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 […]
SHOULD YOU FILE YOUR INCOME TAX RETURN IF YOU CAN’T PAY? Suppose you are (or your corporation is) ready to file your income tax return, or a GST/HST return, by the filing deadline (which might be, say, April 30 or June 15). But you don’t have enough money to pay the balance. Should you file anyway? We […]
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 […]
The federal government announced this week that the repayment deadline for interest-free loans qualifying for partial loan forgiveness under the Canada Emergency Business Account (CEBA) program—a relief benefit designed to aid struggling organizations during the coronavirus pandemic—has been extended. Eligible small businesses and not-for-profits that took CEBA loans of as much as $60,000 will now […]
Every year we have the opportunity to welcome new team members to the KRP LLP family. And every year we’re reminded of the wealth of talent across Canada’s accounting industry—not to mention the passion and commitment to service excellence that these young professionals bring to our firm and our sector. Their dedication is truly inspiring. […]
HOW OPTIONS ARE TAXED An option to purchase a property, as the term implies, provides the holder of the option an optional right to purchase the property. The option is referred to as a call option. The purchase price under the option is sometimes called the exercise price or strike price. Conversely, an option to […]
Ontario’s Fall Economic Statement, released late last week, was clearly drafted with the province’s upcoming spring election in mind. With a focus on infrastructure and economic development, the statement is aimed at positioning the Progressive Conservatives as the party focused on economic growth, which is their traditional political wheelhouse. But it was also a decidedly […]
Business owners are an optimistic lot. They take extraordinary risks to conceive, build and grow their companies. They don’t take ‘no’ for an answer. They persevere even when the odds tower against them. Yet even the most tenacious entrepreneurs can see the economic risks ahead—and it’s putting a damper on their post-pandemic recovery plans. The […]
TRANSFERRING SHARES TO AN RRSP Should you transfer shares that you already own to your RRSP? The prospect can be attractive. The shares you transfer are considered a contribution to your RRSP. If you have unused RRSP contribution room, you can thus get a substantial tax deduction for shares that you already own. If […]
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 […]
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