Entries by KHGrandForks

Did you know…

If an employer provides a free party or social event to all its employees and the cost is $150 per person or less, it is not considered to be a taxable benefit. Transportation and accommodation costs are not included in the $150 per person amount. If the cost of the party is greater than $150 […]

Minor Income Splitting Adjustments Introduced

As part of the 2018 budget, the government announced that there will be no further changes to income sprinkling rules that were revised in December 2017. The government had made these revisions in December because of the outcry from taxpayers across the country to the original proposals. These new rules are effective January 1, 2018. […]

Did you know?

There are several provinces in Canada who already have a payroll tax system in place, including Manitoba, Ontario, Quebec and Newfoundland and Labrador. There are different exemption structures in each province, from zero in Ontario to $1.30 million in Newfoundland and Labrador. Although the highest payroll tax in most provinces is in the range of […]

Calculation of Work in Process Clarified

Additional clarification has been provided regarding rules related to the reporting of Work in Process (WIP) of certain professionals. Professionals must begin reporting their WIP for all tax years beginning after March 21, 2017,at the lower of cost or fair market value. It has been clarified that if the professional is calculating their WIP based […]

Passive Income Tax Changes Relaxed

In the summer of 2017, the federal government proposed changes to the taxation of passive investment income of private corporations in Canada. Following angry feedback to the original proposals, the government introduced adjustments in their spring budget. The new measures they introduced will be applicable to company’s tax years beginning after 2018. In both sets […]