Monthly Archives: February 2018

A Growing Industry: MARIJUANA

As the legislation to legalize marijuana for non-medical purposes works its way through parliament (Bill C-45 entered the Senate phase on November 27, 2017), producers, vendors, regulators, enforcement, and potential customers are seriously considering the implications. Although it has been expected legalization would occur by July, 2018, the timeline is not certain (as the Senate… Read more »

Checking Up On Suppliers: INPUT TAX CREDITS

Do I have to check up on a supplier when paying them GST/HST? Yes!In a January 29, 2016 Tax Court of Canada case it was noted that CRA had denied over $500,000 of input tax credits (ITCs), and assessed penalties and interest, in respect of GST and QST paid to twelve suppliers. Unknown to the… Read more »

Where Are We Now?: INCOME SPRINKLING

On December 13, 2017, the Department of Finance released a number of updates relating to the income sprinkling proposals (originally announced on July 18, 2017). Below is a summary of the proposals as they are currently drafted.Individuals that receive certain types of income derived from a “related business” will be subject to Tax on Split… Read more »

TAX TICKLERS… some quick points to consider…

Of the approximately 28 million personal tax returns filed for the 2016 year, 58% got refunds. 68% received them by direct deposit. The average refund was $1,735. Only the last year of CPP survivor benefits can generally be accessed for late applications. Don’t delay submission. Effective December 3, 2017, parents will be able to choose… Read more »