Personal taxation for families that operate a business through a Canadian Controlled Private Corporation has drastically changed since the announcement of the new Tax on Split Income (TOSI) rules for adults in July of 2017. Prior to the changes, a shareholder could receive unlimited dividends. However, under the new rules, it is very difficult to pay dividends to family members and have those dividends taxed at their marginal rates, unless they are working full-time in the business.
In December 2017, the U.S. introduced sweeping tax reforms that included the introduction of a new tax on international income called the “Global Intangible Low-Taxed Income” (GILTI).
Beginning in 2018, this tax would require U.S. shareholders of controlled foreign corporations (CFC) to include on their personal U.S. tax returns any income earned by the corporation in excess of a 10% return on the corporation’s tangible depreciable capital property. In future years, practitioners must carefully plan for the impact of this tax.
New corporate record requirements for federal companies – Register of Individuals with Significant Control
As of June 13, 2019, amendments to the Canada Business Corporation Act (CBCA) will impose more stringent recordkeeping requirements on federally incorporated businesses to improve corporate transparency and help combat money laundering.
Federal corporations will now be required to create and maintain a register of Individuals with Significant Control (ISC Register). The ISC Register must include information about individuals who own, control, or direct a significant number of shares of the corporation, or otherwise have significant influence over the corporation.
There are two things that employees dislike: Change and things that stay as they are. So said Future of Work author Eric Termuende, guest speaker at GGFL’s second annual Beyond the Numbers event, held at Dow’s Lake on May 22.
GGFL invited Termuende to give our business clients the opportunity to hear his views on how to address the talent shortage – a situation many employers consider to be a crisis.
The City of Ottawa remains in a state of emergency for floods. It is advising property owners to keep sandbag walls in place until further notice.
GGFL is now offering Audit Shield, a service designed to give fee protection to clients whose tax returns result in an audit, or other follow-up inquiry, from the Canada Revenue Agency (CRA) and provincial tax authorities.
While we do everything we can to protect your information, we also know that email is increasingly vulnerable to attack. Since the information we share is highly sensitive, our standard policy is to only share electronic files through ShareFile. Find the answers to questions you may have about our new file-sharing portal.
This document provides the basics of ShareFile to help you get started accessing, downloading and uploading files faster.
This guide provides the basics of ShareFile to help you get started accessing, downloading and uploading your files faster. Read on for a step-by-step guide on using our new file-sharing portal
A new report from CPA Canada, released in advance of the federal budget, says that a review of Canada’s tax system should focus on making the tax system simpler, fairer, more efficient, and internationally competitive. Canada’s last major overhaul of tax law was in the pre-internet days of 1972. GGFL’s Head of Tax Chad Saikaley agrees the system is out of date, and with legislated add-ons over the decades has become a patchwork that is inconsistent and impossible for the average informed Canadian to understand.