With Human Resources becoming a driving force in all successful, growing businesses, the need for a system to be the driving force has become more evident. Our Human Resource Modules cater for recording and managing of all HR related information, each module shares the data in the base module to complete the integrated Human Resource Management Cycle.
With Human Resources becoming a driving force in all successful, growing businesses, the need for a system to be the driving force has become more evident. Our Human Resource Modules cater for recording and managing of all HR related information, each module shares the data in the base module to complete the integrated Human Resource Management Cycle.
Join us to learn more about how tax reform impacts nonprofits across the industry. By Congress approving the H.R. 1 Tax Cuts and Jobs Act, it significantly alters the U.S. tax code.
End-of-year Tax Guide and Checklist for BusinessesMichael Burdick
Tax season for your business doesn't have to be scattered, painful, and time-consuming. Paro's End-of-year Tax Guide and Checklist for Businesses helps you get a handle on tax prep best practices, how your business structure impacts taxes, what you absolutely need to file taxes, and what your tax preparer needs from you.
There are a number of ways you can reduce your 2015 tax bill. From mitigating the effect of the Net Investment Income Tax to ideas for retirement and estate planning, CBIZ MHM has outlined several tips you can use for your year end planning in our 2015 Individual Tax Planning Supplement. We encourage you to carefully consider how the strategies discussed in the supplement will benefit you and your family. You can also contact your local CBIZ MHM professional for more information.
Military Families Learning Network Webinar - his 90-minute webinar will review a variety of time-tested tax and financial planning strategies including offsetting investment capital gains with capital losses, bunching itemized tax deductions, making charitable contributions, accelerating or delaying income, using up flexible savings account (FSA) balances, adjusting income tax withholding, and maximizing contributions to tax-deferred employer retirement savings plans such as 403(b) plans and the Thrift Savings Plan (TSP). This webinar is presented on behalf of the Military Families Learning Network. https://learn.extension.org/events/1675
This popular session returns in 2015 with 12 new great ideas. There are a number of incentives out there for companies and individuals alike that, unless you are looking specifically for them, they may be overlooked.
Super Reforms – The changes and what you need to doChris Reed
Chris Reed, SMSF specialist adviser, with Business Concepts Group goes through all the super changes, and what you need to do, as well as strategies and opportunities that you may want to take advantage of.
2016 Australian Federal Budget OverviewHill Rogers
Hill Rogers' Director's Andrew Lam and Garvin Jones present a summary of the major announcements and changes in the 2016 Australian Federal Budget from a Taxation and Financial Reporting perspective.
During this webinar we will review the current status of the tax world for both business and personal tax. This webinar will dive into how we got to where we are at, what is going on now, and where we might be headed in 2017 and beyond. This presentation will also highlight new, proposed tax reform plans, how they differ from the current plans, and how they might impact both business and personal income tax.
Doing Business in Canada - What you Need to KnowWelch LLP
Are you based in another country and thinking about expanding your business into Canada? Looking to understand the legal & tax related issues? On Tuesday, February 25th, 2014, highly experienced professionals Mona Tessier, Don Scott, & Jamie Hollingworth provided 60 minutes of detailed advice for how to conduct business in Canada.
To view this Welch LLP webinar (and others), click here: http://www.welchllp.com/resource-centre/videos/webinars/
Superannuation Changes Post 2016 Australian Federal BudgetHill Rogers
Garvin Jones, Director – Superannuation & Business Solutions, Hill Rogers presents the key changes to the superannuation environment including:
- Changes to contribution limits
- Superannuation pension caps
- What to watch out for during the bring forward transitional period
- Tips on how to maximise contributions in 2016/17
NCET Biz Cafe | Mike Bosma, Is My Entity Still the Right Vehicle? | Jan 2019Archersan
C Corp, S Corp, LLCs and beyond: The alphabet soup that comprises business designations can leave you with questions — lots of questions.
And that’s in a “routine” climate.
But the current business climate is anything but predictable, as tax reform has left even MORE unanswered questions. This Biz Café is here to help you rest assured that your business entity has the right designation for maximum cash flow.
Get a jump start on tax season with this presentation that will help you secure answers to your tax and deduction questions. Mike Bosma is our guest, who has been the Reno office Principal in Charge since joining CliftonLarsonAllen in January 2017. He has been in public accounting specializing in taxation for more than 24 years and is dedicated to assisting taxpayers attain higher levels of success through proactive tax planning, creative restructuring and strategic business solutions.
