A new Canada Revenue Agency (CRA) directive is about to make it much harder for entrepreneurs to correct legitimate tax errors without significant repercussions. The CRA recently proposed changes to the Voluntary Disclosure Program (VDP), an initiative that allows taxpayers to correct mistakes or oversights on their Canadian tax returns, or make new submissions, for […]
As Finance Minister Bill Morneau wrapped up his cross-country ‘listening tour’ to gauge Canadians’ reaction to proposed federal tax changes this week, it would have been easy to confuse the minister’s message. He has made it clear the federal government is determined to promote greater fairness across the tax system, levelling the playing field for […]
Canadian entrepreneurs are some of the best in the world when it comes to starting, managing and growing their small to medium-sized businesses. But most have little or no accounting experience, particularly in the start-up years when their energy is focused on making their company a success. All too often this results in avoidable–and potentially […]
The Federal Government’s 2017–18 Budget gives Canadians a taste of what they might expect over the next couple of years: attempted efficiencies, closed tax loopholes, steady deficits, and a touch of caution. Budget 2017 outlines only $200 million in net new spending, but also an increase to the deficit of more than $5 billion for […]
Political instability, tumbling currency values, economic uncertainty—they’re common reasons why high net-worth foreign investors often try to extract funds from their home countries and search for financial refuge elsewhere. Many look to Canada as that safe-haven. Why? Put simply, our $1.6 trillion economy is one of the largest and most stable in the world. The […]
Kestenberg Rabinowicz Partners LLP saying goodbye to one of its Iongest-serving and most highly respected partners. Harris Kligman, who was brought on board to build and grow our tax department, has formally announced his retirement from KRP after an illustrious 25-year career. Harris has worked with organizations ranging from sole proprietorships to major corporations during […]
Entrepreneurs hoping that Canada Revenue Agency would eventually ease its audit-focused crackdown after a recent uptick in enforcement activity may be dismayed to learn that the exact opposite is playing out. In fact, the agency is becoming even more targeted and aggressive in its activities. What we’re seeing now are a new range of enforcement […]
A change to the treatment of eligible capital property (ECP) for Canadian-controlled private corporations (CCPCs) could have a significant impact on business owners planning a sale of their business in the next year. That is, of course, unless they act now to take advantage of the existing tax rules. Before we explore these changes, let’s […]
The stream of fraudulent ‘Canada Revenue Agency’ (CRA) calls continues. After notifying entrepreneurs just last year about a spate of bogus phone solicitations and threats from callers purporting to be CRA representatives, it’s clear that the fraudsters are up to their old tricks again. Last week one of our clients received a call claiming to […]
Key themes from the 2016 federal budget: Economic growth, job creation and a strong middle class When the new government said last year that it would return Canada to deficits, few expected the numbers to jump to nearly $30 billion this year and next, adding $100 billion in debt over the next five years. But […]
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