Archive for the ‘Businesses’ Category
Small business hiring credited extended through 2012 (May 2012)
Wednesday, May 16th, 2012
While it didn’t get a lot of attention in the coverage of the 2012-13 federal Budget (brought down at the end of March), one of the budget announcements was definitely good news for the small business sector, as the EI hiring credit which had been available during 2011 was extended for another year. (more…)
Posted: Wednesday, May 16th, 2012 | Categories: Businesses.
2012 Federal Budget Commentary
Friday, March 30th, 2012
Federal Finance Minister Jim Flaherty tabled the government’s 2012 Budget in the House of Commons on Thursday, March 29.
Further details are summarized in this document 
2012 Federal Budget Commentary
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
Posted: Friday, March 30th, 2012 | Categories: Businesses, Individuals, Tax Alerts.
2012 Provinicial Budget Commentary
Wednesday, March 28th, 2012
Finance Minister Dwight Duncan delivered Ontario’s 2012 Budget on March 27, 2012. The Budget is projecting a deficit of $15.3 billion in 2011-12, $1 billion lower than projected a year ago, and decreasing to $15.2 billion in 2012-13. The 2010 Budget put forward a plan to cut the deficit in half within five years and to eliminate it in eight years. The government remains on track to meet the fiscal targets outlined in the 2010 Budget beyond 2012-13. This includes steadily declining deficits and a return to a balanced budget by 2017-18.
There are very few tax related measures included in the Budget. Further details are summarized in this document 2012 Provincial Budget Commentary
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
Posted: Wednesday, March 28th, 2012 | Categories: Businesses, Individuals, Tax Alerts.
Upcoming changes to Canada Pension Plan rules for employers (October 2011)
Thursday, October 27th, 2011
The Canada Pension Plan (CPP) is a cornerstone of Canada’s retirement income structure. The Plan is financed by way of contributions made during the working life of each Canadian, and the amount of CPP retirement pension received is calculated using an actuarial formula based on those contributions. While the CPP is well-funded and on a sound financial footing, the demands made on the Plan over the next couple of decades will be unprecedented, as the number of CPP recipients increases, both in absolute terms and in relation to the number of contributors who are still in the workforce. Recognizing that reality, the federal government has made a number of changes in recent years to the rules governing CPP contributions and benefits, and the latest set of such changes will take effect in January 2012. (more…)
Posted: Thursday, October 27th, 2011 | Categories: Businesses, Individuals.
When talk isn’t cheap—cell phones and employee taxable benefits (July 2011)
Thursday, July 14th, 2011
When T4s are issued at the end of February each year, it sometimes comes as a surprise to employees that something they considered to be work-related is treated as a taxable benefit, the value of which must be included in income and upon which tax must be paid. In the view of the Canada Revenue Agency (CRA), the use of employer-provided cell phones can fall into that category. (more…)
Posted: Thursday, July 14th, 2011 | Categories: Businesses, Individuals.
Small business to benefit from new hiring EI credit for 2011 (July 2011)
Thursday, July 14th, 2011
In an effort to stimulate hiring by small businesses, the federal government proposed, as part of this year’s budget, a new hiring credit for small business (HCSB) to take effect for 2011. That proposal, along with the rest of the budget provisions, has now been passed by Parliament. (more…)
Posted: Thursday, July 14th, 2011 | Categories: Businesses.
2011 Federal Budget Commentary – Update
Wednesday, June 8th, 2011
2011 Federal Budget Commentary – Update
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
Posted: Wednesday, June 8th, 2011 | Categories: Businesses, Individuals, Tax Alerts.
On track to eliminate the deficit–the 2011-12 federal budget (April 2011)
Thursday, April 21st, 2011
The 2011-12 federal budget brought down by Minister of Finance Jim Flaherty on March 22, 2011 includes projections that call for the elimination of the federal deficit, and a return to a surplus position, by the 2015-16 fiscal year. The deficit for the 2010-11 fiscal year which ends on March 31, 2011 is expected to be just over $40 billion, and to decline by about $10 billion per year until a surplus of just over $4 billion is realized in 2015-16. (more…)
Posted: Thursday, April 21st, 2011 | Categories: Businesses, Individuals.