And he’s joining us for the January Biz Café, called “Is My Entity that I Selected Pre-Tax-Reform Still the Right Vehicle?”
Here are some questions that may just be keeping you as a business owner up at night:
• With the new 21 percent corporate tax rate, should I be a C corporation?
• How do I maximize the 20 percent 199A deduction as an S corporation?
• Should everyone be an LLC so we don’t have to pay wages?
• I am a professional services firm; how do I structure my affairs to minimize taxes?
In this Forbes Bankable webinar, tax attorney and Forbes senior editor Kelly Erb offers the tips and tools that you need to make tax season a lot less painful.
Dear All,
Attaching herewith glimpse of the Budget 2016- Indirect Tax.
We have tried to capture all relevant aspects of the Budget which may impact on day to day business activities. Rate changes attributable to individual products and services are not covered.
Any suggestions/ feedback are most welcome.
Thanks and regards,
Nilesh Saboo
Join us to learn more about how tax reform impacts nonprofits across the industry. By Congress approving the H.R. 1 Tax Cuts and Jobs Act, it significantly alters the U.S. tax code.
End-of-year Tax Guide and Checklist for BusinessesMichael Burdick
Tax season for your business doesn't have to be scattered, painful, and time-consuming. Paro's End-of-year Tax Guide and Checklist for Businesses helps you get a handle on tax prep best practices, how your business structure impacts taxes, what you absolutely need to file taxes, and what your tax preparer needs from you.
There are a number of ways you can reduce your 2015 tax bill. From mitigating the effect of the Net Investment Income Tax to ideas for retirement and estate planning, CBIZ MHM has outlined several tips you can use for your year end planning in our 2015 Individual Tax Planning Supplement. We encourage you to carefully consider how the strategies discussed in the supplement will benefit you and your family. You can also contact your local CBIZ MHM professional for more information.
Military Families Learning Network Webinar - his 90-minute webinar will review a variety of time-tested tax and financial planning strategies including offsetting investment capital gains with capital losses, bunching itemized tax deductions, making charitable contributions, accelerating or delaying income, using up flexible savings account (FSA) balances, adjusting income tax withholding, and maximizing contributions to tax-deferred employer retirement savings plans such as 403(b) plans and the Thrift Savings Plan (TSP). This webinar is presented on behalf of the Military Families Learning Network. https://learn.extension.org/events/1675
This popular session returns in 2015 with 12 new great ideas. There are a number of incentives out there for companies and individuals alike that, unless you are looking specifically for them, they may be overlooked.
Super Reforms – The changes and what you need to doChris Reed
Chris Reed, SMSF specialist adviser, with Business Concepts Group goes through all the super changes, and what you need to do, as well as strategies and opportunities that you may want to take advantage of.
2016 Australian Federal Budget OverviewHill Rogers
Hill Rogers' Director's Andrew Lam and Garvin Jones present a summary of the major announcements and changes in the 2016 Australian Federal Budget from a Taxation and Financial Reporting perspective.
During this webinar we will review the current status of the tax world for both business and personal tax. This webinar will dive into how we got to where we are at, what is going on now, and where we might be headed in 2017 and beyond. This presentation will also highlight new, proposed tax reform plans, how they differ from the current plans, and how they might impact both business and personal income tax.
Doing Business in Canada - What you Need to KnowWelch LLP
Are you based in another country and thinking about expanding your business into Canada? Looking to understand the legal & tax related issues? On Tuesday, February 25th, 2014, highly experienced professionals Mona Tessier, Don Scott, & Jamie Hollingworth provided 60 minutes of detailed advice for how to conduct business in Canada.
To view this Welch LLP webinar (and others), click here: http://www.welchllp.com/resource-centre/videos/webinars/
Superannuation Changes Post 2016 Australian Federal BudgetHill Rogers
Garvin Jones, Director – Superannuation & Business Solutions, Hill Rogers presents the key changes to the superannuation environment including:
- Changes to contribution limits
- Superannuation pension caps
- What to watch out for during the bring forward transitional period
- Tips on how to maximise contributions in 2016/17
NCET Biz Cafe | Mike Bosma, Is My Entity Still the Right Vehicle? | Jan 2019Archersan
C Corp, S Corp, LLCs and beyond: The alphabet soup that comprises business designations can leave you with questions — lots of questions.
