5 Insider’s Tips on Obtaining Financing from the Bank
Posted on 2018 Apr 16 by Laura Couvrette
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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Fuller Landau Voted One of Canada’s Top Small & Medium Employers for 2018!
Posted on 2018 Apr 13 by Fuller Landau Team
Working at a mid-size company doesn’t have to translate into fewer benefits and less job security than one might enjoy at a larger company…and Fuller Landau brings this exception to life. Mediacorp Canada Inc. has named Fuller Landau as one of Canada’s Top Small & Medium Employers through an editorial competition that recognizes the country’s…
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Business Advice from a Hamilton Accounting Firm: 5 Tips for Filing Business Tax Returns
Posted on 2018 Mar 22 by Bennie Esposto
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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Advice from a Toronto Audit Firm: How Giving Back Can Help Your Business
Posted on 2018 Mar 02 by Laura Couvrette
There are many reasons for a business to engage in philanthropy: showing gratitude to the community that has contributed to your success, addressing an issue or injustice that is close to your heart, or simply to share your financial resources or time with those less fortunate, among others. However, there is a myth that philanthropy…
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Federal Budget 2018 – Refundable Dividend Tax on Hand
Posted on 2018 Feb 28 by Fuller Landau Team
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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Federal Budget 2018 – Passive Income
Posted on 2018 Feb 28 by Fuller Landau Team
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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Federal Budget 2018 – Foreign Affiliates
Posted on 2018 Feb 28 by Fuller Landau Team
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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Federal Budget 2018 – Reassessment Periods
Posted on 2018 Feb 28 by Fuller Landau Team
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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Federal Budget 2018 – Reporting Requirements for Trusts
Posted on 2018 Feb 28 by Fuller Landau Team
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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2018 Federal Budget Overview – “Equality + Growth: A Strong Middle Class
Posted on 2018 Feb 28 by Fuller Landau Team
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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