Queen's Park in Toronto where the 2024 Ontario Budget was presented in March

2024 Ontario Budget spends big on infrastructure as province’s fiscal health weakens

If last year’s budget was about restraint, the prevailing theme at Queen’s Park yesterday was that the $214 billion 2024 Ontario Budget  was one designed with fiscal balance in mind. Specifically, Doug Ford’s Progressive Conservatives made it clear leading up to the budget announcement that while they weren’t prepared to make particularly ambitious new spending […]

KRP LLP Partner Vincy Vuong and Director, Tax Jenya Fourman

KRP welcomes new Partner Vincy Vuong; Jenya Fourman promoted to Director, Tax

If 2023 was the year to celebrate our 50th anniversary as a firm here at KRP LLP, 2024 is about looking to new growth and development as we continue to deliver industry-leading service to our clients. It starts by celebrating two very significant promotions. We’re very proud to welcome long-time manager Vincy Vuong to the KRP […]

CRA interest rates on outstanding taxes increasing

Tax Bulletin: CRA interest rate on outstanding taxes will soon reach 10%

The period of relatively low Canada Revenue Agency interest rates on overdue taxes seems like a distant (and fond) memory. Those charges are now hitting an uncomfortably high level that creates potential new challenges for taxpayers. Beginning in January 2024, CRA prescribed interest rates on overdue or outstanding balances will climb to 10 per cent—from […]

Row of old Victorian style brick houses with gables illustrating Underused Housing Tax extended again

Important Underused Housing Tax Update: Filing deadline extended until Apr. 30, 2024

The federal government has made an eleventh-hour announcement to extend the deadline to file Underused Housing Tax returns. Ottawa today announced that homeowners who are required to file a return under the new Underused Housing Tax for the 2022 calendar year will now have until April 30th, 2024, to comply without facing additional penalties or […]

rResidential property risk from the Underused Housing Tax

April tax news: Residential property risk, bare trust dangers & taxable tips

RESIDENTIAL PROPERTY WARNING — HUGE PENALTIES!! Are you involved with a residential property that is not owned directly by a human being who is either a Canadian citizen or a permanent resident of Canada? For example: A cottage is held in a Trust, which the family patriarch set up before his death years ago, so […]

625 Cochrane Drive on KRP's anniversary

KRP LLP: Celebrating our 50th anniversary and a new office location

There are relatively few businesses that have the pleasure of celebrating a 10-year anniversary, let alone 50. We’re very proud to join that latter club as KRP LLP marks a half-century providing accounting, assurance, tax and consulting services to entrepreneurs across all industries. We’re also very excited to announce our upcoming move to a new […]

family trust

June Tax News: New trust reporting, tax planning and the CRA, why court cases matter

CRA REQUIRING ADDITIONAL TRUST REPORTING—INCLUDING BARE TRUSTS In February 2018, the federal government announced plans to require extensive tax reporting from all trusts in Canada. Trusts are used for many different reasons, such as to keep family assets private, and to protect children until they are old and mature enough to manage money wisely. But […]

Trust Reporting

No, trust reporting rules haven’t changed—yet

Canadian taxpayers would be forgiven for being at least slightly confused in recent months by the federal government’s new incoming (yet delayed) trust reporting requirements. You’ll recall that in the 2018 federal budget, Ottawa laid out plans that would require all non-resident trusts to provide additional beneficial ownership information alongside the T3 returns they are […]