And that’s in a “routine” climate.
But the current business climate is anything but predictable, as tax reform has left even MORE unanswered questions. This Biz Café is here to help you rest assured that your business entity has the right designation for maximum cash flow.
Get a jump start on tax season with this presentation that will help you secure answers to your tax and deduction questions. Mike Bosma is our guest, who has been the Reno office Principal in Charge since joining CliftonLarsonAllen in January 2017. He has been in public accounting specializing in taxation for more than 24 years and is dedicated to assisting taxpayers attain higher levels of success through proactive tax planning, creative restructuring and strategic business solutions.
And he’s joining us for the January Biz Café, called “Is My Entity that I Selected Pre-Tax-Reform Still the Right Vehicle?”
Here are some questions that may just be keeping you as a business owner up at night:
• With the new 21 percent corporate tax rate, should I be a C corporation?
• How do I maximize the 20 percent 199A deduction as an S corporation?
• Should everyone be an LLC so we don’t have to pay wages?
• I am a professional services firm; how do I structure my affairs to minimize taxes?
In this Forbes Bankable webinar, tax attorney and Forbes senior editor Kelly Erb offers the tips and tools that you need to make tax season a lot less painful.
Dear All,
Attaching herewith glimpse of the Budget 2016- Indirect Tax.
We have tried to capture all relevant aspects of the Budget which may impact on day to day business activities. Rate changes attributable to individual products and services are not covered.
Any suggestions/ feedback are most welcome.
Thanks and regards,
Nilesh Saboo
Malaysian Personal Income Tax Guide 2016. This series of guides will provide you an explanation of the basics and set you up on the journey of filing your taxes.
Malaysian Personal Income Tax Guide 2016. This series of guides will provide you an explanation of the basics and set you up on the journey of filing your taxes.
Malaysian Personal Income Tax Guide 2016. This series of guides will provide you an explanation of the basics and set you up on the journey of filing your taxes.
Malaysian Personal Income Tax Guide 2016. This series of guides will provide you an explanation of the basics and set you up on the journey of filing your taxes.
Personal Finance Pyramid and Tax Deduction_Exemption FY2016_17Reena Somaiya
This deck talks about how to get a strong foundation for your personal finance using the personal finance pyramid and the individual income tax section applicable for FY 16 - 17 for tax deduction / exemption. We close with some way to optimize your tax out go.
Malaysian Personal Income Tax Guide 2016. This series of guides will provide you an explanation of the basics and set you up on the journey of filing your taxes.
This companion report to We Are Social's comprehensive new Digital in 2016 report presents headline internet, social and mobile data for 232 countries around the world. Each country snapshot is presented as its own infographic, ready to be copy-pasted direct into your own presentations or web content. For a more insightful analysis of the numbers in this report, please visit http://bit.ly/DSM2016ES.
This presentation discusses the American Taxpayer Relief Act of 2012, better known as the “fiscal cliff” legislation, extended many key tax provisions from the Bush era for both individuals and businesses. Also addressed were the key tax provisions contained in this Act as well as a number of other tax planning issues that you should be aware of this year.
This presentation was part of a CPE webinar. Full details at http://www.macpas.com/webinar-recap-2013-tax-update/.
More info at www.macpas.com
2016 Federal Budget - Strategies for financial advisersnetwealthInvest
Following the announcement of the 2016 Federal Budget, netwealth's Technical Services team analysed the proposed legislative changes and developed some possible strategies for financial advisers to use with their clients.
Canadian Tax Insights: How High Net Worth Investors Should Navigate Today’s T...Nicola Wealth
In this webinar, Nicola Wealth CEO, John Nicola will address timely taxation topics to help you understand the developments in Canadian tax policy in relation to the taxation of homes, wealth, capital gains, and marginal tax rates. John will further prepare you to navigate the current tax environment by reviewing several tax planning options available to you and how these strategies integrate with overall portfolio design.
