Is your business making the most of the Capital Cost Allowance? Integrating CCA into broader fiscal planning can significantly reduce taxable income and enhance cash flow, which is crucial for the growth and sustainability of any business. Decision-makers must have a detailed understanding of how the CCA system works, from the categorization of assets to the half-year rule. In our latest article, we provide a comprehensive overview of the CCA and discuss various strategies Canadian businesses can use to maximize its benefits.
Can your business benefit from the new Clean Economy ITCs? To support Canada’s goal of achieving net-zero emissions by 2050, the government has identified six key areas that will receive major economic ITCs in 2024 and beyond. With the passing of Bills C-59 and C-69, the legislation for the first four ITCs has now received royal assent. These ITCs represent a significant opportunity for tax savings, with roughly $93 billion in federal incentives being made available by 2034-35. To learn more about the Clean Economy ITCs and what they mean for Canadian businesses, check out our Key Insights.
Whether you’re 30 or 70, estate planning should be a critical part of your long-term financial strategy. A well-structured estate plan ensures your loved ones receive the maximum benefits from your assets while minimizing their tax liabilities. The key is understanding how wealth is taxed upon death and using the various tools available to protect your estate. Comprehensive plans should employ a combination of strategies, from spousal rollover to the establishment of trusts. To learn more about developing a tax-efficient estate plan that preserves your legacy, read the full article now.
In the modern digital world, data is power. Businesses that know how to use it hold the cheat sheet for sustained growth and long-term success. That’s where Key Performance Indicators (KPIs) come in. KPIs assess how effectively a company achieves its goals. They transform raw data into actionable insights essential for informed decision-making. By tracking KPIs, companies can identify trends, forecast future performance, and benchmark against competitors, ensuring that every step taken is a step forward. To learn more about KPIs and how to select the right ones for your enterprise, check out the full article here.
Business owners, are you up-to-date with Canada’s recently enacted Employee Ownership Trust (EOT) framework? EOTs provide a viable alternative to traditional exit strategies that can ensure the longevity of a business by placing ownership into the hands of those who know it best—its employees. For business owners considering their succession planning options, EOTs offer a tax-efficient means of transferring ownership. They’ve also been shown to improve business performance by creating a sense of shared ownership and investment in the company’s future. To learn more about the new EOT framework and what it means for your business, check out our Key Insights here.
In mergers and acquisitions, obtaining a detailed Quality of Earnings (QoE) report is the cornerstone of effective due diligence. QoE reports focus on the accuracy, sustainability and predictability of earnings. They don’t just examine revenue, cash flow and profit margins, they review assets, working capital, debt structures, accounting policies and financial controls. Through expert analysis, QoE reports assess past performance and future projections while uncovering potential risks and opportunities that may not be apparent from standard financial statements alone. Read to full article to learn more about this crucial document.
Bills C-59 and C-69 introduce crucial amendments to the Income Tax Act and the Underused Housing Tax Act, alongside new laws like the Digital Services Tax Act and the Global Minimum Tax Act. Other key changes include an increase to the Alternative Minimum Tax (AMT) rate, new measures aimed at improving housing affordability and a host of clean economy income tax credits. Business owners will be especially interested in the new intergenerational business transfer (IBT) rules and the introduction of employee ownership trusts (EOTs). To learn more about what’s changing, read the full article here.
With the recent enactment of Bill C-59, there have been several amendments to the Intergenerational Business Transfer rules. Effective June 20, 2024, these changes aim to address previous shortcomings and ensure genuine IBTs receive the same tax treatments as arms-length business transfers. Most notable is the inclusion of two distinct IBT options – an immediate IBT and a gradual IBT. Read the article for a full breakdown of the new rules.
What is the most tax-efficient way to withdraw money from a corporation? It’s a straightforward question with a not-so-simple answer. From salary vs dividends to shareholder loans and capital dividend accounts, there are many ways to structure your withdrawals. Our latest article takes a look at some of the most commonly used methods and discusses the tax implications of each.
On June 10, 2024, a Notice of Ways and Means Motion was released to amend the Income Tax Act to increase in capital gains inclusion rate.
