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T2 Tax Return – Changes Affecting T2 Tax Returns

he Tax Season is upon us!  As your Corporate Tax Accountant in Oakville and Mississauga, I have summarized the 2016 Income Tax changes, which may affect our clients’ T2 Tax Return (T2 Corporation Income Tax Return) one way or another, depending on your own situation of course. Feel free to call us at 416.454.8812 or email at mina.hanna@accountingontrack.com if you have any questions.

Corporate Taxes – T2 Corporation Income Tax Return

1- No Changes to the corporate tax rate

No changes have been proposed to the corporate tax rate on active business income, which is 15.5% during 2016. Unless there are further changes, any active business income generated during 2016 will be taxed at 15.5%.

2- Higher taxes on investment income inside corporation

There will be a 4% increase on corporate taxes on investment income earned inside a CCPC Canadian-controlled private corporation. This raises the corporate tax rate on investment income from 46.17% to 50.17%.

3- Higher taxes on dividend income inside professional corporation / holding company

There will be a 5% increase on corporate taxes on dividends received from most Canadian corporations. These taxes are refundable to the corporation if and when dividends are issued/paid to shareholders.

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RRSPs / Mortgages / Taxes

RRSPs / Mortgages / Taxes

Paying down my mortgage, or contribute to my RRSP which comes first ??

I’m often asked this question, which should come first, paying down your mortgage, or contributing to your RRSP.  My best strategy is to do a bit of both: If you can afford it, make an RRSP contribution to generate a bigger tax refund; then invest that refund in your mortgage every year.

 

Real Estate Mortgages: When you buy a home, you take a huge step towards creating a tax-efficient wealth. Your principal residence will likely be the primary and largest single sponsor to your overall net worth; it’s an investment that can provide tax-exempt capital appreciation, the potential for rental income or a home based business, and the leverage with which to acquire new income-producing assets.

Buying real estate comes with some big risks as well. Home mortgages represent more than 77% of all Canadian debt. That debt can become a crushing burden if you suffer a job loss, marriage breakdown or you are forced to renew your mortgage at a much higher interest rate.

While capital gains enjoyed on the sale of your principal residence are not taxable, but losses incurred are not deductible either—so it’s doubly painful if you must sell in a hurry at a loss.

Needless to emphasize, you need to manage the purchase processes very carefully. The interest rate you pay is a very important factor, especially because mortgage interest costs aren’t tax-deductible, unless your home is used for a home business.

Manage your wealth: A basic wealth management principle is to manage the non-deductible debt on your home mortgage by cautiously paying it down, often. Negotiate the opportunity to make lump sum pre-payments annually. Also, consider making weekly or biweekly payments instead of monthly payments. By doing so, you end up making a few extra payments a year, which quickly reduces the amortization period and the total interest paid over the lifetime of the mortgage.

Paying down your mortgage, or contributing to your RRSP which comes first:

A very common question, I’m often asked: which should come first, paying down the mortgage, or contributing to RRSP.

Generally speaking, the best strategy is to do a bit of both: If you can afford it; make an RRSP contribution to generate a bigger tax refund; then invest that refund in your mortgage every year.

Example:
Let’s assume you are in a 35% marginal tax bracket, and can contribute $12,000 annually to your RRSP. This will reduce your taxes by $4,200 a year, and when you get that tax refund, you can use it to pay down your mortgage. This even works much better if you can apply your tax savings to your mortgage throughout the year.  You can do it by asking your employer to reduce the taxes withheld at source to account for your RRSP contribution, then increasing your mortgage payments by the difference—in this case, by $350 a month. If you had a $375,000 mortgage at an interest rate of 5%, those extra payments would cut your amortization period by almost six years and save you $75,000 in interest costs.

You would also have accumulated about $480,000 in your RRSP, assuming a 35% tax bracket and a 7% compounding return. If your tax bracket stays constant in retirement you would be left with close to $312,000 after taxes, which you could continue to grow in a Tax-Free Savings Account. Your net worth statement, in short, would be quite impressive: featuring just over $1.5 million in assets. The icing on the cake is that your home value appreciates on a tax-exempt basis. And once equity is built up, it’s possible to secure a loan against your home for investment purposes, making the interest deductible; but only for investments in non-registered accounts.

You have more complicated situations, what should you do first—contribute to your RRSP or the mortgage?

The answer is, it depends: on the mortgage rate you are paying, the rate of return on your invested financial capital, and your marginal tax rate.

