CRA recently ruled that where a spouse worked in a company before he or she married the principal shareholder, the work that the spouse put in before marriage counts in assessing whether TOSI applies. In this particular ruling, the spouse, Ms. B, worked as a full-time employee in Opco for approximately 40 hours per week […]
Tax on Split Income (TOSI) and Pre-Marital Employment Read More »
Last week, the Ontario government proposed to cut Ontario’s small business corporate tax rate from 3.5% to 3.2%, effective January 1, 2020. The rate reduction would be prorated for taxation years straddling January 1, 2020. Corresponding to the rate reduction, the government proposes to reduce the dividend tax credit (DTC) rate on non-eligible dividends from
Ontario Reduces the Corporate Tax Rate for Small Businesses: The Good and the Bad Read More »
Martin Lee and Thanusan Raveendran, in a recent article published in the Canadian Tax Foundation’s Tax Focus publication, discuss a possible anomaly in the small business deduction rules. The authors highlight the anomaly using several examples and highlight several tax planning possibilities. Please click here to read their article.
Possible Anomaly in the Passive Income Small Business Deduction Rules? Read More »
