Recap of the July 18, 2017 Proposals & the Modifications Announced This Week by Finance Minister

Here’s a recap of the July 18, 2017 proposals and the modifications announced this week (October 16, 2017) by Canada’s Finance Department: Federal Corporate Tax Rate on Small Business Deduction: July 18, 2017 No Mention Modifications – Week of October 16, 2017 The Federal corporate tax rate for the Small business deduction on Small is…

Summary of the New Federal Proposals by FL Partners Nick Moraitis & Josh Miller

On July 18, Finance Minister Bill Morneau unveiled plans to tighten what the federal government calls “unfair” loopholes for private corporations that enable many wealthy Canadians, including professionals like some lawyers, to reduce the amount of tax they pay. In a series of 6 capsules, FL Fuller Landau’s Tax Partner Nick Moraitis gives his comments…

Commentary from FL's Managing Partner Michael Newton on the Proposed Tax Changes

The following letter was written by FL Fuller Landau’s Managing Partner Michael Newton and sent to The Honorable William “Bill” Francis Morneau, Minister of Finance, and to The Honorable Marc Garneau, Member of Parliament for Notre-Dame-de-Grâce – Wesmount, in response to the proposed federal tax changes. I write to you in my capacity as business owner –…

Tax Planning Using Private Corporations – New Federal Proposals

Last week, Finance Minister Bill Morneau unveiled plans to tighten what the federal government calls “unfair” loopholes for private corporations that enable many wealthy Canadians, including professionals like some lawyers, to reduce the amount of tax they pay. Will the new federal proposals have an impact on your situation? Here are the key tax changes…

Quebec Form TP-1079 (Mandatory or Preventive Disclosure of Tax Planning Activities) – Due by April 7, 2017 for late-filed forms

Taxpayers who used a consultant with regard to their refundable tax credit activities (e.g. SR&ED, design, e-commerce, etc.) whose fee was contingent on the amount of Quebec refundable tax credits obtained must file Quebec Form TP-1079. This form discloses the nature of the work done and the identification of the consultants involved. Form TP-1079 became…