Topic: Blog

5 Insider’s Tips on Obtaining Financing from the Bank

Posted on 2018 Apr 16 by

As an audit firm, we are always advising our clients on when they should seek financing and how best to approach lenders. The reasons a business should seek financing will vary, and include supporting growth or expansion, ensuring sufficient working capital, mitigating cash flow fluctuations, dealing with emergency expenses, purchasing or replacing equipment, and hiring…

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Business Advice from a Hamilton Accounting Firm: 5 Tips for Filing Business Tax Returns

Posted on 2018 Mar 22 by

Ben Franklin famously said that “nothing is certain but death and taxes”. We’ve already explored how to prepare your business for future succession, in a series of posts (ownership transitions, management transitions, and formalized corporate governance), so now it’s fitting that we offer tips to help you to prepare for business taxes. Tax-time can be…

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Did You Know...

Federal Budget 2018 – Refundable Dividend Tax on Hand

Posted on 2018 Feb 28 by

The February 27, 2018 Federal Budget proposes changes to the refundable dividend tax on hand (RDTOH) regime. Currently, the goal of the Canadian tax system is to achieve integration between the shareholder and the private corporation. Generally, this means that no matter how income is taxed in the corporation, by the time the income is in…

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Passive Income

Federal Budget 2018 – Passive Income

Posted on 2018 Feb 28 by

One of the most anticipated aspects of the 2018 Federal Budget was the changes to the taxation of passive investments held within a private Canadian owned corporation. The Budget release, to much relief, has proposed a simplified approach for the taxation of passive income earned inside a private corporation. The new proposed measures will be…

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Foreign Affiliates

Federal Budget 2018 – Foreign Affiliates

Posted on 2018 Feb 28 by

The February 27, 2018 Federal Budget announced several proposed changes with respect to foreign affiliates (non-resident corporations in which the taxpayer has a significant interest). Here’s what you need to know: Filing deadline Currently, the filing deadline of the Form T1134 “Information Return Relating To Controlled and Not-Controlled Foreign Affiliates” with respect to foreign affiliate(s)…

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Reassessment Periods

Federal Budget 2018 – Reassessment Periods

Posted on 2018 Feb 28 by

The February 27, 2018 Federal Budget proposes several changes to the reassessment periods, in specific situations, as follows: Reassessment Periods – Foreign Affiliates When a taxpayer files an income tax return for a taxation year, CRA is required to perform an initial assessment of tax payable. For most taxpayers with foreign affiliates, CRA generally has…

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Reporting Requirements for Trusts

Federal Budget 2018 – Reporting Requirements for Trusts

Posted on 2018 Feb 28 by

As laid out in the 2018 Federal Budget, certain trusts will be subject to new reporting requirements such as disclosing the identity of all trustees, beneficiaries, and settlors of the trust, as well as the identity of each person who has the ability of controlling how the trustees are to distribute the trust income and/or capital amongst…

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Federal Budget

2018 Federal Budget Overview – “Equality + Growth: A Strong Middle Class

Posted on 2018 Feb 28 by

On February 27, 2018, the Honourable Bill Morneau, Minister of Finance, released the 2018 Federal Budget, “Equality + Growth: A Strong Middle Class“. The highly anticipated Budget forecasts a $19.4 billion deficit for fiscal 2017-18, an $18.1 billion deficit for 2018-19, and a $17.5 billion deficit for fiscal 2019-20. As expected, there were changes to the…

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