We have created tools to help you estimate your potential net worth under different scenarios, using different interest rates, RRSP contribution levels, marginal tax rates and a variety of rates of return on your RRSP investments. With our tool you’ll quickly discover that no matter which path you choose, your home will be a major contributor to your wealth in the years to come.

To find out which option is the best fit for your particular situation, give us a call at 416.454.8812 or email at mina.hanna@accountingontrack.com

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RRSPs Registered Retirement Savings Plans

Maximizing your RRSPs effectiveness is considered to be one of the most powerful year-end tax planning techniques.

Registered Retirement Savings Plans (RRSPs) – Here is what you need to know in few words.

– The more you contribute to your RRSP the less taxes you pay (as long as you stay within your RRSP deduction limit)

– If you don’t have the money set aside for RRSPs; please call me, we will tailor a customized solution for you.

Please feel free to call us at 416.454.8812 or visit us at www.accountingontrack.com for a more personalized advice. Of course every individual’s tax situation is different and what works for one person does not necessarily work for everyone’s situation.

Registered Retirement Savings Plans (RRSP) – Tips and frequently asked questions.

What is RRSP ?

RRSP is a government approved program designed to encourage you to save for retirement by providing powerful tax reduction options.

This tax break comes in two forms:

1- The money you contribute into your RRSP is deductible from your taxable income, which will result in Immediate Tax Savings.

2- All interest or capital gains which you earn in your RRSP are tax free. (until you start withdrawing them)

How long can I keep my RRSP limit?

Any unused part of your RRSP deduction limit can be carried forward indefinitely.

If I can’t afford to put money in now, does the limit keep growing ?

If you can’t afford to put money in your RRSP this year, the RRSP deduction limit amount is carried forward to the next year and added to the deduction limit for next year.

What’s my RRSP deduction limit? How can I find my RRSP deduction limit for this year?

Your RRSP deduction limit is shown on your (NOA) Notice of Assessment for the previous tax year. You can also see it online using “My Account” service
at  http://www.cra-arc.gc.ca/myaccount/   or call the CRA at 1800.959.8281

Can I deduct interest and fees for my RRSP?

No. You cannot deduct any interest paid on funds you borrowed to contribute to your RRSP.
You cannot deduct fees charged directly to you by the plan administrator of your RRSP

I have lost money in my RRSPs that are mutual funds. Can I claim these losses on my return?

No, you cannot deduct mutual fund losses within RRSPs.

I have few RRSP plans at different banks. Can I combine them into one plan at one bank?

Yes you can – contact the financial institution you want to transfer the RRSP funds to. They will contact the other financial institutions to do a direct transfer of the funds.

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Tax Implications for Non-Residents

Tax Implications for Non-Residents

Investing in Canadian real property is becoming increasingly popular with non-resident investors. The Canadian tax consequences of investing in Canadian real property by a non-resident of Canada can be quite confusing. Since non-compliance with the Canadian income tax rules, particularly the withholding tax rules and the Goods and Services Tax (“GST”) rules, can result in significant penalties. Potential investors should be aware ofthese rules. For more information or if your require assistance please do not hesitate to contact us at 416.454.8812. We are professional accountants in Oakville and Mississauga serving clients in most of the GTA. We provide professional bookkeeping and accounting services in Mississauga, Oakville and Toronto.

This information is not intended to be a complete summary of the Canadian tax laws with respect to a particular situation. Rather, it is intended to provide a brief introduction of the rules which a potential investor should be aware of at the time of investing in Canadian real property. Each investor should consult directly with us on their individual particular situation. We are accountants in Oakville and Mississauga. We would be more than happy to discuss your particular tax situation. We offer a Free phone consultation. So please do not hesitate to contact us and one of our professional accountants in Oakville or Mississauga will be happy to help you, to determine the exact consequences of your particular investment situation.

Non-Residents Taxation

If you are a non-resident of Canada you may be subject to Canadian income taxes if you:
Receive rent from Canadian real estate; or Dispose of Canadian real estate. You may also be subject to Canadian income taxes as a result of receiving other income, or carrying on other activities in Canada, however, these issues are beyond the scope of this article.

Canadian Tax Rates

If you are a non-resident of Canada and you have taxable income in Canada (i.e. income resulting from those activities listed previously) you will be required to pay Canadian income tax on this income. A non-resident of Canada will be required to pay tax in Canada based on current tax rates,. This tax may be reduced by the income tax treaty between Canada and your country of residence.

