As an employer, do you give your employee a benefit, an allowance or an expense reimbursement? You have given an employee a benefit if you as an employer pay for or give something that is personal in nature directly to your employee or to a person who does not deal at arm’s length with the employee (such as the employee’s spouse, child or sibling). What is a benefit? A benefit is a good or service you give or arrange for a third party to give, to your employee such as free use of property you own. It also includes an allowance...
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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...
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Last week, Finance Minister Bill Morneau announced its intention to address tax planning strategies involving the use of private corporations. The Finance Minister also encouraged stakeholders – including the affected business communities, provincial and territorial governments, tax advisors, and other Canadians concerned about the tax system – to participate in the ongoing consultations.  Let’s review what exactly the proposed changes are: 1.    Income Sprinkling:  This involves diverting income from a high-income individual to family members with lower personal tax rates. 2.    Passive Investment Income:  This involves retaining passive investments in a corporation since corporate income tax rates are much lower than...
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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...
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