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Preparing for your Retirement Years - Tax Considerations

In planning for your retirement there are many factors that you need to consider as part of your planning.

T4 Reminder

The deadline for filing T4 forms is February 28th. As the deadline is rapidly approaching, we encourage all our clients to bring in their records. For further information, please contact Monique Flaisch at (905) 633-6365.

Employer Source Deductions

Good news! Did you know the federal budget is proposing to change the remittance threshold levels in employer source deductions? The proposal is to apply for remittances after 2014. The threshold for remitting two times per month is to increase from $15,000 to $25,000 and remitting four times per month to increase from $50,000 to $100,000. … Continued

Federal Budget Commentary

2014 Federal Budget Commentary Finance Minister Jim Flaherty released the 2014 budget on February 11th and mainly focused on balancing budgets, job creation and growth. He is projecting a decline to the deficit of $2.9 billion for 2014/2015 and a surplus of $6.4 billion for 2015/2016. While there are no major changes/benefits to the taxpayer, … Continued

New Tax Relief Measures

It’s a new year with lots to think about.
New tax relief measures shouldn’t be one of them.

Employer Health Tax for Employers Changes as of January 1, 2014

Guide for Employers Employers have to pay Employer Health Tax (EHT) on the total Ontario remuneration paid to employees and former employees who:  report for work at a permanent establishment of the employer in Ontario do not report for work at any permanent establishment of the employer, but are paid from the employer’s permanent establishment … Continued

Employer Health Tax for Registered Charities Changes as of January 1, 2014

Effective January 1, 2014, the amount of annual Ontario payroll that may be exempt from Employer Health Tax (EHT) is increased from $400,000 to $450,000. To better target EHT relief, the exemption is eliminated for private-sector employers with annual Ontario payrolls over $5 million. Registered charities, including those with payrolls over $5 million, continue to … Continued

Trevor Hood Interviewed for Succession Planning

This article appeared in Succession Planning, a publication of The Bottom Line & The Lawyers Weekly, vol. 3, no. 1, in 2013. One goal, different approaches A business sale is fraught with complex legal and accounting considerations, including valuation Buyers and sellers of businesses, beware: A cadre of professionals, including lawyers, accountants, business valuators and … Continued

Act Quickly to Lock in Family Loans by September 30, 2013

Business owners often utilize income splitting to reduce taxes, in particular, family loans. Family loans can be made to other family members including minor children through a family trust. Over time, these family trusts can provide significant tax savings. However, as of October 1, 2013, the Canada Revenue Agency will be increasing the prescribed interest … Continued

Testamentary Trusts Pay Top Tax Rate Starting 2016

Wills and estate planning for thousands of Canadians could be affected in 2016 if the government proceeds with their intention to eliminate tax benefits that arise from taxing testamentary trusts and estate grandfathered inter vivos trusts, created by wills and estates at graduated rates, after a reasonable period of administration for estates. In the March … Continued