The SR&ED program provides more than $3 billion in tax incentives to Canadian businesses annually. You don’t need to be a mega corporation with dedicated R&D facilities to apply. Innovating companies from any sector can carry out work that is eligible, with roughly 75% of the funds going to small businesses. Read our essential guide to learn more about these powerful tax incentives and how they can help your company drive growth and innovation.
On June 25, 2024, the capital gains inclusion rate is increasing from 50% to 66.67%. This significant amendment will impact taxpayers disposing of assets like shares, bonds, rental properties, secondary homes, or business equipment after this date. Prepare now with this comprehensive overview of what these changes mean for you and how you can plan ahead to mitigate the increased tax burden.
With a proposed $52.9 billion in new spending over the next five years, the 2024 Federal Budget focuses on key areas such as housing affordability and economic development, while also providing enhanced support for students and the younger generations. Read the full article for a detailed commentary on the key tax and economic takeaways, measures, and proposed changes affecting Canadians and businesses.
Filing your tax return accurately and completely is crucial to avoiding penalties and potential CRA audits, while at the same time maximizing your tax savings. By being aware of the most common tax return mistakes and taking steps to fix them, you can save time, money, and future headaches! Read the full article to avoid these 10 tax pitfalls.
The 2023 Budget and the Fall Economic Statement included a host of legislative and regulatory changes. In Part Two of our tax changes series, we take a look at the big developments set to shake up the Canadian tax landscape in 2024, from new trust reporting rules to long-awaited adjustments to the Alternative Minimum Tax and the elimination of short-term rental deductions.
2023 was a big one for the Canadian tax landscape, with the CRA and Ministry of Finance pushing forward on extensive legislative and administrative changes.
In Part One of our 2024 Tax Changes series, we dive into the key details of federal tax brackets, RRSP and TFSA limits, CPP enhancement, and EI premiums.
February’s jobs report exceeded expectations with the addition of 40,700 jobs to the Canadian economy. This paints a mixed picture for policymakers and does little to sway the Bank of Canada’s likelihood to begin cutting rates in June. To learn more about the February jobs report and what it means for the Canadian economy, check out the full article from RSM.
Whether you’re a business owner, a self-employed professional, or an individual taxpayer, staying on top of tax dates is vital for ensuring compliance with Canada’s tax laws. From T1 returns to UHT elections and SR&ED claims, this article from RSM provides a comprehensive list of the crucial tax filing and payment deadlines for middle-market taxpayers in 2024.
Building an efficient and productive team isn’t just about hiring the right people – it’s about how you manage and lead those people. From communication to talent management and task delegation, your leadership style sets the tone for your business and directly impacts overall performance. Join us as we discuss the key aspects of effective leadership so that you can get the best out of your team and propel your business to new heights.
As Canada grapples with an ongoing housing crisis, the Federal government has stepped in with new measures to curb the proliferation of short-term rentals (STRs) in an attempt to free up housing for long-term tenants. To learn more about these changes and what they mean for Canadian taxpayers, read the full article here.
The world of Canadian tax saw a whirlwind of changes in 2023, with the progression of Bill C-59, the introduction of more green tax credits and the implementation of new trust reporting rules among the key highlights. Read the full article for a comprehensive breakdown of these and other critical changes that will shape the tax landscape in 2024.
Grants are a vital source of funding for small and midsize enterprises. Whether you’re looking to adopt new technology, expand operations or hire additional staff, there are a wide variety of grants available from both government and private sources. Follow the link for a curated list of some of the best business grants currently available here in Ontario.
Canadian business owners will soon have a new avenue for succession planning. Proposed as part of Budget 2023, EOTs will allow owners to effectively sell their businesses to their employees, without the employees having to pay directly to acquire the shares. EOTs present a powerful alternative to existing exit strategies and have already been successfully implemented in countries such as the U.S. and the U.K.
The Canadian economy showed remarkable resilience this past year, but the impact of higher rates has slowly taken hold. In this article, RSM’s leading economists present their outlook for the year ahead, with a predicted slowdown in the first half, followed by a revival in the second half. An essential read for anyone looking to understand the potential economic trajectory of the country.
With a potential 3 out of 4 Canadian business owners looking to exit their companies within the next decade, the government has been taking steps to provide better avenues for business transfers. In our latest article, we take a detailed look at the new rules and what they mean for owners looking to transfer their business to the next generation. Read the full article to learn more and equip yourself with the knowledge you need to make your succession a success.
