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credit card debts

September tax news: Why you can be liable for a family member’s tax debts–and much more

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 […]

Canada Revenue Agency forms, Canadian currency, prescribed rate

Canada Revenue Agency prescribed rate holds steady for Q4 2023

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

August tax news: Shareholder remuneration, mandatory disclosure rules–and more

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 […]

Ottawa announces prescribed rate loan increase

Canada Revenue Agency prescribed rate increases for Q2 2023

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 […]

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 […]

Analyzing the 2023 Ontario budget with Toronto skyline in view

2023 Ontario budget warns of economic uncertainty as province’s fiscal health improves

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 […]

Fall Economic Statement discussed in Toronto business district

Fall Economic Statement 2022 pledges fiscal responsibility while delivering new spending

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 […]

disability parking space

October tax news: Qualified disability trusts, gifts of property–and more

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 […]

Farming fuel tax credit

July tax news: Farming and air quality tax credits, taxation of accounts receivable–and more

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 […]