Bank of Canada maintains bank rate at current level
Tuesday, March 22nd, 2011
In its March 1 interest rate announcement, the Bank of Canada chose to maintain the bank rate at its current level of 1.25%. (more…)
Posted: Tuesday, March 22nd, 2011 | Categories: Businesses, Credit Unions, Individuals.
Employment Insurance Premiums for 2011 (January 2011)
Thursday, February 10th, 2011
The Employment Insurance premium rate for 2011 is 1.78%.
Yearly maximum insurable earnings are set at $44,200, making the maximum employee premium $786.76.
As in previous years, employer premiums are 1.4 times the employee contribution. The maximum employer premium for 2011 is therefore $1101.46.
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
Posted: Thursday, February 10th, 2011 | Categories: Businesses, Individuals.
Employee holiday gifts and the taxman (December 2010)
Monday, December 20th, 2010
The time of year is approaching when many Canadian employees look forward to something “extra” from their employer — a Christmas or Hanukkah gift, a year-end bonus or an invitation to the annual employer-sponsored holiday party. While it doesn’t necessarily fit well with the holiday spirit, it’s a fact that many such gifts, or even the annual employee holiday party, may have tax consequences, sometimes in unexpected ways. (more…)
Posted: Monday, December 20th, 2010 | Categories: Businesses, Individuals.
The 2010 Economic and Fiscal Update (November 2010)
Monday, November 29th, 2010
When Minister of Finance, Jim Flaherty, delivered the 2010 Economic and Fiscal Update on October 12, expectations were that the final deficit figure for the 2009-10 fiscal year which ended March 31, 2010, would be greater than was forecast in the budget brought down on March 4, 2010. And the Minister did not disappoint. The deficit for 2009-10, forecast in the budget to come in at $53.8 billion, has instead reached $55.6 billion. (more…)
Posted: Monday, November 29th, 2010 | Categories: Businesses.
Helping Ontario’s Small Businesses Grow
Friday, November 12th, 2010
McGuinty Government Supports Small Businesses With Transition Payments
Starting this week, the province is helping 800,000 Ontario businesses with support of transition payments of $300 up to $1,000 as they adapt to the Harmonized Sales Tax (HST).
By harmonizing its two sales taxes, Ontario modernized an outdated, 50-year-old tax system resulting in savings of about $4.5 billion a year in embedded taxes. Previously, hidden taxes were passed on to Ontarians with higher prices at the cash register. The HST eliminates these hidden costs making businesses more efficient and freeing up funds for reinvestment and new jobs. It is estimated that these changes will help create almost 600,000 net new jobs within the next 10 years. (more…)
Posted: Friday, November 12th, 2010 | Categories: Acccounting, Businesses.
$7.2 billion deficit recorded for first quarter of 2010-11
Friday, September 3rd, 2010
The August release of the Department of Finance publication The Fiscal Monitor indicates that the federal government deficit for the first quarter (April to June) of the 2010-11 fiscal year stood at $7.2 billion. (more…)
Posted: Friday, September 3rd, 2010 | Categories: Businesses, Individuals.
Responding to a CRA information request
Thursday, August 26th, 2010
Earlier this year, Canadians filed nearly 25 million individual tax returns in about a three-month period between March and June, and every one of those returns was processed and assessed by the Canada Revenue Agency (CRA). The CRA’s goal is to have each paper-filed return processed and a Notice of Assessment mailed out to the taxpayer within four to six weeks. For E-filed, net-filed, or tele-filed returns, the Agency’s self-imposed deadline is reduced to two weeks. Working within such time frames, it’s obviously impossible for the CRA to examine every return in minute detail and to verify the accuracy of each and every deduction and credit claimed. And that’s why many Canadians find an unexpected letter from the CRA in the mailbox at this time of year.
Posted: Thursday, August 26th, 2010 | Categories: Businesses, Individuals, Tax Alerts.
CRA announces a new simplified logbook for motor vehicle expenses
Monday, July 5th, 2010
In the 2008 Federal Budget, the Government of Canada, through recommendations by the CFIB, identified the requirement to keep a logbook as the most burdensome aspect of the motor vehicle tax provisions for its members. In response, the Canada Revenue Agency developed an alternative system for recording business travel with the aim to assist businesses in substantiating the business use of a motor vehicle that was used for business and personal reasons.
