YOU CAN BE LIABLE FOR A FAMILY MEMBER’S TAX DEBTS! There Beware of getting money, gifts or transfers of property from a family member, including your spouse, if that person owes (or might possibly owe) any money to the Canada Revenue Agency (CRA), for either income tax or GST/HST. The CRA has the ability to […]
The Canada Revenue Agency prescribed rate will remain unchanged at 5 per cent for the fourth quarter of 2023 (for the period from October 1st through December 31st). After increasing steadily in the wake of the COVID-19 pandemic, the rate has remained static for several consecutive quarters. The prescribed rate is based on the three-month […]
SHAREHOLDER REMUNERATION: AN OVERVIEW There are many ways a corporation can get corporate funds into a shareholder’s hands. The inevitable question is what is the most tax-efficient way of achieving this? The answer to this question will differ from corporation to corporation, depending on the source of the corporate funds, the relationship of the shareholder […]
For the fourth consecutive quarter, the Canada Revenue Agency prescribed rate has increased by a percentage point. The rate used to calculate taxable benefits for shareholders and employees from interest-free and low-interest loans is now 5 per cent—up from 4 per cent in the first quarter of the year—for the period ending June 30th, 2023. The […]
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 […]
Compared to the 2022 edition, the 2023 Ontario budget is relatively restrained in its spending commitments. That’s due in large part to what various members of Doug Ford’s Progressive Conservative government have been eager to signal in the lead-up to budget day: that we’re living in a period of economic uncertainty. Queen’s Park is pulling in […]
Inflation remains stubbornly high, holiday season labour shortages are likely to cause havoc for some businesses and the Canadian economy is probably headed into at least a minor recession in early 2023. These headwinds aside, the federal government promised another $22.1 billion in new program spending while pledging greater fiscal responsibility in yesterday’s Fall Economic […]
QUALIFIED DISABILITY TRUSTS A qualified disability trust (“QDT”) is a testamentary trust that can be set up for disabled beneficiaries who are eligible for the disability tax credit. A testamentary trust basically means a trust that is set up under your will, and takes effect after you die. You might consider setting up a QDT […]
STARTING A HOME BUSINESS Are you considering starting a home business? Here are some planning issues, tax rules and tips to keep in mind. Incorporation Many people are not clear on the difference between a business and a corporation, but the difference is extremely important, for both tax purposes and liability purposes. You can carry […]
FUEL CHARGE CREDIT FOR FARMING BUSINESSES The federal government recently introduced a refundable “return of fuel charge proceeds to farmers tax credit” to farming businesses to help them offset certain fuel charges that they incur in their farming businesses. The credit was passed into law on June 9, 2022, in Bill C-8. The credit applies […]
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