• 2015 Provincial Budget Commentary

    Yesterday’s Ontario Budget did not include any significant tax measures for either corporations or individuals. Of note, Ontario has decreased many of its corporate tax credits including the Apprenticeship Training Tax Credit, the Interactive Digital Media Tax Credit and the Film and Television Tax Credits. The government also continues to move forward with a new […]

  • 2015 Federal Budget Commentary

    Now that the Federal Budget has been balanced, the focus of the budget includes several small business friendly measures, including most notably a reduction in the small business corporate tax rate. From a personal tax perspective there are a few goodies, as predicted RRIF withdrawals have been changed substantially reducing the mandatory annual payout, and […]

  • Charity Scams – Beware

    In 2013 Parliament added a number of rules designed to thwart charity scams, where taxpayers would purchase sports equipment and other hard goods items at inflated prices and then gift the item with a donation receipt based on the inflated price. Charity Scams Beware

  • 2014 Federal Budget Commentary

    The Federal Budget stays focused on balancing the budget and assisting individuals obtain employment through the Canada Job Grant, a summary of the budget highlights are attached. 2014 Federal Budget Commentary

  • 2013 Federal Budget Commentary

    The attached PDF provides commentary on the 2013 Federal Budget released on March 21st, 2013. 2013 Federal Budget Commentary

  • Ontario Tax Credit Changes

    In the past we have received refundable tax credits from the Ontario government for Sales Tax, Rent and Property Tax.  These will no longer be paid to you on your tax return.  The Ontario government will now calculate these credits separately and if you qualifity will pay them to you directly, in quarterly payments commencing in July […]

  • Deduction of legal fees in a relationship breakdown

    In a recent tax court case, the court allowed a deduction for legal fees where the taxpayer made a bona fide claim for child custody which had a reasonable prospect of success.  The taxypayer did not get custody, and ended up paying support.  Because of the the application for custody, the legal expenses were allowed.  (Trignani vs […]

  • Beneficial Ownership – Change of Title on Property

    A recent technical interpretation by CRA notes that were there is a change in legal title on a property – in this case where the parent has title to an adult childs property (the beneficial ownership was with the child) – when the property title is transferred to the child no capital gain would be triggered.  It is […]

  • Tax Time Deadline Reminders

    Tax time is almost upon us.  Some important deadlines include; Most T’slips must be in the mail by February 28th – However keep in mind that if you have investments in mutual funds or trusts (T3’s) , or you have invested in limited liability partnerships (t5013’s) , they are not due to be mailed to you until March 31st!  So be sure […]

  • ON – CRA Issues Information Notice on HST and Housing Sales

    On July 1, 2010, Ontario will merge its provincial retail sales tax with the federal goods and services tax, to create a harmonized sales tax for the province. The Canada Revenue Agency recently issued a GST/HST Notice that reviews, in a question-and-answer format, the impact of the change on new housing rebates and sales of new […]

  • ON – Ontario Issues General Transitional Rules for Harmonized Sales Tax

    The Ontario Ministry of Revenue has issued the general transitional rules that will apply to transactions which straddle the implementation date of July 1, 2010 for the new harmonized sales tax. Overall, the HST would apply to goods and services purchased on or after July 1, 2010. In addition, consistent with the approach used in the […]

  • ON – New HST Exemptions Announced

    The Ontario Ministry of Revenue has announced that, when the harmonized sales tax is introduced in July 2010, point-of-sale exemptions will be provided for additional products. Specifically, Ontario consumers will not be required to pay the 8% provincial component of the HST on purchases of newspapers, or prepared foods and beverages sold for a total […]