tax guide

Browse LRK Tax LLP’s Tax Guide Archives for expert advice on tax planning, Consulting, compliance updates, and strategies to maximize savings for individuals and businesses. Stay updated with reading articles!

Case Study: Why it may be better to deduct COVID repayments in 2021 instead of 2020.

tax guide

Introduction There are instances when you have to repay the COVID‑19 benefits you received (i.e., CERB, CRB, CESB, etc.). You are taxed on these benefits in the year you receive them. You can deduct repayments. Before Budget 2021, you were only able to deduct repayments in the year you repay them. This resulted in people

Case Study: Why it may be better to deduct COVID repayments in 2021 instead of 2020. Read More »

Ontario Reduces the Corporate Tax Rate for Small Businesses: The Good and the Bad

tax guide

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 »

Possible Anomaly in the Passive Income Small Business Deduction Rules?

tax guide

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 »