An Update on the Proposed Changes to the Taxation of Private Corporations and Shareholders

On July 18, 2017 the Government introduced proposed amendments to the Income Tax Act (Canada) (the “Act”) that will have a profound impact upon the taxation of private corporations and their shareholders. We previously summarized these proposals in our Proposed Changes to the Taxation of Private Corporations and Shareholders newsletter of September 7, 2017. The […]

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Changes to the Small Business Deduction for 2017

The Small Business Deduction (“SBD”) provides for a reduction in the rate of corporate income taxes payable on the first $500,000 of active business income earned by Canadian-controlled private corporations. The 2016 Federal Budget introduced changes to the Income Tax Act (Canada) intended to prevent taxpayers from multiplying access to the SBD. The changes are […]

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Proposed Changes to the Taxation of Private Corporations and Shareholders

On July 18, 2017, the Government introduced proposed amendments to the Income Tax Act (Canada) (the “Act”) that could have profound implications for the taxation of private corporations and their shareholders. The amendments are intended to address certain tax planning strategies involving the use of private corporations that the Government has portrayed as giving “unintended […]

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IFRS: Issued but Not Yet Effective

Below is a brief summary of recently issued standards that will become effective in 2018 and 2019. The adoption of these recently issued standards will involve some complexities and you may wish to contact your D&H Group LLP advisor to provide guidance and clarification. These recently issued standards, IFRS 9 – Financial Instruments, IFRS 15 […]

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Are Significant Tax Changes Coming for Private Companies and their Shareholders?

As you may be aware, the Trudeau Liberals campaigned with a promise to “cancel income splitting and other tax breaks and benefits for the wealthy.” The Government reaffirmed its commitment to this policy in the most recent Federal Budget, released March 22, 2017, stating it was reviewing certain tax planning strategies using private corporations. The […]

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New Rules for Inter-Corporate Dividends December 2016

Recently enacted changes to Canada’s Income Tax Act (the “Act”) have important implications to recipients of intercorporate dividends. The new provisions will increase the risk that all or part of what would otherwise be a tax-free intercorporate dividend will be converted into a taxable capital gain to the corporation receiving the dividend. Dividends paid to […]

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Year End Tax Planning

Business Report Year End Tax Planning November 2016 As we approach the end of the year, it is time to consider some tax planning opportunities that may be available to you for 2016. We have provided you with a few items that may be applicable in your certain circumstance. Keep in mind that the planning […]

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2016 Federal Budget Commentary

Theme: Economic growth, Job creation, Strong middle class When the new government said last year that it would return Canada to deficits, few expected the numbers to jump to nearly $30 billion this year and next and add $100 billion in debt over the next five years. But lower-than-expected revenues have forced the government’s hand, […]

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2016 B.C. Budget Overview

The B.C. Government released its Provincial Budget on Tuesday, February 16, 2016. Minister of Finance Michael de Jong projected a surplus of $ 377 million in the 2015/2016 fiscal year, followed by surpluses of $ 264 million in 2016/2017, $ 287 million in 2017/2018, and $ 373 million in 2018/2019. The following is a summary […]

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Goods & Services Tax Tips October 2015

As fall arrives and the rain must come after a hot dry summer, we thought it would be a good time to give you some tips related to the Goods & Services Tax (“GST”). Recent GST Audit Activity Many of our clients are being asked by Canada Revenue Agency (“CRA”) to provide documents to support […]

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