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Person earning tax-free income

July Tax News: Earning tax-free income, GST-HST quirks–and more

WOULD YOU LIKE SOME TAX-FREE INCOME? There are several kinds of income and  benefits that are not subject to tax under the Income Tax Act. To the extent you can get any of these, you won’t need to pay tax on the income, or, in many cases, even report it. Here are some of the […]

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 […]

Parliament Hill where 2023 Fall Economic Statement was delivered

2023 Fall Economic Statement runs counter to Ottawa’s claims of fiscal prudence

In the 2023 Fall Economic Statement  tabled yesterday, the federal government was keen to boast about maintaining its ‘fiscal anchor’—the budget guardrails that seek to limit spending and deficits. Yet its recent policy commitments suggest otherwise. With debt-servicing costs skyrocketing, the fiscal picture is anything but pleasant. While the 2023 Fall Economic Statement is light […]

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 […]