Posted: Monday, July 5th, 2010 | Categories: Businesses, Individuals, Tax Alerts.
Transition to HST – Quick Method
Wednesday, June 30th, 2010
Canada Revenue Agency has posted new GST/HST guide for calculating remittances using the quick method of accounting for GST/HST.
RC4058 Quick Method of Accounting for GST/HST – Includes Form GST74
Posted: Wednesday, June 30th, 2010 | Categories: Businesses, Tax Alerts.
Transition to the HST – Updates June 11, 2010
Friday, June 11th, 2010
Canada Revenue Agency has posted new GST/HST info sheets regarding the transition to HST.
The info sheets cover the following topics for those taxable in Ontario:
GI-077 - Purchasers of New Housing in Ontario
GI-076 - Continuous supplies and Budget Payment Arrangements
Posted: Friday, June 11th, 2010 | Categories: Businesses, Individuals, Tax Alerts.
Bank of Canada announces rate increase
Tuesday, June 1st, 2010
As anticipated, the Bank of Canada has announced that the bank rate has been increased, to 0.75%. The Bank’s announcement of the rate change is available on its Web site at http://www.bankofcanada.ca/en/fixed-dates/2010/rate_010610.html.
Posted: Tuesday, June 1st, 2010 | Categories: Businesses, Individuals.
Bank of Canada leaves interest rate unchanged – for now
Thursday, April 29th, 2010
In its April 20 announcement, the Bank of Canada maintained the bank rate at its current level of 0.5%, but signaled that changes are likely in the near future.
Posted: Thursday, April 29th, 2010 | Categories: Businesses, Credit Unions, Individuals, Tax Alerts.
Finance issues code of conduct for credit and debit card industry
Sunday, April 18th, 2010
The Department of Finance has issued a Code of Conduct to further regulate dealings between credit and debit card issuers and the merchants who accept those cards in their businesses.
The new Code is intended to ensure that merchants are:
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Posted: Sunday, April 18th, 2010 | Categories: Businesses, Tax Alerts.
No change to unemployment rate for March
Monday, April 12th, 2010
Net employment across Canada increased by 18,000 jobs during the month of March, but the overall unemployment rate was unchanged at 8.2%. While there were losses overall in full-time employment, those losses were more than offset by a gain of 32,000 part-time jobs.
Posted: Monday, April 12th, 2010 | Categories: Businesses, Individuals, Tax Alerts.
Budget changes provide additional flexibility for registered disability savings plans
Wednesday, April 7th, 2010
One of the biggest concerns for parents of severely disabled children is making sure that those children will be provided for throughout their lives. In 2008, the federal government introduced Registered Disability Savings Plans (RDSPs) to permit parents (or others) to save for disabled children on a tax-assisted basis. RDSPs are structured very much like Registered Education Savings Plans (RESPs), in that contributions to such plans, while not deductible by the contributor, can accumulate within the plan on a tax-deferred basis. Any person may make contributions to an RDSP, subject to a lifetime contribution limit per beneficiary of $200,000.
Posted: Wednesday, April 7th, 2010 | Categories: Businesses, Individuals, Tax Alerts.
“Just-in-time” tax planning?
Wednesday, April 7th, 2010
No sensible tax advisor would suggest starting your tax planning for the year as you sit down to complete your return. The standard advice correctly holds that the best year-end tax planning begins on January 1 of the tax year. However, all is not lost by tax return filing time, as there are some tax planning strategies (more properly described as tax filing strategies) which can still minimize the tax bite for the current year or future ones.
Posted: Wednesday, April 7th, 2010 | Categories: Businesses, Individuals, Tax Alerts.
2010 Provincial Budget Commentary
Thursday, March 25th, 2010
Ontario Budget Commentary March 25, 2010.
Posted: Thursday, March 25th, 2010 | Categories: Businesses, Individuals, Tax Alerts.
2010 Federal Budget Commentary
Thursday, March 4th, 2010
Federal Budget Commentary March 4, 2010.
Posted: Thursday, March 4th, 2010 | Categories: Businesses, Individuals, Tax Alerts.
