IRS Announces New Delinquent Filing Compliance Procedures for U.S. Citizens Living in Canada and Abroad

A Welcome and Timely Initiative! On June 26, 2012, the IRS announced new filing compliance procedures for those U.S. persons (U.S. citizens, Green Card holders and resident aliens) living in Canada who have been delinquent in filing their U.S. income tax returns or the Report of Foreign Bank and Financial Accounts (“FBAR”). These catch-up tax…

Substance Abuse in the Workplace

Being faced with an employee who has, or is suspected of having a substance abuse problem is one of the most delicate situations that an employer can encounter. Suspicions can arise from the employee’s odd or erratic behavior, a change in the employee’s performance or by the employee’s physical demeanor. However, substance abuse can be…

Pay Equity – Frequently Asked Questions

Is this law applicable to my company? The Pay Equity Act applies to any company who employed an average of ten employees or more during their reference period (see Table 1 for applicable reference periods). However, any company that currently employs six employees or more must complete the annual Pay Equity Declaration. TABLE 1: REFERENCE…

2012 Ontario Budget

Here is the Ontario Budget Commentary, which highlights measures contained in the Ontario Budget tabled on March 27, 2012. The firm will provide additional information on request and will be pleased to discuss with recipients the possible effects of these measures on their particular situation. Please note that this version of the budget is only…

2012 Quebec Budget

Here is the Quebec Budget Commentary, which highlights measures contained in the Quebec Budget tabled on March 20, 2012. The firm will provide additional information on request and will be pleased to discuss with recipients the possible effects of these measures on their particular situation. Download the PDF now.  

2012 Limits and Rates Related to Automobile Expenses and Federal Personal Tax Credits

Automobile Expenses The rates for automobile expenses, deduction limits and the prescribed rates for determining taxable benefits on automobile operating expenses are as follows for 2012. Personal Income Tax Parameters In 2012, individuals will benefit from a small Federal tax reduction due to indexation of the tax bracket thresholds and non-refundable tax credit amounts. The following table…

Taxable Benefits in Brief

This issue of Tax Target will serve as a reminder of certain, often forgotten, details regarding the preparation of T4 and Relevé 1 forms. Automobile Benefits Automobile benefits are the total of the stand-by charge and the operating benefit. 1. Stand-by Charge (a) Stand-by charge on automobile owned by Company =  A/B x [2% x (C x D)] A/B…