The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This […]
IRS extends filing & tax payment deadline to July 15th Read More »
On March 21, 2020, the CRA provided some clarity on the Temporary Wage Subsidy. Some details seem to be missing, but this provides a lot of answers we and our clients have been looking for. So here it is. Please refer to our calculator here. Our commentary is in red text. 1. What is the
COVID-19: CRA Provides Clarity on the Temporary Wage Subsidy Read More »
We continue to closely follow relevant updates concerning COVID-19. The government has announced the following measures to help alleviate concerns and financial hardships. Tax Relief Individuals T1 filing deadline from April 30, 2020 to June 1, 2020 (self-employed individuals have until June 15, 2020 to file as usual). Those getting the GST and Canada Child
COVID-19 Financial Measures Summary Read More »
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 »