Operational resiliency refers to a company’s ability to anticipate, prepare for, and respond to unpredictable disruptions while continuing to deliver its core products and services. This article from RSM provides a comprehensive exploration of the various facets of operational resiliency – from conducting business motion analyses and risk assessments to ensuring business continuity and robust data management.
In today’s highly competitive business environment, companies across all sectors find themselves grappling with increasing margin pressures. This article focuses on strategies to improve productivity and profitability in business services by investing in employee development, technology, automation, outsourcing and more.
2023 saw some significant changes and developments in the tax domain. This comprehensive guide from RSM provides an indispensable tool to help navigate these changes and ensure you’re well-equipped for year-end obligations and tax planning opportunities.
Check it out now for a full breakdown of the critical federal, provincial, and territorial tax changes that will impact middle-market taxpayers in 2024 and beyond.
Data analytics is a powerful tool for service companies looking to optimize their business operations. From improving customer experience to streamlining inventory tracking and project management, data analytics can provide valuable insights and help companies make informed decisions. Read the full article to discover how data analytics can transform business services companies and enhance efficiency and profitability.
Bare trust arrangements are now subject to the filing requirements of a T3 Trust Income Tax and Information return.
While Canada is attracting immigrants, it struggles to make use of their skills, leaving much unrealized potential on the table.
In our updated economic forecast, we have downgraded the probability of a recession in Canada over the next 12 months to 60%, from 75%.
Under new legislation for trust reporting, law firms may be subject to the filing requirements of a T3 Trust Income Tax and Information return beginning in 2023.
From cash flow statements to income tax credits, you’ll learn the most important aspects of accounting for small businesses that will set your company on the road to financial success.
When a business grows, and employees can’t keep up with the workload, the instinct to hire more employees is not always the right solution and there are other alternatives to consider.
Automation solutions that improve operational efficiency and the client and talent experience.
Digital transformation is critical for modern manufacturing operations and the factory of the future.
In our latest article, we discuss how recent and emerging technological advancements are changing the face of the accounting industry and the professional services sector as a whole.
Consumer goods companies will shift focus from growth to profitability.
On March 21, 2023, Ontario tabled their 2023 Provincial Budgets. To help understand the implications of the budgets across major industries, we have consolidated the key highlights pertinent to middle market companies.
Successful professional services firms are taking a controlled growth approach to manage a dynamic labor market.
As the business landscape continues to shift away from traditional, office-based roles to make way for more flexible, remote positions, it’s important for employers to consider their tax withholding requirements. Read our latest article to learn more.
Key industry insights and highlights on Canada’s 2023 Budget (Budget 2023) which was released on March 28, 2023.
In light of inflationary pressures, economic headwinds, geopolitical risk, and many conflicting so-called leading indicators, a business strategy refresh is paramount.
Entrepreneurs and business owners – are you making the most of your tax deductions? If not, then our then our essential guide to the best small business tax deductions in Canada is a must-read!
The article shines a light on how Canada’s middle market businesses are faring in their ongoing battle for employee retention amidst a white-hot labour market.
Robust job gains combined with the unemployment rate holding steady near a record low at 5% should push the expectations of a recession-even a mild one-on hold, or at least push them to the second half of the year.
The Underused Housing Tax Act (UHTA) is now if effect. To learn more about this new tax including who will be affected and what it means for those that are, check out our quick guide.
The Tax Court of Canada released a decision on director liability for unpaid GST and payroll taxes of a corporation.
Business services firms face challenges in lowering operating costs—especially labor costs.
Are you up to date with the most important tax changes for 2023? This quick-read guide has all of the key updates to be aware of. Check it out now!
Set your business on the path towards success with these 7 strategies to grow your small businesses.
Growing a small business is all about thinking big. Discover the top 7 reasons why now might be time to start growing your small business.
Part 2 of our All About Audits series goes into detail about the audit process, including when to conduct an audit and the key steps to take when preparing for one.
Learn everything you need to know about audits – from what an audit is to how your business can benefit from them.
From important tax dates and changes, check out these 7 easy steps to help make this year’s tax filing as stress-free as possible.