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President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017. A number of measures could result in tax increases for U.S. citizens living in Canada.

As a shareholder of a private corporation, it’s important to know the options and tax planning before you sell your shares. Planning for the structure of the sale now can result in considerable tax savings.

Following last month’s Ontario Budget Release, we’ve updated our Tax Facts for Ontario Residents document to present 2018’s current rates, as well as those proposed. GGFL’s “go-to” Tax Facts sheet is a quick reference guide on 2017-2018 Ontario tax rates.

On July 18, 2017 and December 13, 2017, the Department of Finance introduced changes to the taxation of dividends that an individual receives from a private company. Many people who receive dividends from a private company could see that income taxed at the top personal tax rate without the benefit of the personal tax credits.

GGFL’s reputation is attributed to exceptional staff providing exceptional service to our clients. We continue to invest in our tax and assurance teams to meet the demands of our clients, and are very pleased to announce the promotions of several staff members.

On December 14, 2017, the Federal Government adopted proposed changes to the rules relating to work-in-progress (WIP). As a result, professionals will no longer be entitled to elect to exclude WIP from their income.

Yesterday, Finance Minister Bill Morneau released his highly anticipated 2018 Federal Budget, geared towards equality, and being a more competitive, diverse, and inclusive country. GGFL’s main focus is on how each budget will impact our clients and their businesses. To that end, we have chosen the top five budget highlights that we feel will have the greatest impact on you in 2018.

As our work at GGFL reaches its annual peak, we are reminded how important it is for our clients to be using up-to-date software to store and transmit their financial data.

Updated, supported software means a safe and secure home for a company’s financial data. Updated software also means compatible systems, and that the marriage of your financial data with your accountant’s software is seamless and time efficient.

You’ve sold some real estate and turned a profit. Now it’s time to report the gain to the taxman. The problem is, you took back a mortgage on the sale, haven’t been paid, and the taxes on the gain are going to come out of your pocket!

Deferred revenue (or unearned revenue) and deferred contributions (and/or restricted contributions) are likely among the most difficult concepts to understand in your financial statements, yet these amounts often significantly impact your results from operations.