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Last June 21st, 2018, the Cannabis Act received Royal Assent. The Cannabis Act aims to keep cannabis out of the hands of children and the profits away from criminals and organized crime. As many of you know already, cannabis for non-medical purposes will become available for legal retail sale in Canada on October 17, 2018. In preparation for this, the Canadian Government has released a set of proposals under Excise Act, 2001 for public consultation. These technical draft regulatory and legislative proposals will provide for the additional excise duty rates for each province or territory that has signed a Coordinated Cannabis...
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Canadians are invited to provide their comments regarding a set of draft legislative proposals relating to sales, excise and income tax measures announced in Budget 2018 that have not yet been legislated as well as one other previously announced tax measure. Proposals related to sales and excise taxes would implement measures regarding:- The excise refund in respect of diesel fuel used for certain purposes;- The GST/HST holding corporation rules;- The GST/HST rebate for printed books for qualifying public service bodies;- Reassessment periods – requirements for information and compliance orders; and- The sharing of information relating to criminal matters. The draft income...
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Records are all your accounting and other financial information documents that summarize your transactions and include the documents to support these transactions. Records include ledgers, journals, financial statements, income tax returns and sales invoices. And as a responsible taxpayer, it is your responsibility to keep them organized. All persons who have to file a tax return and those who are carrying on a business or engaged in commercial activities are required by law to keep records. These records must be reliable and complete, must include information needed to meet your tax obligations and to calculate your credits, be supported by documents...
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Most people think that tax planning is done in December, and some even go as far as planning in the following February after the tax year, and all they can do at that point is to put some money into their RRSPs. The key to successful tax planning is starting as early in the year as possible. Starting early in the year with your tax planning means you are able to accurately anticipate any or all tax consequences of your planned transactions for the year. It is important to have a tax plan in place before committing to any large transactions,...
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