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BUDGET 2024 text on a small yellow piece of paper lying on top of the calculator.
April 17, 2024 Article

2024 Federal Budget Highlights & Commentary

On April 16, 2024, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2024 to the House of Commons. No changes were made to personal or corporate tax rates. However, the inclusion rate on taxable capital gains has been
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March 28, 2024 Article

The Bare Facts on The New Bare Trust Reporting Requirements

BREAKING: Relief for Taxpayers as CRA Cancels Bare Trust Filing Requirements for 2023. CRA announced on March 28, 2024, that Bare Trusts will not be required to file a return in in 2023. Their news release stated: The news release states “in recognition that the
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Close up of pen filing in dollar amount on cheque
January 19, 2024 Article

CRA Imposes Penalty for Cheques

If writing a cheque is your preferred method of paying CRA, you might want to rethink that approach if you owe the government $10,000 or more. In an effort to encourage more electronic payments, CRA will soon be imposing a penalty of $100 for all payments of $10,000 or
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Money transfer between US and Canada, and foreign affiliate tax traps
November 30, 2023 Article

Surplus Accounts and Foreign Affiliate Tax Traps

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,
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Illustration - calendar with December 31str circled
November 3, 2023 Article

Window Closing on Immediate Expensing Tax Incentive Program

The ‘Immediate Expensing’ tax incentive program offered by the Federal Government is coming to an end on December 31st. To help ensure that you’re making the most of this incentive, it is essential to understand the concept of immediate expensing and the
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accounting calculation
August 24, 2023 Article

Business Overhead Costs: When and Where to Cut When Sales are Slowing

While talk of a recession in Canada has waned in recent months, many small and mid-sized businesses are experiencing increasingly challenging economic conditions. In its most recent report on the state of the small business economy in Canada, accounting software
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