Author: Derek Wagar

4 Major Ways the Proposed Tax Changes Will Affect Small and Mid-Sized Privately-Held Businesses

Derek Wagar • September 27, 2017
Derek WagarYou’ve likely heard a lot of discussion about the government unveiling plans in July to change several aspects of how private corporations are being used for tax planning. While not all of the specific details are known, if these rules are passed they will have a significant financial impact on many small and mid-sized private ... Read More

Federal Budget 2017 – Professionals and Work in Progress

Derek Wagar • March 23, 2017
Derek WagarThe 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, ... Read More

Federal Budget 2017 – Tax Planning Using Private Corporations

Derek Wagar • March 23, 2017
Derek WagarThe 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 c ... Read More

Federal Budget 2017 – “Building a Strong Middle Class”: General Overview

Derek Wagar • March 23, 2017
Derek WagarOn March 22, 2017, the current Liberal government tabled their second Federal Budget titled “Building a Strong Middle Class.” The Budget focused on job creation and economic growth. From a tax perspective, there were no major changes to the current tax system or any changes to the corporate or personal tax rates. The Federal Budget ... Read More

Tax Consulting Insights: The Scientific Research & Experimental Development Incentive

Derek Wagar • December 12, 2016
Derek WagarThe Scientific Research & Experimental Development (SR&ED) tax credit is a federal program designed to encourage research and development (R&D) within Canadian businesses, and should be an integral part of the tax planning strategies for a wide range of companies. The initiative is administered by the Canada Revenue Agency, and is desig ... Read More