business people at an office

Positioning your organization for post-pandemic growth

And now comes the hard part. As the acute phase of the COVID-19 crisis slowly winds down across Canada and business begins to return to normal—albeit very slowly in provinces such as Ontario—leaders are finally able to take a deep breath, survey the financial damage and prepare for the post-pandemic recovery. Others may conduct the […]

KRP client portal

Introducing the new KRP client portal

After extensive development and customization, we’re pleased to introduce the new KRP client portal . The system is designed to enhance our client service experience, making it easier to review accounting and tax-related files in a consolidated, user-friendly dashboard. We believe that collaboration and communication are a key aspect of any successful partnership—which is how […]

May tax news: Estate strategies, tuition tax credits–and more

ESTATES AND THE “PIPELINE” STRATEGY When a person dies, they are deemed to dispose of most of their capital properties at fair market value. This deemed disposition may trigger capital gains or losses, depending on the tax cost of the properties relative to their current fair market value. The person who acquires the property as […]

parliament of Canada

Federal Budget 2021 extends COVID-19 supports, introduces new taxes

Federal budget 2021, the first federal budget in two years, was tabled yesterday amid doom and gloom predictions of increases in the capital gains rates, taxation on the sale of principal residences, and a range of other tax increases to pay for COVID-19 relief programs. The worry proved to be all for naught—at least for […]

Canada Revenue Agency

March tax news: CRA red flags, a Netflix tax—and more

TEN COMMON TAX MISTAKES What are the most common areas where Canada Revenue Agency auditors find errors that they can assess? Here are some of the most common tax problems or mistakes that people make, and for which tax assessments or reassessments may be issued. Watch out for them! Meals and entertainment: If you are […]

2021 Ontario budget offers billions in relief for hard-hit businesses

Ontario Finance Minister Peter Bethlenfalvy promised to table a provincial budget that would do what it takes to carry the province through the final stages of COVID-19—and the 2021 Ontario budget lives up to the promise of continued major spending commitments. The proposed package would see Queen’s Park spend $173 billion in 2021-22, up from […]

Ottawa won’t require some self-employed Canadians to repay CERB

In the face of widespread confusion, complaints and a looming class action lawsuit, the federal government has changed course, cancelling plans to require some self-employed individuals to repay the Canada Emergency Response Benefit (CERB) funds they received at the height of the COVID-19 crisis. Controversy erupted late last year when the Canada Revenue Agency informed […]

February Tax News: Income splitting, car expense limits–and more

INCOME SPLITTING AND ATTRIBUTION RULES The Canadian income tax system employs a graduated tax rate system, which means that the higher your taxable income, the higher tax rate or tax bracket that applies to the income. As such, if you are in a high tax bracket and a family member is in a low tax […]

Introducing KRP LLP’s newest partner, Cecily Huang

On the heels of long-time partner Marshall Egelnick’s retirement after a more than 40-year career with our firm, we’re thrilled to announce a dynamic new addition to our leadership team. Cecily Huang is now a member of the KRP LLP partnership group. Huang has been a key member of the KRP team for more than […]

Marshall Egelnick, our partner and friend, announces his retirement

The New Year brings with it a change in the leadership ranks here at KRP. After 40 years as an integral member of our management team, our friend and colleague Marshall Egelnick is calling it a career. Egelnick replaced Founding Partner Ralph Rabinowicz (since retired) as Managing Partner in 2014, and in early 2020 was […]