Please find following a summary of the legislation, courtesy of an anonymous friend. Will post details of how to apply as soon as it is available. In the meantime, please ensure your business is able to apply by starting a ‘My Account’ and a ‘My Business Account’ with CRA. I hope you and your family…
Category: Uncategorised
COVID-19 Update
The personal tax filing deadline has been extended to June 1, 2020. The tax payment deadline has been extended to August 31, 2020. This is the tax payment deadline for all personal and corporate income taxes. My current understanding is this does not apply to payroll source deductions and GST payments. This Friday, March 20,…
Corona virus precautions
Due to the risks associated with the corona virus, COVID19, we have taken the precaution to limit personal contact as much as possible. While the office will be open regular hours, I will be working from home, and will be in the office on Mondays and Fridays for client appointments. I encourage you to use…
IRS Eliminates Form 3520 Reporting for Canadian RESPs RDSPs and Certain Other Foreign Trusts
Received this notice from ‘THE BRUNTON, STRACHAN & KHAN CPA FIRM, CHARTERED, 4710 NW BOCA RATON BLVD., SUITE #101, BOCA RATON, FL 33431’U.S. citizens and residents1 are generally required to file IRS Form 3520 to report their ownership of, or transactions with, foreign trusts2. The potential penalty for noncompliance is the greater of US $10,000, 35% of the amount contributed to, or distributed from,…
Canada Revenue Agency announces maximum pensionable earnings for 2020
The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2020 will be $58,700—up from $57,400 in 2019. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada. Contributors who earn more than $58,700 in 2020 are not required…
2019 Alberta Budget
Please find following the tax changes, not only in the recent budget, but all the changes since the election in May 2019: Overview Since taking office in May 2019, government has delivered on its commitment to reduce the tax burden on Albertans and Alberta businesses by repealing the carbon tax and cutting corporate tax rates…
Interest rates for the fourth calendar quarter
The Canada Revenue Agency (CRA) announced today the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from October 1, 2019 to December 31, 2019. Income tax The interest rate charged on overdue…
Canada: Alberta Court Of Appeal Confirms That Directors May Be Held Personally Liable For Injuries Sustained In A Workplace Incident
Last Updated: May 7 2019Article by Cristina WendelDentons The Alberta Court of Appeal recently revisited the question of directors’ personal liability for injuries sustained in a workplace incident. In this case, the defendant was a director of a company which was retained as a subcontractor to perform work in a new home construction. The work included…
Interest rates for the first calendar quarter
The Canada Revenue Agency (CRA) announced today the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from January 1, 2019 to March 31, 2019. Income tax The interest rate charged on…
Repatriation tax on American citizens in Canada that own Canadian Corporations
As part of the US Tax Reform, there is a new tax of up to 15.5% on the retained earnings of Controlled Foreign Corporations. This is a new issue, and much information on this is still rolling out, so I plan to keep you abreast on this issue. You will wish to seek professional advice…