Corporate Taxes

Providing Supplies to your Contractors

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Improper bookkeeping may open you up to an audit not just on the errors but ALL expenses. Providing supplies to independent contractors is a dangerously thin line. Make sure you’re on the right side.

Travel Allowances

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Structure compensation for the employment use of an employee’s vehicle carefully to ensure that any allowance received will not be taxable to the employee. A taxable assessment after the fact can create significant employee/employer issues.

Rental Properties – Major Repairs

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In a February 11, 2021 Tax Court of Canada case, the deductibility of rental expenses for a condo unit that underwent major repairs was considered. CRA said no, but what did the courts say?

Beneficial Ownership of Corporations

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There is a global trend emerging focused on requiring corporations to disclose the identity of their beneficial owners. Beneficial owners are generally individuals that either directly or indirectly exercise ultimate ownership or control over a corporation.

Wage and Rent Subsidies – Update

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On March 3, 2021, the Department of Finance announced details on the Canada Emergency Wage Subsidy (CEWS) and Canada Emergency Rent Subsidy (CERS) for the March 14 – June 5 periods. Later, the Federal Budget (April 19, 2021) announced an extension of these programs to September 25, 2021.

Capital Asset Write Off

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An immediate full write-off of many capital assets may provide an incentive to acquire capital assets. Do you qualify?

Loans from Family Corporations

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Advice should be sought if you currently have, or are considering, personal loans to a shareholder of a corporation, or a family member.

Carbon Tax

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As of April 1, 2019, a federal carbon tax is scheduled to be imposed in respect of Ontario, New Brunswick, Manitoba, and Saskatchewan. Other provinces have some form of this already in place. This may affect your business more than you know; reach out to us to see how you can mitigate any loss in income.

Accelerated Depreciation

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Recent changes to the 2019 tax year include immediate full depreciation in respect of manufacturing & processing assets, along with clean energy generation and storage assets. Also, an enhanced first year depreciation claim is now available for most other depreciable assets. Should you do the Accelerated Depreciation or stick to the old method?