Library Categories Tax Planning

CRA on the Hunt for Details of Tax Delinquent US Property Owners

CRA on the Hunt for Details of Tax Delinquent US Property Owners

By Monica Martinez, CPA, CA, CPA (Illinois) The Canada Revenue Agency (CRA) is stepping up its efforts to identify Canadian residents who may have undeclared income from real estate property owned in the United States, or who have failed to disclose their US property on CRA’s Form T1135. To help track down potentially tax-delinquent US […]

Tax Payment Deadline

Tax Payment Deadline

This is an important reminder for all clients that the deadline for income tax balances owing to the CRA for 2019, as well June and September income tax instalments, is September 30th. If you do not pay your taxes by the deadline and did not file your tax return by its related deadline you will […]

Surplus Accounts and Foreign Affiliate Tax Traps

Surplus Accounts and Foreign Affiliate Tax Traps

By Eric Jungmeisteris, CPA, CA Manager, Tax & Advisory Services Canadian corporations with subsidiaries in other countries (a “foreign affiliate”) could find themselves facing a nasty surprise tax bill from the Canada Revenue Agency (“CRA”) when they transfer funds back to Canada. Aside from being located outside of Canada, a foreign affiliate is generally a […]

COVID-19, Taxes and  Office Operations

COVID-19, Taxes and Office Operations

Updated July 15, 2020 Additional COVID-19 Resources Managing Your Cash Flow During COVID-19 New Tax Filing and Tax Payment Deadlines COVID-19 – Helping Your Employees The Canada Emergency Wage Subsidy Aid for Students and the Canadian Emergency Student Benefit GGFL Service Changes Secure Document Drop-Off Signing Your Tax Return Electronically Client Safety and Care During […]

2020 Tax Facts for Ontario Residents

2020 Tax Facts for Ontario Residents

We’ve updated our Tax Facts for Ontario Residents document to include the new 2019 rates, as well as the 2018 rates.

GGFL’s “go-to” Tax Facts sheet is a quick reference guide on Ontario tax rates, including corporate income, RRSP limits, prescribed interest rates, automobile amounts, personal tax brackets for salary and dividends, TFSA, CPP and EI limits, pension splitting with spouses, Workplace Safety & Insurance Board (WSIB), and clawback of Old Age Security.

Passing the torch: The complexities of succession planning

Passing the torch: The complexities of succession planning

It is a common scenario. An entrepreneur has put their heart and soul into developing a successful business and now has some crucial decisions to make about who will run the business and how the accumulated wealth will be shared after he or she retires or dies. Succession planning is a detailed, often emotional and […]

The Management Buyout: The Paradigm shift

The Management Buyout: The Paradigm shift

It was summer 2016 when Louise Radmore, president of Ottawa commercial property management company Paradigm Properties, decided to retire and begin winding down the company she established 20 years earlier. After notifying the staff and starting to notify clients, she began her path to retirement. In only a few days, she realized that perhaps it […]