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2018 Federal Budget Commentary

The federal Liberal government introduced their third budget yesterday.  Budget 2018 concentrated more on spending and a political agenda rather than tax changes.  We have outlined the key measures in the budget that will affect our clients. Passive Investment Income As expected, the budget introduced measures relating to holding passive investments inside a private corporation.  … Continued

Burlington150 Award

SB Partners is proud to announce that John Chisholm, Partner and CEO, is a recipient of the Burlington150 Award. As part of Canada’s 2017 sesquicentennial celebrations, Burlington MPP Eleanor McMahon created Burlington150. The award recognizes 50 men, 50 women, and 50 youth who have contributed to: Celebrating diversity/inclusion Building community/capacity Protecting the heritage of Burlington … Continued

From the CEO

Happy New Year! What will 2018 bring for you, and for SB Partners? These early months herald new beginnings and fresh opportunities. And with them, endings, and periods of transition.   Transitions are much on my mind this year. Sherry and I became grandparents in 2017, and it has been a euphoric experience.  The thrill … Continued

Charity Guidelines Checklist

Specifically, I wanted to highlight the checklists that cover a variety of aspects of charity operations. I have reproduced the basic guidelines checklist below. It is a good reminder of the administrative requirements to insure your Charity status is maintained at all times. ☐ Engage only in allowable activities. A registered charity is allowed to … Continued

Improving Profitability: A Grower’s Guide

Join Landscape Ontario and SB Partners on February 6 for a Lunch and Learn event that will provide insights on improving profitability.  Too often growers face the scenario of Income – Expenses = zero profit Typically, growers know their total cost structure to operate their farm, however, how many can translate that cost to an … Continued

Federal or Provincial Incorporation?

Incorporation is an important part of business and given the numerous financial considerations faced by owners, it’s not uncommon to choose the least expensive option. Short-term savings however may not yield long-term advantages. In Canada, owners may choose to incorporate federally or in one of the 13 provinces/territories. Taking the long view as to where … Continued

Overview of New Draft Legislation to Address Income Sprinkling

On December 13, the government unveiled the final version of the new legislation regarding Tax on Split Income (TOSI) rules effective January 1, 2018. Overall, the legislation proposals extend the tax on split income (“TOSI”) to individuals aged 18 and over (specified adult individuals) as they suggested in the July 2017 proposals.  The intention of … Continued

CRA Audit Techniques

With the increase in the number of tax payers filing electronically, CRA now has incredible data analytic capabilities.  Anomalies in relationships between financial numbers will often trigger an audit or, at the very least, an information request. In addition to data analytics, CRA is also looking to third parties for information that might indicate an … Continued

When CRA Comes Knocking

Part One of a Two-Part Series on the CRA CRA has definitely been more active lately. We see increases in the number of audits as well as the number of pre and post-assessment information requests. As there is an increased likelihood that you will have an interaction with the CRA in one way or another … Continued