Issues

Current Issues

Increased Foreign Reporting Requirements

There have been recent changes to the foreign reporting requirements for Canadian taxpayers as issued by Canada Revenue Agency (CRA). Canadian taxpayers (i.e. individuals, corporations and trusts) are required to report all specified foreign property owned during the year if the cost base of all specified foreign property exceeds $100,000 at any point during the year. Any income earned during the year from the specified foreign property must also be separately reported. This reporting is satisfied by filing Form T1135 - Foreign Income Verification Statement with your tax return.

Read more about the new foreign reporting requirements.

Charitable Giving

When we think about our estate and go through the process of drafting our wills with our lawyers, we make decisions on how our estate will be handled. This will include decisions on how our estate will be divided among our family and friends. What we may not consider is the estate tax implications of these decisions.

There are many ways of reducing the estate tax such as using a testamentary trust in our wills and/or giving to our favourite charity.

Learn how to reduce your estate taxes..

Mandatory WSIB Coverage for Construction Industry

Effective January 1, 2013, mandatory WSIB coverage is required for nearly everyone working in the construction industry. The Ontario government has changed the law to include not just workers, but business owners, too.

Learn more about the WSIB requirements.

Changes to tax treatment of Group Sickness or Accident Insurance Plans

Effective January 1, 2013, premiums paid by employers for group sickness and accident insurance plans are to be included in the employee's income as a taxable benefit. The benefits received by the employee from the benefit plan will not be taxable.

Read about what is and what is not affected.

Personal Taxes

Over the years, there is one common error that we see as we are preparing our clients' tax returns and that is the transfer of securities that are in a loss position. Do not transfer securities that are in a loss position in your non-registered investment account to your RRSP, RRIF, RESP or TFSA accounts. The loss will be denied.

Learn how you to handle the transfer of securities.

Registered Retirement Savings Plan (RRSP)

The maximum RRSP deduction limit for 2013 is $23,500. This means you need to earn $130,556 in 2012 to generate the maximum RRSP room in 2013.

Learn more about planning for your RRSP contributions.

Charitable Giving: Donations

The tax treatment for donations is very different depending whether the donation is made personally or from your corporation.

Read more about your charitable giving options.

Issues Archives

Are you thinking of taking CPP early?

The Federal Government is making changes to CPP that will affect your decision.

Learn more about the changes to the CPP.

Do not have a company pension plan?

The Department of Finance introduced legislation to implement the federal portion of the Pooled Registered Pension Plan (PRPP) framework.

Learn more about the Pooled Registered Pension Plan.

Hiring Credit for Small Business

Canada Revenue Agency provides hiring credit to small businesses as a way to stimulate new employment and support small businesses.

Learn more about the HCSB.

Accessibility for Ontarians with Disabilities Act (AODA)

As of January 1, 2012 companies with at least one employee and that provide goods and services will have to comply with the Customer Service Standards and two requirements of the Integrated Standard.

Find out if your business prepared for the Customer Service Standards and Integrate Standards requirements.