Finance Minister Bill Morneau released the 2019 Federal Budget on Tuesday, March 19th and compared with the last two years, this pre-election budget holds limited tax changes for individuals and businesses. The federal government is projecting a deficit of approximately $15 billion for fiscal year 2019 and $20 billion for the following two years.
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 GGFL’s Head of Tax Chad Saikaley agrees the system is out of date, and with legislated add-ons over the decades has become a patchwork that is inconsistent and impossible for the average informed Canadian to understand.
Fraudsters may attempt to help themselves to money in your bank account. Read one account of how easily this could happen, and why it’s important to regularly check your account online, as well as complete monthly bank reconciliations.
Life can be unpredictable. If you’re a business owner, strategic planning is a necessary part of ensuring your continued success. You want to be the one guiding where the company is going and setting the direction for the future.
Part of that planning involves having a succession plan in place so that if you become incapacitated or die unexpectedly, your loved ones are taken care of.
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.
Under new rules announced in the recent Quebec budget, certain businesses from outside the province providing goods and services to Quebec residents must register for an expanded Quebec Sales Tax (QST). Recognizing an increasing amount of online business, the Quebec government is requiring non-residents of Canada, including digital platforms, to register for the new QST.
GGFL is delighted to announce that tax and business valuation specialist Kody Wilson has joined our firm’s partner team. Kody was most recently our principal for tax and advisory services and brings invaluable tax experience to the leadership table. He also understands that the key to GGFL’s success lies not only in our professional skills but in the care we take in developing and maintaining our relationships with clients.
GGFL is delighted to announce that Jean McDonell is our newest Associate Partner, effective January 1, 2019. Jean is an expert in trust and estate planning and a member of our ever-expanding tax team. When she joined the firm on January 6, 1997, there were just five on the tax team. Today, there are 15 and growing.
The federal government introduced enhancements to the Canada Pension Plan (CPP) on January 1st, in a long-term effort to sustain the forced saving system for future retirees. The changes, to be introduced in two phases, will mean increased contributions from employers, employees, and the self-employed.
The Tax Cuts and Jobs Act (“TCJA”) signed into law on December 22, 2017, resulted in some significant changes to the U.S. income tax code. As of taxation year 2018, individuals are seeing changes in tax rates, and some changes may also impact business owners of pass-through entities and Canadian corporations.