Rental Property and Compliance Rules

In order to ensure that non-residents of Canada comply with the Canadian income tax laws, there is a system of rules involving both the non-resident and the agent, if any exists, for the non-resident. For Canadian rental property, this compliance system includes rules with respect to withholding taxes, NR6 forms, NR4 forms and Section 216 returns. If you need help completing any of your NR6 or NR4 forms, please feel free to contact us, we are professional accountants in Oakville and Mississauga serving clients in most of the GTA

Withholding Taxes

Rents paid to non-residents are subject to a 25% withholding tax on the “gross rents”, which is required to be withheld and remitted to Canada Revenue Agency (“CRA”) by the payer (i.e. the Canadian agent of the non-resident, or if there is no agent, the renter of the property) each time rental receipts are paid or credited to the account of the non-resident by the payer. If the payer does not remit the required withholding taxes by the 15th day following the month of payment to the non-resident, the payer will be subject to penalties and interest on the unpaid amounts. If you have any questions about withholding taxes, please feel free to take advantage of our Free Phone Consultation – We are accountants in Oakville and Mississauga and would be more than happy to help you. We provide professional bookkeeping and accounting services in Mississauga, Oakville and Toronto.

NR6 Forms

The requirement to withhold tax on the gross rents can be waived or reduced if the non-resident selects a Canadian agent to act on their behalf and an NR6 Form is filed and approved by CRA annually and signed by both the non-resident and the agent. The NR6 Form is used to estimate the “net rental income” (see subsequent discussion) that is expected to be received during the current taxation year. If the net rental income is in a loss position and CRA approves the NR6 Form then there may be no withholding requirement for the current year. If the net rental is not in a loss position, then the 25% withholding tax may be calculated on the “net rental income” amount and remitted as rent is received. An NR6 Form must be filed and approved for each taxation year before the first rent payment is received. In most cases, when income is being received throughout the year, the NR6 must be filed before January 1st of that year.
Any tax that is withheld can be claimed as a credit against taxes payable when filing your Section 216 personal tax return for the year (see below). If the amount withheld exceeds the income taxes otherwise payable, CRA will issue you a refund of the difference.

NR4 Forms

An NR4 Information Return must be filed by March 31st summarizing the amount of rents paid or credited to you by your Canadian agent, as well as the amount of withholding taxes, if any, paid to CRA on your behalf by your agent.

Although the Canadian agent is required to file this form, it is often prepared by the non-resident’s Canadian accountant, and then signed by the agent, to ensure that all of the Canadian tax rules are complied with on behalf of the non-resident.

Section 216 Return

A Canadian income tax return must be filed by June 30 in respect of the preceding calendar year. This income tax return is pursuant to Section 216 of the Canadian Income Tax Act and will only include the income and expenses relating to the rental property.

In determining the net rental income to be reported in the Section 216, the expenses relating to the rental property may include the following:

• Advertising
• Insurance
• Interest on mortgages obtained to finance the acquisition of the rental property
• Repairs and maintenance
• Management and administrative fees and commissions
• Annual accounting fees
• Property taxes
• Utilities

If after claiming the above deductions there is net income from the property, you may be able to claim depreciation on the rental building as well as furniture and equipment included in the rental property. Since claiming depreciation may result in a larger gain on the eventual sale of the property, you should consult your personal tax advisor on whether or not to claim depreciation on the property in determining your net rental income.

If you not only own the rental property for investment purposes but also use the rental property for personal vacation purposes, a reasonable estimate of the personal-use portion of the expenses related to the property should be determined. This personal portion of the property expenses should be deducted from the total expenses, with only the net amount being deducted from rental income in determining net rental income.

It is important to keep records of all transactions related to your real property. These records should include a summary of all transactions as well as original documents to support those transactions.
Professional Bookkeeping is crucial to your real estate investment; we are bookkeepers in Mississauga and Oakville. We take care of all the small details on behalf of our clients and take that burden off their shoulders. As professional bookkeeper in Mississauga, Toronto and Oakville we provide services to non residents clients who invest in Canadian Real Estate. Please feel free to contact us and take advance f our Free phone consultation to discuss your particular situating with one of our Professional Accountants / Bookkeeper in Mississauga and Oakville.

