TOSI: Tax on Split Income

With 2019 tax season right around the corner, we thought it might be beneficial to dust off the archives and take a second look at an often misunderstood concept. Last year we looked at Tax on Split Income or TOSI as it is commonly referred to. In July of 2017, the federal government released proposals... Continue Reading →

New Taxes for Small Company Passive Income

The federal government made some interesting proposals for the treatment of certain taxable income for this year's federal budget. The draft summarizes the way passive investments held by small private corporations are to be treated. In this blog post we will cover a couple of important points for our farming and professional clients who are... Continue Reading →

2018 Manitoba Budget Summary

On March 12, 2018, Manitoba Finance Minister Cameron Friesen tabled the province's fiscal 2018-2019 budget. The budget contains some factors that have potential implications for both individuals and corporations. It is important that you and your accounting and legal professionals are aware of these factors, so be sure to ask them about it. Measures for... Continue Reading →

Tax Changes – Income Sprinkling

Last fall we touched on some proposed income tax changes that would significantly complicate family farm corporations. The farming community, small businesses, and professional organizations all pointed out some obvious faults to the proposed changes. The Department of Finance took note of the feedback and simplified many of their initial proposed changes. They have dialed... Continue Reading →

Changes to CPP

The Department of Finance has issued a press release regarding changes to the Canada Pension Plan (CPP) which they implemented, effective January 1st 2018. The Canada Pension Plan was set up with the intention that all employees and employers would contribute matching contributions for an employee’s forty-year working life (up to an indexed maximum CPP... Continue Reading →

US Tax Cut Bill; Passed.

The US Senate passed Trump's tax cut bill this past Friday, with the President signing it into law this morning. The upcoming tax cuts may have possible ramifications for the Canadian economy and Canadian investors. Corporate Taxation The big headline in the news is the reduction of US large corporate tax rate. This reduction will... Continue Reading →

Tax Change Concessions Coming?

Last week we commented on the unintended consequences of the changes in the taxation of incorporated small businesses, as it would have a major impact on the farming community. The Federal government is issuing a series of announcement this week hoping to counteract some of the criticisms. Apparently, the Finance Dept received 21,000 submissions by... Continue Reading →

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