Testimony: Kansas Tax Modernization: A Framework for Stable, Fair, Pro-growth...Kevin Kaufman
Testimony to: Kansas’ Senate Committee on Assessment and Taxation; and Kansas’ House Committee on Taxation
Presenting: Kansas Tax Modernization: A Framework for Stable, Fair, Pro-growth Reform
This webinar will provide you with all of the information you need to know in order to understand and implement the changes made by the Tax Cut and Jobs Act, signed into law in December of 2017. McKonly & Asbury presenters, Mark Heath – Partner, and Charlie Eisenhart – Manager, will be covering corporate tax reform including rate changes, new depreciation rules, and limitations on deductions; flow-through tax reform with a special focus on the new 199A deduction; as well as the changes affecting individuals, including new rate brackets and limits on itemized deductions.
Tax Changes 2013 / 2014 and Their ImpactPeter Pfister
Peter Pfister, Parter at The Curchin Group, CPAs, shares insight into the tax changes in 2013 and their future impact on businesses and individuals as well as what is likely to happen in 2014.
This presentation will be two hours in duration and will offer two CPE credits. The presentation will focus on tax law updates for both businesses and individuals that are expected to be passed. The discussion during the webinar will feature information on both sides, as they are often interdependent.
The webinar will also touch on the tax policies of some of the 2016 presidential candidates and how these policies will impact you and your organization.
The election is over - now what? We recently held free tax planning and preparation seminars discussing the tax consequences of the 2012 election.
The seminar featured Steven Hartstein, CPA, JD - Partner, and Jenna Staton, EA - Manager, and covered several topics including:
•Year end tax planning for individuals and businesses
•Year end tax planning using the estate and gift tax laws for 2012
•2013 tax law if no changes are made
•What the future holds based upon post-election Congress
If you have questions, please feel free to contact our Tax Planning & Preparation Group at 440-449-6800.
What does the budget means for you and your clients and, importantly, any tax planning opportunities for high net worth individuals and business owners.
Most observers do not believe that further curbs on public spending can reduce our debts to an acceptable level, thus suggesting that George will have to increase taxes in a way that will not hurt the average citizen. It also suggests that hopes of reforms that reduce tax yields are likely to prove unrealistic. In particular, an increase in the IHT limit (other than the promised limited relief for family homes) seems unlikely. We also expect further pain for non-doms and tax avoiders. We think that some tax relief for small businesses is likely, but as such businesses create scope for tax evasion and avoidance, we are sceptical as to how helpful these are likely to be in practice.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
how to sell pi coins in Hungary (simple guide)DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the what'sapp contact of my personal pi merchant below. 👇
+12349014282
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
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when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the what'sapp information for my personal pi vendor.
+12349014282
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the what'sapp number of my personal pi merchant who i trade pi with.
Message: +12349014282 VIA Whatsapp.
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2. Agenda
Sale of Principal Residence
Other significant tax changes
Foreign Income and Assets
Canada Child Benefit
CRA Happenings
Subhash Sharma CPA, CMA, MBA
3. Sale of Principal Residence
• Housing Property used mainly as residence
• Taxpayer or family member live in the property
• Only one property between husband, wife and minor children
• Cottage can be designated as Principal Residence
• Only one property can be designated in a given year
• Property can be outside Canada
Subhash Sharma CPA, CMA, MBA
