News

Industry Updates

Help Save Small Businesses and jobs in Canada

Please write to the Federal Finance Minister before October 2, 2017, and voice your concerns about the proposed tax changes for small business. To assist you, we’ve developed a series of responses for business owners and professionals to send to the Federal Minister of Finance. In addition, you may also consider writing to your local Member of Parliament and the Minister of Small Business and Tourism.
Please download to give your feedback.

Dramatic Tax Changes that will Have a Negative Impact on All Small Business Owners

The proposed changes Finance Minister, Bill Morneau released on July 18, 2017 can impact future tax planning, use of family trusts, estate planning and could also have a significantly negative impact on existing retirement plans.
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Legal Rules that could affect Ontario Corporations

Effective December 10, 2016 the Business Corporations Act (Ontario) (the “OBCA”) was amended. Subsection 140(1) and section 140.1 now requires a corporation incorporated or continued under the OBCA to maintain a “register of ownership interests in land in Ontario”.
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Provincial Budget 2017

On April 27, 2017 Finance Minister Charles Sousa presented the 2017 Ontario Provincial Budget.
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Federal Budget 2017

The Federal Government presented its 2017 Budget on March 22, 2017.

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The rules of the sale of a principal residence have change.

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The Federal Government attacks structures used to multiply the small business deduction

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The New Child Benefit Program commenced in July 2016

Get the details and see who is eligible. read more…

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2015 Year-End Personal Tax Planning for 2016

December 31, 2015 is fast approaching. Now is the time to consider additional tax planning for 2015 due to the proposed 2016 budget of the newly elected Liberal government. read more…

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Charitable Organizations at risk of losing charitable status if returns are not filed

News that the Canada Revenue Agency (CRA) has revoked the charitable status of a New Brunswick non-profit underscores how vital it is for charities to file annual information returns with the agency. read more…

As we heard in the news recently Joshua Group has been providing food, clothing and activities for children in low-income households in Saint John for 7 years, but had its charitable status revoked in July, as a result of failure to file an information return with the CRA. According to the agency’s website, the charity last filed a return at the end of 2012. Even though a charitable organization doesn’t usually pay taxes – filing returns is important.

Ontario Minimum Wage Increase

Effective October 1, 2015 Ontario’s minimum wage increased from $11.00 an hour to $11.25.

Charitable Giving

Many individuals believe that only donations of cash will provide a tax donation receipt; however, there have been recent changes to what monetary donations are acceptable. read more…

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The CRA’s Annual Office Audit Letter Campaign

The Canada Revenue Agency will soon be conducting its sixth annual Office Audit Letter Campaign. In January 2015, the CRA will send educational and intent-to-audit letters to selected groups of individual taxpayers and business owners through the campaign. The campaign supports the CRA’s increased emphasis on helping individuals and small businesses to better understand their tax obligations and encouraging them to correct any inaccuracies in their past income tax and benefit returns. read more…

The CRA will send about 33,000 letters to randomly selected taxpayers who claim business or rental losses or are employees who claim employment expenses on line 229 of their tax return. The campaign is part of the CRA’s efforts to encourage voluntary compliance among groups of taxpayers who, our research indicates, may be at risk of non-compliance. The CRA gives taxpayers a chance to come forward and correct their tax affairs through My Account, a T1 Adjustment Request, or the Voluntary Disclosures Program, and taxpayers are taking advantage of these opportunities.

If you have questions or need help making changes to previously filed returns, contact Vine and Partners or go to cra.gc.ca/lettercampaign. You can also call the Individual Income Tax Enquiries line at 1-800-959-8281, or the Business Enquiries line at 1-800-959-5525.

Personal Tax Changes

Prime Minister Stephen Harper announced new measures to help make life more affordable for Canadian families. He was joined by Joe Oliver, Minister of Finance, Julian Fantino, Minister of Veterans Affairs, Candice Bergen, Minister of State (Social Development), and Stella Ambler, Member of Parliament for Mississauga South. The proposed new measures include: read more…

• The Family Tax Cut, a federal tax credit that will allow a higher-income spouse to transfer up to $50,000 of taxable income to a spouse in a lower tax bracket. The credit will provide tax relief – capped at $2,000 – for couples with children under the age of 18, effective for the 2014 tax year. Income splitting is helping seniors across the country, which is why the Government is now proposing similar relief for families.

• Increasing the Universal Child Care Benefit (UCCB) for children under age six. As of January 1, 2015, parents will receive a benefit of $160 per month for each child under the age of six – up from $100 per month. In a year, parents will receive up to $1,920

• Expanding the UCCB to children aged six through 17. As of January 1, 2015, under the expanded UCCB, parents will receive a benefit of $60 per month for children aged six through 17. In a year, parents will receive up to $720 per child.

• Increasing the Child Care Expense Deduction dollar limits by $1,000, effective for the 2015 tax year. The maximum amounts that can be claimed will increase to $8,000 from $7,000 for children under age seven, to $5,000 from $4,000 for children aged seven through 16, and to $11,000 from $10,000 for children who are eligible for the Disability Tax Credit.

Families can claim the Family Tax Cut in the spring of 2015 when they file their 2014 tax returns. They will begin to receive payments under the enhanced UCCB in July 2015. The July UCCB payment will include up to six months of benefits to cover the period from January through June 2015. The enhanced UCCB will replace the existing Child Tax Credit for the 2015 and subsequent taxation years.