Monthly Archives: June 2018

Proposed Changes: CORPORATE PASSIVE INVESTMENT INCOME

A new passive investment tax regime for Canadian Controlled Private Corporations (CCPCs) is proposed to apply to taxation years commencing after 2018.  Passive income may include interest, rental, royalties, dividends from portfolio investments and taxable capital gains.Two significant changes are proposed. First, a limit to the small business deduction for CCPCs generating significant income from… Read more »

Can I Pay Them a Salary?: FAMILY MEMBERS

For a small business, whether operated as a corporation, proprietorship or partnership, it is quite possible that relatives of the owners or partners may be engaged as employees. Due to the closer familial relationship between employer and employee, CRA pays particular attention to ensure that the salary is truly an eligible deduction to the business.According… Read more »

Basics And Tax Implications: DIGITAL CURRENCY

What is Digital Currency (DC)? DC is essentially electronic money. It’s not available as bills or coins. Cryptocurrency is a type of DC created using computer algorithms with the most popular being bitcoin.No single organization, such as a central bank, creates DC. DC is based on a decentralized, peer-to-peer network. The “peers” in this network… Read more »

TAX TICKLERS… some quick points to consider…

CRA has required PayPal to disclose sales and other transaction records for Business Account Holders from January 1, 2014 to November 10, 2017. It is expected CRA will review records for unreported sales. Employers can now provide a tax-free party or social event to employees where the cost per person is $150 or less (the… Read more »