4. Sale of Principal Residence
• Property owned by Trust; if beneficiary uses as Principal Residence
• Limitations on land associated with property
• Change of use rules; moving in or out- rental/ business
• Plus one year rule; sale and purchase of another house
• 4 year election; moving out and back
• Deemed sale upon death of tax payer
Subhash Sharma CPA, CMA, MBA
5. Sale of Principal Residence
• Common misconceptions
• Sale of house is always tax exempt
• Buy and live for one year and sell
• Gain on sale of property is always considered Capital Gain
• Partial use for business/ rental – no reporting required
• There is no GST/ HST on sale of house
Subhash Sharma CPA, CMA, MBA
6. Sale of Principal Residence – new reporting
requirement
• Sale in 2016 and beyond must be reported on tax return
• Basic information; Description, Sale proceeds and Date of purchase
• One year plus rule; not available for non residents
• Subject to audit beyond normal assessment period of three years
• Deemed sale upon death of taxpayer
• Deemed sale if there is change in use
Subhash Sharma CPA, CMA, MBA
7. Sale of Principal Residence – new reporting
requirement
• Rule changes aimed primarily on foreign investors to enhance compliance
• But can effect Canadians who
• own House and cottage or multiple properties
• if house is used partly for business/ rental
• Upon death of taxpayer
• Gain on sale is tax exempt if used as principal residence for all years
• Designation of Principal Residence by filing T2019
• Designation of PR for deceased person by filing T1255
Subhash Sharma CPA, CMA, MBA
8. Deemed Sale of Principal Residence-new
reporting requirement
Change in use
• from Principal Residence to Rental/ or Business; Whole or in part
• Principal Residence Exemption applies
• Must be reported; no tax
• from Rental/ Business to Principal Residence; Whole or in part
• Principal Residence Exemption does not apply
• Must be reported; income tax payable
Subhash Sharma CPA, CMA, MBA
9. Sale of Principal Residence- part exempt
• Capital gains
• Lived some years of total ownership
• Partly used for rental/ business
• 2nd property; cottage or rental
• Business Income
• Buy and sell; flipping
• GST/ HST on total sale price; if no one lived
Subhash Sharma CPA, CMA, MBA
10. Sale of Principal Residence- part exempt
• Taxable capital gain/ business income on non exempt part
• Portion of Sale price less portion of selling costs and Adjusted Cost Base (ACB)
• ACB; Purchase price plus closing costs plus major renovations
• Keeping track of capital improvements; bills and receipts
Subhash Sharma CPA, CMA, MBA
11. Other tax changes
• Federal Home Accessibility Tax Credits
• Eligible individuals; seniors and individuals with disability
• Up to $10,000 of renovations –mobility and safety
• $1,500 non-refundable tax credit
• Healthy Homes Renovation tax credit (Ontario) eliminated in 2017
• Family tax cut-eliminated
Subhash Sharma CPA, CMA, MBA
12. Other tax changes
• Children’s Fitness tax credit, refundable, reduced to $500 for 2016 (from
$1,000) and eliminated for 2017
• Children’s Activity tax credit (Ontario) eliminated in 2017
• Children’s Art tax credit – non refundable, reduced to $250 for 2016 and
eliminated for 2017
• Disability supplement stays $500 for both credits
Subhash Sharma CPA, CMA, MBA
13. Other tax changes
• Federal Donation tax credit; 33% on the donations up to the income taxed at
new 33% marginal tax rate; 29% of the balance donation over $200
• Education and Text books tax credits eliminated in 2017; Unused amounts from
previous years can be used in future years
• No change to tuition tax credits
Subhash Sharma CPA, CMA, MBA
14. Other tax changes
• Teacher and Early Educator School Supplies tax credit; 15% refundable credits
for supplies up to $1,000
• Flow through tax credits extended by one year
• TFSA Annual Contribution limit reduced to $5,500 (from $10,000) for 2016,
indexed to inflation each year in increments of $500
Subhash Sharma CPA, CMA, MBA
15. Other tax changes
• Labor sponsored Venture Capital Corporation (LSVCC) tax credit
• Federal tax credit 5% for 2016 (down from 10% in 2015) for investment up to $5,000.