Foreign Bank Loans

The interest payable on a bank loan obtained to finance the purchase of the rental property may be deductible in determining your net rental income in Canada, whether the loan is provided by a Canadian or foreign bank. However, if the loan is provided by a foreign bank and secured by the Canadian rental property, Canadian withholding taxes will likely be payable with respect to the interest payable to the foreign bank. You should therefore consult with a Canadian tax advisor prior to arranging a foreign bank loan to purchase a Canadian rental property.

GST and Rental Properties

The GST is a value-added tax, payable at the rate of 6% on certain sales and supplies in Canada. The following is a brief explanation of certain GST considerations with respect to rental properties owned by non-residents of Canada. It is not intended to be a complete explanation of the GST compliance rules, and specifically does not address periodic GST return filing, installments, and input tax credits claimable in reducing GST payable. If an individual decides to register for GST, these matters should be discussed with the non-resident’s professional tax consultant. Short-term residential rentals (i.e. rentals for personal accommodation for periods of less than 1 month at a time) are subject to GST. Generally, this means that rental of a skiing cabin or condominium for one week during the winter may be subject to GST, whereas the rental of the same property for a three month period will not be subject to GST.

However, even if the property is rented on a short term basis, if the owner of the property receives less than $30,000 of GST taxable revenues during a year, they are not required to register for GST. In this case, the renter would not be required to pay GST on the property and the non-resident will not be required to file GST returns, remit GST, etc.

GST on the Purchase of a Property

GST may be payable on the purchase of a particular property, depending on, among other things, whether or not the vendor of the property is a GST registrant and the use of the property prior to its purchase.
If GST is payable on the acquisition of the property, you may be able to avoid or reduce payment of the GST on the purchase, depending on your intended use of the property. If your intention is to acquire the property to be used primarily (i.e. more than 50%) for short-term rental, you may be eligible to register for GST. If you are registered for GST prior to the acquisition of the property, you will not be required to pay GST to the vendor on the purchase of the property.

Although you may be able to avoid paying the GST on the purchase of the property by registering for GST, if your short-term rental use does not exceed 90%, you will be required to self-assess a portion of the avoided GST and remit this directly to CRA. For instance, if you avoid GST on purchase of the property by registering for GST, but you expect your personal use of the property to be 20%, then you can avoid payment of the GST to the vendor, but will be required to pay 20% of the avoided GST directly to CRA. As well, if your personal use changes in the future, you may be required to self-assess and pay additional GST to CRA. The detailed rules related to the self-assessment of GST are complex and you should consult with your tax advisor.

If you register for GST to avoid the payment of GST on the purchase of the property, in addition to the potential self-assessment of GST explained above, you will be required to:

• Collect GST on all short-term rental contracts;
• File an annual GST return (due March 31st) reporting the net GST payable for the prior calendar year;
• Remit the net GST amount to CRA (with the GST return for the first year, and possibly by quarterly instalments in future years); and
• Charge GST on the eventual sale of the property.

If you have any questions or if you need help filing your GST / HST return, please do not hesitate to contact us. We provide professional bookkeeping and accounting services in Mississauga, Oakville and Toronto.

Disposition of Real Property

A non-resident of Canada is subject to Canadian income tax on dispositions of Canadian real property.

Withholding Taxes

In order to ensure that the non-resident complies with the Canadian tax rules on the sale of property, the purchaser of the property is required to withhold a portion of the vendor’s proceeds and remit this to CRA on behalf of the non-resident vendor. As explained below, the requirement to withhold a portion of the proceeds can be avoided if certain clearance certificates are provided by CRA, either reducing or eliminating the withholding taxes to be remitted by the purchaser.
In general, the purchaser is required to withhold 25% of the gross proceeds related to the disposition of land and 50% of the gross proceeds related to the disposition of buildings.
In order to reduce, or eliminate, the required withholding taxes, the non-resident can file certain forms with CRA in order to request clearance certificates from CRA that provide for a lower withholding tax amount. If approved, the withholding taxes related to the land disposition can be reduced to 25% of the difference between the gross proceeds and the cost of the land. In addition, the withholding taxes related to the building disposition can be reduced to a percentage of the difference between the gross proceeds and the undepreciated capital cost of the building. The percentage related to the building may vary depending on the amount of the difference. Once CRA issues the requested clearance certificates, the purchaser will only be required to remit the amount stated by CRA.

