Subscribe to this list via RSS Blog posts tagged in 2017
In this second part of our blog series, we are looking further into the last 2 proposed measures to address income sprinkling.  1.    Constraining multiplication of claims to the lifetime capital gains exemption (LCGE): The Government is concerned with the use of family trusts to facilitate arrangements under which the LCGE limits of multiple family members of a family may be used to reduce capital gains tax.  There are 3 proposed measures to address LCGE multiplication. -      Individuals would no longer qualify for the LCGE in respect of capital gains that are realized, or that accrue, before the taxation year in...
Continue reading
Rate this blog entry:
0
For the past few weeks, we’ve already covered a lot of the developments surrounding the latest Government announcement regarding their proposed changes to address tax planning strategies used by private corporations.  As promised, we will look into each tax planning strategy to let you know more about what exactly these proposed measures entail. We’ll start with the first tax planning strategy which is Income Sprinkling. According to the Department of Finance, income sprinkling describes a range of tax planning arrangements that result in income that, in the absence of the particular arrangement, would have been taxed as income of a high-income...
Continue reading
Rate this blog entry:
0
In light of last month’s announcement regarding proposed tax measures to address the tax planning strategies used by private corporations by the Department of Finance, we are focusing most of our blogs on this matter.  When this announcement came out, we knew that the proposed changes will affect many business owners.  Many of the small business owners will most likely pay higher taxes in the years to come if these proposed measures to address the 3 common and for now, legal tax strategies are implemented.  If you are one of these business owners who will be affected, please do read on...
Continue reading
Rate this blog entry:
0
Currently, the CRA is proposing some changes to narrow the eligibility for the Voluntary Disclosure Program and impose additional conditions on applicants. The most significant change is to offer less generous relief in certain circumstances.  Major cases of non-compliance that are disclosed will not receive the same level of relief as they would through the current program.  Other measures are being proposed to the Voluntary Disclosure Program include: -      Require the payment of the estimated taxes owing as a condition of qualifying for the program; -      Exclude applications that involve transfer pricing and applications from corporations with gross revenue in excess...
Continue reading
Rate this blog entry:
0
Subscribe

If you have a question about one of our products or services, please do not hesitate to contact us!
Please Enter Your Name
Please Enter A Valid Email
Please Enter Your Phone Number
Please select your preferred method of contact.
Refresh Please letters shown!

KD Professional Services
Monday-Friday 9am- 5pm
102, 221 18th Street SE
Calgary, AB, T2E 6J5

403-219-0602
403-219-0603

Read our Tweets