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Archive for the ‘Tax News’ Category

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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

RCMP, CRA issue warning on taxpayer scam

Friday, July 15th, 2016

Once again CRA is warning about the scams out there. During busy season we had several surface. Please be wary when receiving calls from CRA. Question the individual and challenge them. It is your right to do so! Click here for article

Posted in GST/HST News, Information for Charities and Not for Profits, Tax News Comments Off on RCMP, CRA issue warning on taxpayer scam

Minimum Wage Increases for October 1, 2016

Tuesday, April 19th, 2016

Effective October 1, 2016 general minimum wage in Ontario will increase from $11.25 to $11.40 per hour. Minimum wage rates for liquor servers, students under the age of 18, hunting and fishing guides, and homeworkers will also increase.

For a complete listing of minimum wage increases please visit the Government of Ontario website at https://news.ontario.ca/mol/en/2016/03/minimum-wage-increases-for-october-1-2016.html

Posted in Accounting News, Tax News Comments Off on Minimum Wage Increases for October 1, 2016

Do you have 20 or more employees?

Tuesday, February 23rd, 2016

New Ministry of Labour (MOL) training standards for Joint Health and Safety Committee (JHSC) Certification training will take effect on March 1, 2016 and Ontario companies with 20 or more employees will be impacted. For more information visit:

Ontario Ministry of Labour  or Workplace Safety and Prevention Services

Posted in Accounting News, Tax News Comments Off on Do you have 20 or more employees?

Charities and Giving – What’s new

Monday, January 25th, 2016

Recent news and updates from the CRA:

  • Effective January 1, 2016, as a result of Budget 2014, two new webpages relating to charitable donations:
  • As a result of the 2015 Federal Budget, all registered charities must now report their partnership holdings as part of their annual information return. For details, go to New Reporting Requirements.

Posted in Accounting News, Information for Charities and Not for Profits, Tax News Comments Off on Charities and Giving – What’s new

Government Announces the 2016 Automobile Deduction Limits and Expense Benefit Rates for Business

Monday, January 18th, 2016

December 24, 2015 – Ottawa, Ontario – Department of Finance

Finance Minister Bill Morneau announced the income tax deduction limits and expense benefit rates that will apply in 2016 when using an automobile for business purposes.

Although most of the limits and rates that applied in 2015 will continue to apply in 2016, there are two changes taking effect as of 2016.

The first is that the limit on the deduction of tax-exempt allowances that are paid by employers to employees who use their personal vehicle for business purposes will be reduced by 1 cent to 54 cents per kilometre for the first 5,000 kilometres driven, and to 48 cents per kilometre for each additional kilometre.

The second change in 2016 is that the general prescribed rate that is used to determine the taxable benefit of employees relating to the personal portion of automobile operating expenses paid by their employers will be reduced by 1 cent to 26 cents per kilometre.

For taxpayers who are employed principally in selling or leasing automobiles, the prescribed rate used to determine the employee’s taxable benefit will be reduced by 1 cent to 23 cents per kilometre. The amount of this benefit is intended to reflect the costs of operating an automobile.

For more information visit — http://www.fin.gc.ca/n15/15-090-eng.asp

Posted in Accounting News, Tax News Comments Off on Government Announces the 2016 Automobile Deduction Limits and Expense Benefit Rates for Business

Gifts and Income Tax 2015

Thursday, January 14th, 2016

Are you an individual planning to give money or other property to a registered charity or other qualified donee? Do you own land or a building, or have stocks or bonds that you would like to give to a registered charity or other qualified donee? Do you own an oil painting, stamp collection, etching, sculpture, antique, or coin set that you would like to give to a gallery or museum? Are you having your gift appraised? If so, the decisions you make may affect your tax situation.

Here is some information about making a gift in 2015. It includes income tax changes that have been announced, but were not law at the time of printing. If you require information about a gift made in a previous year, you will need a version for the year in which you made your gift. You can get previous versions by going to www.cra-arc.gc.ca/prioryear/p113 or by calling 1-800-959-8281.

Posted in Accounting News, Tax News Comments Off on Gifts and Income Tax 2015

Canada Revenue Agency – What to Do Following a Death

Thursday, January 14th, 2016

Coping with the death of a loved one is difficult. This article contains basic information that families and legal representatives should know to start settling the affairs of the deceased person. For more information, go to www.cra.gc.ca/deceased or see guides T4011, Preparing Returns for Deceased Persons, and T4013, T3 Trust Guide.

 Click here to access the full PDF

Posted in Accounting News, GST/HST News, Tax News Comments Off on Canada Revenue Agency – What to Do Following a Death

December Newsletter

Friday, December 18th, 2015

Our December 2015 newsletter is now available.  Click here to view:  HODGE PODGE DECEMBER 2015.

Posted in Accounting News, GST/HST News, Information for Charities and Not for Profits, Tax News Comments Off on December Newsletter

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