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Public holiday pay calculation will be reverted to the old formula

Friday, May 18th, 2018

Public holiday pay calculation will be reverted to the old formula

Posted in Accounting News, Employment Law Update Comments Off on Public holiday pay calculation will be reverted to the old formula

Update of WSIB penalties

Monday, January 15th, 2018

New employer late reporting penalties under the Workplace Safety and Insurance Act (WSIA) came into effect on January 1st.  Employers who take more than 30 days to report an accident to the WSIB will be fined $1,000.  Additional administrative penalties of $250 will continue to be separately applied for incomplete reporting, failing to use an appropriate reporting form, and failing to give the worker a copy of the completed Form 7.

Also as of January 1st, employers who are determined by the WSIB to have engaged in claim suppression may be charged an administrative penalty of $5,000 for each of the first three occurrences, $7,500 for each of the next three occurrences, and $10,000 for each occurrence after that.

Failure to comply with reporting obligations and claim suppression are also offences under the WSIA. If found guilty, individuals may be fined up to $25,000 and/or imprisoned for up to six months for each offence. Corporations are liable to a fine of up to $500,000 for each offence, up from $100,000.  That would be in addition to the penalties mentioned above.

The WSIB has updated five policies to reflect these changes, and they are on the WSIB’s website under the heading “Offences and Penalties, and Employer Accident Reporting (Claims Suppression).”

The maximum fines for an offence under the Occupational Health and Safety Act (OHSA), including unlawful reprisals, have also increased from $25,000 to $100,000 for an individual or unincorporated business, and from $500,000 to $1.5 million for corporations. The time limit for prosecuting an offence under the OHSA has also changed from one year from the date of the offence, to one year from the date a Ministry of Labour health and safety inspector becomes aware of an alleged offence.

If you have any questions about these changes, please call the Office of the Employer Adviser – OEA (1-800-387-0774)

Posted in Accounting News, Community Events Comments Off on Update of WSIB penalties

REMINDER: Minimum wage is increasing in Ontario

Friday, December 22nd, 2017

The general minimum wage will rise from $11.60 per hour to:

  • $14 per hour on January 1, 2018
  • $15 per hour on January 1, 2019

Special minimum wage rates will remain but will increase by the same percentage as the general minimum wage:

  • Liquor servers – will see an increase from $10.10 per hour to $12.20 per hour on January 1, 2018 and $13.05 per hour on January 1, 2019
  • Students under the age of 18 – who work part time during the school year (up to 28hrs/week) and on school breaks, will see an increase from $10.90 per hour to $13.15 per hour on January 1, 2018 and $14.10 per hour on January 1, 2019
  • Hunting and fishing guides
  1. Working 5 hours a day or less: fishing and hunting guides who work less than 5 consecutive (i.e. back-to-back) hours a day, will see an increase from $58 per day to $70 per day on January 1, 2018 and $75 per day on January 1, 2019
  2. Working more than 5 hours a day: Fishing and hunting guides who work 5 or more hours a day (whether or not the hours are consecutive) will see an increase from $116 per day to $140 per day on January 1, 2018 and $150 per day on January 1, 2019.
  • Homeworkers – (i.e. employees who do paid work in their own home for an employer) will see an increase from $12.80 per hour to $15.40 per hour on January 1, 2018 and $16.50 per hour on January 1, 2019

To enforce these changes, the province is hiring up to 175 more employment standards officers and is launching a program to educate both employees and businesses about their rights and obligations under the Employment Standards Act, 2000.

Posted in Accounting News, Tax News Comments Off on REMINDER: Minimum wage is increasing in Ontario

Finance Minister Releases Income Sprinkling Rules on Eve of Holiday Season

Thursday, December 14th, 2017

We have now received the revised draft legislation that takes effect in 2018! Tax on Split Income (TOSI) has now been defined for us with very specific outlines on how CRA will interpret and apply the legislation in audit situations. Our Finance Minister did not want backlash this time and has completed his homework before release.

The Senate just before such release sent out a press release of their own.  In this press release the Senate stated “The federal government should scrap or at least delay plans to amend the Income Tax Act as the proposals risk harming the Canadians these changes are meant to help,” To read the report please follow this link https://sencanada.ca/en/newsroom/fairtax-ation/

 

Below is a summary of revised rules which are intended to clarify when a family member has made a significant contribution to the business and would therefore not be caught by these revised rules.

TOSI will not apply to amounts received in a year in the following circumstances:

  1. Income received by a spouse of a business owner when the business owner has made a meaningful contribution to the business and is 65 years or older.
  2. Income received by individuals 18 years of age or older and have made a substantial contribution to the business during the year or during the previous five years. The government has defined that a substantial contribution is when the person has worked at least 20 hours per week in the business during the year. If the business is seasonal then the 20 hours per week is assessed during that seasonal time period.
  3. Income received by individuals 25 years or older who own 10% or more of a corporation. Such ownership represents 10% of the votes and value of the company. Such corporations cannot be professional corporations or corporations where the provision of services represents 90% of its income.
  4. Capital gains derived from qualified small business shares or from qualified farm property or fishing property. Note that the exception does not apply to non-arm’s length dispositions where the vendor is a minor.

There will also be a reasonability test for individuals that do not meet any of the specific exclusions above. This test applies to family members that are 25 years of age or older and is applicable to non-salary payments such as dividends and gains.

If the family member is aged 18 to 24 and does not fall into any of the exceptions above, then any non-salary payments made to them are taxed at the top rates of tax. The only exception would be if such payment was made for contributed capital and the payment was a reasonable rate of return on such capital.

As indicated above these rules take effect January 1, 2018. There is an extension of time for private corporations to restructure the ownership to allow family members to obtain a 10% ownership level. If such restructuring is in place before the end of 2018, then any income received during 2018 would fall into the ownership exclusion test.

Please contact us if you would like to discuss any of these proposed rules and their application to your specific situation.

 

Posted in Tax News Comments Off on Finance Minister Releases Income Sprinkling Rules on Eve of Holiday Season

New Canadian Tax Proposals

Thursday, September 14th, 2017

On July 18, 2017, the government released proposed tax changes that will have a severe negative impact on all small business owners.

Click here to read an email from Michael Goldberg of Minden Gross LLP which details some of the major issues.

Posted in Community Events Comments Off on New Canadian Tax Proposals

Coalition for Small Business Tax Fairness

Thursday, August 31st, 2017

There is a coalition of small business entities coming together and this is their first letter addressing the significant tax changes that will impact small businesses in Canada.

Click here to read the letter written by the coalition group.

 

 

Posted in Community Events Comments Off on Coalition for Small Business Tax Fairness

June newsletter

Tuesday, June 13th, 2017

Our June 2017 newsletter is now available.  Click here to view:  HODGE PODGE JUNE 2017

Posted in Community Events Comments Off on June newsletter

December Newsletter

Monday, December 12th, 2016

Our December 2016 newsletter is now available.  Click here to view:  HODGE PODGE DECEMBER 2016

Posted in Community Events Comments Off on December Newsletter

September Newsletter

Thursday, September 29th, 2016

Our September 2016 newsletter is now available.  Click here to view:  HODGE PODGE SEPTEMBER 2016

Posted in Community Events Comments Off on September Newsletter

June Newsletter

Friday, July 15th, 2016

Our June 2016 newsletter is now available.  Click here to view:  HODGE PODGE JUNE 2016

Posted in Community Events Comments Off on June Newsletter

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