Eliminated for 2017
• 15% tax credit for provincially registered LSVCC for 2016 and beyond
• Northern Residents deduction increased by 33% to $22 per day
Subhash Sharma CPA, CMA, MBA
16. Other tax changes
• Automobile rates
• CCA Capital cost limit $30,000 plus HST (no change)
• Maximum interest deduction on loan $300 per month (no change)
• Leasing cost limit $800 plus HST (no change)
• Tax exempt employee allowance $0.54 for first 5,000 kms and 0.48 for additional
kms
• EI Premium reduced to 1.63% in 2017 (down from 1.88% in 2016)
Subhash Sharma CPA, CMA, MBA
17. Other tax changes
• Combined marginal income tax rates in Ontario
• Decreased by 1.5% for middle class ($45,282 to $90,563)
• Decrease also applies to high income earners; graduated tax rates
• Increased by 2.44% for individuals earning $200,000 to 220,000
• Increased by 4% for individuals earning higher than $220,000
Subhash Sharma CPA, CMA, MBA
18. Other tax changes
• Highest combined marginal tax rates in Ontario
• Salary and other income 53.53%
• Capital gains 26.76%
• Dividends Eligible 39.34%
• Dividends non-eligible 45.30%
• Total tax on dividends from small business corporation 60.80%
• (45.30% on dividend plus 15.5% on Corp)
Subhash Sharma CPA, CMA, MBA
19. Other tax changes
• Ontario Retirement Pension Plan shelved
• Enhanced CPP will be implemented (proposed)
• Replace about 33% of pre-retirement income compared to about 25% now
• Raising the level of earning to 82,700 when fully implemented
• Phased increases over seven years starting Jan 01, 2019
• Contribution to Enhanced CPP will be tax deductible (vs tax credit current)
• Contribution to regular CPP will still be tax credits
Subhash Sharma CPA, CMA, MBA
20. Other tax changes
• Corporate Class Funds
• Exchange of shares within Mutual Fund Corporation will be treated as disposition at
fair market value
• May attract tax on capital gains
• Land Transfer Tax Refund for first time home buyers (Ontario)
• Refund doubled to $4,000 in 2017
• Exemption on first $388,000 of purchase price
Subhash Sharma CPA, CMA, MBA
21. Other tax changes
• Reversed:
• Previously legislated reduction of Federal income tax rate on small Business income
• Federal income tax rate on small business income subject to Small Business Deduction
will stay 10.5% for 2016 and future years; total 15.5% in Ontario
• Small Business Deduction among associated Corporations
• Anti avoidance measure to curb multiplication of small business deduction limit
among associated corporations and partnerships
• Corporations under common control deemed to be associated for SBD
Subhash Sharma CPA, CMA, MBA
22. Other tax changes
• Eligible Capital Property rules
• Intangible assets such as goodwill, trademark, patents
• rules changed to treat them as depreciable capital property
• New Class 14.1; 100% inclusion rate; 5% depreciation
Subhash Sharma CPA, CMA, MBA
23. Other tax changes
• Personal Service Business Income
• Employee leaves corporate job and becomes incorporated contractor
• Federal income tax rate increased by 5% (from 28% to 33%) to correspond with
highest marginal tax rate
• Taxation of Trusts
• Graduated tax rates similar to individuals eliminated and replaced with highest
marginal tax rate
• Exemptions:
• Graduated Rate Estate; up to 36 months after death of taxpayer
• Qualified Disability Trust; continue to be eligible for graduated tax rates
Subhash Sharma CPA, CMA, MBA
24. Foreign Income and Assets
• Canadian Residents have to report world wide income in Canada
• Interest (cash/ accrued), dividend, rental income and capital gains
• May or may not repatriate the cash proceeds
• Exchange rate on the day of transaction or average rate for year
• Foreign tax credit for taxes paid in foreign country which have tax treaty
• Tax return filed in foreign country and Notice of Assessment required
Subhash Sharma CPA, CMA, MBA
25. Foreign Income and Assets
• Assets over CAD 100K during the year (at cost)
• You are required to file Form T1135 each year with tax return
• Assets between 100K and 250K; simplified method
• Over 250K; Detailed reporting method
• Re-assessment period extended by 3 years from date of assessment
• Exemptions
• Property used in active business
• Personal use property
• Shares of foreign affiliate
Subhash Sharma CPA, CMA, MBA
26. Foreign Income and Assets
Form T1135; Detailed Reporting
• Funds; Name of bank, Country, max funds during year, funds end of year, income
• Shares; Name of company, Country, max cost during year, cost end of year, income,
gain/loss on sale
• Loans to non-resident; Description, Country, max amount during year, amount end of
year, income
• Real estate; details as above
• Other properties; details as above
• Shares held through Canadian Securities dealer; Name of dealer, Max fair market
value during year, fair market value end of year, income, gain/ loss on sale
Subhash Sharma CPA, CMA, MBA
27. Foreign Income and Assets
• Emigrants leaving Canada, departure tax
• Form T1161-List of properties
• Form T1243-Gain/ loss on deemed disposition of properties
• Form T1244-Election to defer tax on gain on deemed disposition
• Moving costs not deductible except for students who remain Residents
• NR73-Determination of Residency Status; recommended
• Taxes on Canadian income
Subhash Sharma CPA, CMA, MBA
28. Foreign Income and Assets
Non Residents
• Reporting taxes on Canadian income
• Non resident income tax return; employment, interest, dividend etc.
