Posts By: Raffaele Ruberto

Work in Progress

Federal Budget 2017 – Professionals and Work in Progress

Posted on 2017 Mar 23 by

The Federal Budget tabled on March 22, 2017 proposed the elimination of a tax deduction related to professionals and work in progress. Work in Progress Revenue for Certain Professionals Generally speaking, unbilled work in progress (WIP) must be included in computing income for tax purposes. However, certain designated professionals (i.e. lawyers, dentists, medical doctors, chiropractors, veterinarians, and…

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Federal Budget 2017 – Tax Planning Using Private Corporations

Posted on 2017 Mar 23 by

The Federal Budget of March 22, 2017, announced the government’s intention of creating a tax system which promotes fairness amongst the Canadian middle class. Tax Planning Using Private Corporations The government has indicated its concern with a number of tax reduction strategies currently being implemented by high-income earners and their corporations, who may be gaining…

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