Income Tax Return Reporting

The non-resident will also be required to file a special Canadian personal income tax return by June 30th of the year following the disposition of the real property. In this return, the non-resident would report the actual gains or losses on the sale. In calculating the gain or loss on the property, the non-resident will be able to claim the real estate commissions and legal fees as a deduction in determining the net proceeds of the sale.

Generally, the actual income taxes payable with respect to the sale of the property will be less than the withholding taxes remitted on the sale of the property. As a result, the non-resident will generally receive a refund of a portion of the withholding taxes that were originally remitted to CRA.

Books and Records

It is important to keep records of all transactions related to your real property. These records should include a summary of all transactions as well as original documents to support those transactions. It is especially important that documents substantiating the original cost of the real property, as well as the cost of all improvements and/or additions to the land, building, furniture and equipment should be retained to substantiate these costs at the time of reporting the gain or loss on the sale of the property.

Professional Bookkeeping is crucial to your real estate property; we are bookkeepers in Mississauga and Oakville. We take care of all the small details on behalf of our clients and take that burden off their shoulders. As professional bookkeeper in Mississauga, Toronto and Oakville we provide services to non residents clients who invest in Canadian real estate. Please feel free to contact us and take advance f our Free phone consultation to discuss your particular situating with one of our Professional Accountants / Bookkeeper in Mississauga and Oakville.
All information provided here is of a general nature and is not intended to address the circumstances of any particular individual or entity. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information or if your require assistance please do not hesitate to contact us. We provide professional bookkeeping and accounting services in Mississauga, Oakville and Toronto.

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Salary Vs Dividends

Salary or Dividends?  

The question which almost every small business owner who wants to save taxes ask. If you are a small business owner and you want to save takes, you need to understand the difference between dividends and salaries.

Deciding on the right compensation strategy between salary and dividends can be quite complex. There are pros and cons with each tactic and this also could be different depending on each individual’s situation.

I always advise in order to save a lot of taxes the best strategy encompasses a combination of both salaries and dividends custom-made and personalized to the individual’s particular situation.

Even more – there is no strategy or tax plan that is carved in stone – because our life style and situation change from time to time

If you are (same as plenty of other small business owners) are uncertain about the best strategy for you on whether you pay yourself a salary or a dividend? Feel Free to contact us at 416.454.8812 or email me at mina.hanna@accountingontrack.com


Salaries / Bonuses:

Advantages:

  1. Paying yourself a salary will increase your RRSP contribution limit.
  2. Salaries are subject to CPP (Canada pension plan). Paying your CPP now will increase your CPP benefits when you retire.
  3. The salaries paid to you is an expense to your corporation and is tax deductible
  4. Certain expenses such as automobile expenses incurred for work are only deductible against employment income.
  5. Child care costs incurred are deductible against your employment income.
  6. More beneficial / easier when trying to obtain and loan or a mortgage from a bank.

Disadvantages:

  1. Payroll processing and CRA remittances on monthly basis. You will either have to hire an accountant to help or you have to do it yourself. If you have any questions about Payroll or you need someone to help you with your Payroll in Mississauga, Oakville and most of the GTA Feel Free to contact us at 416.454.8812 or email me at mina.hanna@accountingontrack.com
  1. The CPP Cost – This will be the employee portion and the employer portion too.
    Employee/employer maximum contribution (4.95%) $2,544.30 x 2 = $ 5088.60

Dividends:

Advantages:

  1. The first $35,000 – $40,000 of dividends received results in a very small amount of income tax payable by you. As long as the tax payer does not have any other source f incomeDisadvantages:
  1. Dividends received do not increase your RRSP limit.
  2. Child care costs incurred are not deductible against dividend income because dividends are not considered earned income.
  3. Banks and financial institutions prefer to see a T4 slip with a stable salary as opposed to a T5 Slip with dividend.Therefore, with all the dynamic advantages and disadvantages to both salaries and dividends. The best strategy involves looking at your unique individual situation and tailoring a customized tax plan which involves a combination of salary and dividends.As of 2014, there has been an increase in the personal tax rate on non-eligible dividends received, resulting in narrowing the gap to almost perfect incorporation between salaries and dividends. This means whether you pay yourself dividends or salary the total income tax cost will be practically the same.While the income tax benefit is almost gone there are still some advantages of paying yourself a dividend – however it really depends on each particular.