• Tax return filing not required if only NR4 slips, unless requested by CRA
• Rental income only
• NR4 Slips and Summary; 25% tax withholding on gross rent
• Section 216 tax return
• NR6 election; 25% tax withholding on net rental income
Subhash Sharma CPA, CMA, MBA
29. Foreign Income and Assets
• Sale of property by Non resident
• 25% tax withholding on Gross sale proceeds by lawyer
• T2062; Certificate of compliance; filing due within 10 days of sale
• Failure to file penalty; $25 per day, subject to $100 minimum and $2,500 maximum
• Failure to file penalty; $25 per day, subject to $100 minimum and $2,500 maximum
• Comfort letter issued by CRA
• Remit 25% of Net sale proceeds (Sale price less Purchase price) to CRA
• File Non resident income tax return to get tax credit for closing costs
Subhash Sharma CPA, CMA, MBA
30. Canada Child Benefit - CCB
• Replaces Canada Child Tax Benefit (CCTB), National Child Benefit
Supplement (NCBS) and Universal Child Care Benefit (UCCB)
• Non-taxable, monthly payment
• Eligible families; with children under 18 years of age
• Eligibility; resident Canadian, living with children
Subhash Sharma CPA, CMA, MBA
31. Canada Child Benefit (CCB)-contd.
• Max $6,400 per year ($533 per month) for each child under age of 6
• Max $5400 per year ($450 per month) for children 6 to 17 years
• Reduced after $30,000 adjusted family income
• Amounts vary depending on number and ages of children and family net income
• Ontario Child benefit maximum up to $113 per month for each child under 18
• Ontario child benefit is reduced after $20,706 family net income
Subhash Sharma CPA, CMA, MBA
32. Canada Child Benefit - disability
• Child disability benefit
• Additional monthly benefit included in CCB
• Child who qualifies for Disability tax credit
• Has filed Form T2201 Disability Tax Credit Certificate
• Up to $2,750 per year ($227.50 per month) for each child with disability
• Amounts reduced after $65,000 family net income
Subhash Sharma CPA, CMA, MBA
33. CRA Happenings
• My account; individuals
• Online mail; individuals and tax preparers
• Auto Fill My Return; tax preparers
• Client data downloaded and populated in tax software
• T Slips, RC62, RRSP, HBP, LLP, Carryover amounts, instalments
• Saving time and avoid errors; but avoid duplication
Subhash Sharma CPA, CMA, MBA
34. CRA Happenings
• Refile - tax preparers
• 2015 and 2016 tax returns
• Can e-file amended tax return vs T1 adjustment
• Only available after NOA is issued
• Can not refile if reassessment in progress
• Can not use for Canada Child Benefit
• Can not use for Disability tax credit
Subhash Sharma CPA, CMA, MBA
35. CRA Happenings
• Accelerated Notice of Assessment
• Direct in the tax software; next day
• No paper copy mailed to taxpayer
• Improving tax compliance
• $444 Million allocated over 5 years; enhance CRA efforts to combat tax avoidance;
goal; recover over 2.6 billion dollars over 5 years
• $351 million over 5 years to improve CRA ability to collect outstanding taxes; goal 7.4
billion dollars over 5 years
Subhash Sharma CPA, CMA, MBA
36. CRA Happenings
• Review and audit activity
• Pre-assessment review; credits and deductions; prior to issuing NOA
• Processing review; after NOA; Aug to Dec
• Matching program; filed information compared with 3rd party information
• Targeted reviews; based on complex scoring criteria
• Special assessments; detailed examination of tax returns; trends
Subhash Sharma CPA, CMA, MBA
37. CRA Happenings
• Risk items
• Employment expenses; Form T2200 not approved
• Public transit; single ride
• Moving expenses; strict eligibility criteria
• Medical expenses for dependents; proof of payment by taxpayer
• Donations; official receipts, duplicate receipts, pledge, foreign donations
• Foreign tax credit; Tax Return and Notice of Assessment
Subhash Sharma CPA, CMA, MBA
38. CRA Happenings
• Preauthorized Debit Agreement
• for one time payment of tax
• tax preparers
• BEPS; Base erosion and profit shifting arrangements
• Country by country reporting; Transfer Pricing Rules
• Exchange of information with other tax administration
Subhash Sharma CPA, CMA, MBA