Tax Tips – May 2018 In this edition of tax tips, we have included a number of updates that may affect you including: eligibility of paying family members a salary, proposed changes to corporate passive investment income, what is considered reasonable automobile allowances, reporting subcontractors for constructions activities and risks for U.S. citizens that are not tax compliant. Feel free to call our office to discuss further if you have…
Digital Currency: Basics and Tax Implications A brief overview of digital currency and what you may need to know regarding tax implications. Gains and loses from selling or buying digital currency must be reported on your tax return. Take a few minutes to learn more and please feel free to contact us with questions. Digital Currency Update for May 2018
Each year, personal tax season arrives with a flurry of activity in our HVGP office. This year, we hosted an Open House on March 18th inviting clients who had their personal tax information prepared to drop in for coffee and a chance to win two tickets to the Toronto Blue Jays. Congratulations to our lucky winner. Tax season is a great time to reconnect with our clients. We enjoy the…
2018 Federal Budget – What Business Owners Need To Know (February 28, 2018) The Minister of Finance, Bill Morneau, presented his third Budget to the House of Commons on Tuesday, February 27, 2018. We are providing you with the 2018 CPA Canada Federal Budget Commentary. In addition, we have summarized a streamlined commentary “What Business Owners Need To Know ”. This is a two page document that focuses on business owners…
2017 PERSONAL INCOME TAX RETURN CHECKLIST As you begin to gather your information for your 2017 Personal Income Tax Return we want to ensure you have provided us with all relevant documentation and receipts so that we can help you get every tax credit and deduction available. Please take a moment to PRINT the 2017 HVGP Personal Tax Checklist. Feel free to contact us if you have any questions.
In this edition of Tax Tips we share with you an overview of the recent announcement from the Department of Finance regarding Incoming Sprinkling. There is also more information regarding family loans, commissions paid to a corporation and personal liability for corporate tax debt. Read the full edition here Tax Tips – January 2018
We would like to take a moment to thank our team for their contributions and dedication in 2017. In November, we took time out for a team training day at Credit Valley Golf Course where we spent a full day on professional development and discussing ways we can better serve our clients. Our team takes pride in delivering value to clients by building relationships and providing insights that support their…
On July 18, 2017, Minister of Finance, Bill Morneau announced the release of a Consultation Paper which focused on three tax practices that the Government considers to provide an unfair tax advantage to private corporations and their owners. A number of changes are being recommended for income sprinkling, passive investment income and capital gains. If your corporation utilizes one of the above planning strategies, please read this Tax Update for Private…
Ontario Accessibility Laws Have you submitted an accessibility compliance report? A reminder that the deadline to file your report is December 31, 2017. If you or your corporation has 20 or more employees you are legally required to file a 2017 accessibility compliance report. Failure to report may result in legal action being taken against your organization, this can include inspections, Director’s Orders and financial penalties. For information on what…
The CRA recently released fairly substantial proposed changes to the current program, effective January 1, 2018. The proposals are expected to be finalized in the fall of 2017. Take a moment to read the summary of the proposed changes to the Voluntary Disclosure program, and ensure to submit your disclosure prior to the proposed changes effective January 1, 2018. For additional information or questions please contact us.