    If you need an accountant in Oakville or an accountant in Mississauga to help you save taxes and tailor a customized tax plan for your individual situation. Please call us at 416.454.8812 or email me at mina.hanna@accountingontrack.com

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Tax planning

Tax planning

The Canada Revenue Agency (CRA) recognizes that you are entitled to arrange your affairs as provided for under the law to reduce your tax liability and to receive the benefits to which you are entitled. However, aggressively pushing the limits creates a risk of crossing the line, the line between acceptable tax planning and what is considered aggressive or abusive tax planning.

Aggressive tax planning arrangements often have some legal basis in a very technical sense, but they go beyond what Parliament intended when the law was passed. In general, aggressive tax planning arrangements are made for the primary purpose of avoiding the payment of the required taxes, and thus could be in violation of the law.

Detailed information about tax shelters, tax havens, and other domestic and international aggressive tax planning issues help tax payers to recognize and avoid aggressive tax planning schemes where you could end up paying significant penalties, interest, and taxes, and lose your capital.

If it sounds too good to be true, or whenever you are dealing with a situation that is out of the ordinary for you, you might want to consult with a trusted and knowledgeable tax advisor who will explain to you the risks and consequences of various tax planning arrangements.

Call us now if you have any questions 416.454.8812 or visit us at www.accountingontrack.ca

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Business Number

Congratulations. You’ve decided to start a business! In what has no doubt been an unsettling last few years of employment high and lows, more Canadians than ever are deciding to venture out on their own and forge their own paths through small business. There’s one thing that’s an essential when it comes to getting your venture off the ground. Your Business Number.

What’s a business number? Good question. According to the CRA:

The Business Number (BN) is a numbering system that simplifies and streamlines the way businesses deal with the federal government. It is based on the idea of one business, one number. Each business requires one BN for its legal entity. A legal entity is defined as a sole proprietor, partnership, corporation, trust or other organization.

It’s a 15 character identifier of your business. It has two parts; a nine digit number that identifies your legal entity, and a 6 character portion composed of letters and numbers that identifies the particular tax account. The nine digit number part of the Business Number never changes; the second part of the Business Number will change depending on which tax account the number refers to.

This number is the single key in dealing with the federal government on payroll, tax remittance, import/export activities, and a variety of other items. Your business number is what’s required to be referenced with the CRA when it comes to discussing the details about anything related to remittance, tax, or business activity subject to tax.

You need to register your business and get a business number. A good resource for this is the Canada Revenue Agency’s website. You can also contact us at www.accountingontrack.com and or call us at 416.454.8812 and we would be more than happy to help you setup and register your new business.

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T2 Tax Return – Changes Affecting T2 Tax Returns

The Tax Season is upon us! As your Corporate Tax Accountant in Oakville and Mississauga, I have summarized the 2016 Income Tax changes, which may affect our clients’ T2 Tax Return (T2 Corporation Income Tax Return) one way or another, depending on your own situation of course. Feel free to call us at 416.454.8812 or email at mina.hanna@accountingontrack.com if you have any questions.

Corporate Taxes – T2 Corporation Income Tax Return

1- No Changes to the corporate tax rate
No changes have been proposed to the corporate tax rate on active business income, which is 15.5% during 2016. Unless there are further changes, any active business income generated during 2016 will be taxed at 15.5%.

2- Higher taxes on investment income inside corporation
There will be a 4% increase on corporate taxes on investment income earned inside a CCPC Canadian-controlled private corporation. This raises the corporate tax rate on investment income from 46.17% to 50.17%.

3- Higher taxes on dividend income inside professional corporation / holding company
There will be a 5% increase on corporate taxes on dividends received from most Canadian corporations. These taxes are refundable to the corporation if and when dividends are issued/paid to shareholders.

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Canada Child Benefits

If you are in receipt of Canada Child Benefits you may be contacted by CRA and requested to support your eligibility or entitlement to these benefits. In general, there are three main topics of review:

1- Marital status

2- Residency

3- Primary caregiver

In most situations the documentation that will be requested is listed below. However, there are circumstances where the requested information will be specific to the individual’s situation and may not be included here.

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T1 Tax Returns – Changes affecting your 2016 T1 Personal Tax Return

The Tax Season is upon us! As your Accountant in Oakville, I have summarized the 2016 Personal Income Tax changes, which may affect our clients’ T1 General (Personal Income Tax Returns) one way or another, depending on your own individual circumstances of course. Feel free to call us at 416.454.8812 or email at mina.hanna@accountingontrack.com if you have any questions.

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