

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.
Learn More: download PDF

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.
Learn More: download PDF

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.
Learn More: download PDF

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.
Learn More: download PDF

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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Is Your Business registered for the Greenhouse Gas Pollution Act?
There is a mandatory registration requirement for certain businesses.
Learn More: download PDF

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.
Learn More: download PDF

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.
Learn More: download PDF

Get ready for new QST rules
New changes are coming to QST starting on January 1, 2019.
Learn More: download PDF

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

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

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.
Learn more: Download PDF

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.
Download PDF: Click Here

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.
Download PDF: Click Here

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”.
Download PDF: Click Here

The Rules of the Sale of a Principal Residence have Changed
Download PDF Click Here

The Federal Government Attacks Structures Used to Multiply the Small Business Deduction
Download PDF Click Here

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




Vine and Partners provides the knowledge and experience for all accounting and bookkeeping related services. Our Accounting Support Services division has friendly technicians ensuring all records are accurate and client expectations are exceeded.

Business Valuation

Business Valuation

Whether you are planning to sell, merge, finance or grow through acquisition, the Chartered Business Valuators at Vine have the industry experience and specialized training to expertly value your business and to provide you with the market insight needed to gain an invaluable advantage during important negotiations.



The magnitude of wealth is not determined by what people make, but rather by what they keep. Vine and Partners specialize in helping our clientele preserve and transfer wealth through effective personal tax and estate planning.

Transition Planning

Transition Planning

Small business is the backbone of the Canadian economy, but experts say that small business owners rarely pay enough attention to business transition planning. In fact, without a transition plan in place, many businesses close instead of being sold or passed on to the next generation.