There are a number of changes that have taken place when we rang in the new year a few days ago in terms of taxes, laws and wages. Here are some of the most significant changes:- Starting 2018, the small business tax rate dropped from 10.5% to 10%.- EI premiums have slightly increased by about $6 in new costs for the average worker and $13 per employee for the average employer.- 2018 marks the return of the sponsorship program after closing down due to backlogs.- Ontario's minimum hourly wage increase took effect last January 1, 2018 from $11.60 to $14.- Alberta's...
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CRA recently announced changes to the Voluntary Disclosures Program (VDP) to tighten the eligibility criteria to access the program. Starting March 1, 2018, a limited program will apply to taxpayers who have intentionally avoided their tax obligations. The CRA will determine if a taxpayer has intentionally avoided their tax obligations by considering a number of factors such as whether efforts were made to avoid detection through use of offshore vehicles or other means, total dollar amounts involved, number of years of non-compliance, etc. This limited program will also cover corporations with gross revenue in excess of $250 million who will apply...
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The Department of Finance recently announced the income tax deduction limits and expense benefit rates applicable in 2018 when using an automobile for business purposes. Most limits from 2017 will remain in effect in 2018. These limits include: 1. The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes will remain at $30,000 (plus federal and provincial or territorial sales taxes) for purchases after 2017. 2. The maximum allowable interest deduction for amounts borrowed to purchase an automobile will remain at $300 per month for loans related to vehicles acquired after 2017. 3. The limit on...
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There are certain questions that a qualified donee (such as a registered charity) must consider to be able to determine if it received a gift. If the donation is considered a gift, the qualified donee can issue a receipt to the donor. Here are the questions: Was the gift made voluntarily? A gift must be given freely. If it the gift was given because of a contractual or other obligation, then a receipt cannot be issued. Was there a transfer of property? A receipt can only be issued for a gift of property and not for a gift of service. Did...
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