Accounting Blog for Businesses in Burlington, Oakville & Hamilton | SB Partners

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What’s New This Tax Season?

Personal Tax Updates Every year there are new rules and regulations around what credits and deductions you can claim on your income tax filing, and what you need to do to claim it. Brent Sousa, Senior Manager of Assurance & Advisory at SB Partners …

The Impact of HST on Insurance Premiums in Ontario

2015 Update Rules after Implementation of HST When Ontario joined the HST system on July 1, 2010, it substantially eliminated its PST on goods and services. However, it retained its PST of 8 percent on insurance premiums, as before. Automobile …

Verification of Suppliers’ GST/HST numbers for ITC claims is imperative

2015 Update GST/HST registration number can be validated on the CRA website online services for businesses GST/HST Registry: GST-HST verification. For example, a supplier may inadvertently provide the registration number of a related entity. In …

Capital Gains Increase Deferred

On Friday, January 31st, 2025, the Canadian government announced that taxpayers will not need to include the proposed increase in the capital gains inclusion rate in their 2024 tax filings.

Childhood Treasures - A Heads Up on Capital Gains

Snowdon, Wallis. ‘Best of the Best’ Wayne Gretzky Rookie Card Sells for Record $465K US. Digital image. CBC News. N.p., 5 Aug. 2016. Web. 25 Aug. 2016. Remember those trading cards that you had so much fun collecting? It might be time to dig those …

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 …

Take stock of your business income at tax time

Business income is a type of earned income, and is classified as ordinary income for tax purposes. It can be offset with business expenses and business losses, and may be either positive or negative in any given year.

Tax Tips on Split Income (TOSI) and Passive Income (TOPI)

Tax on Split Income – TOSI Tax on split income (TOSI) applies to certain types of income received from a business. Have you paid a dividend from your corporation to a non-active family member and are concerned about whether it will be taxed at the …

Vehicles Subject to the Luxury Tax

Who pays? The Luxury Tax will apply to registered and non-registered persons or vendors as follows. Where a non-registered person (consumer) purchases a specified vehicle, e.g. an automobile from a dealership, the Luxury Tax would be paid by the …

Income Splitting Translates into Paying Less Income Tax

Income splitting is an effective way for families to reduce their overall family income tax burden. Income splitting is the process of distributing income amongst a family group to take advantage of the lower income tax brackets available to each …

Optimizing Benefits with the Right Corporate Structure

Your business’s corporate structure is a critical consideration for wealth protection and enhancement. A strategic corporate structure can help protect your wealth, provide tax efficiencies, and allow for the efficient splitting of income amongst …

Tips on Retirement Investment Plans

By the time entrepreneurs have processed all their facts and figures and responsibilities, they are often tempted to postpone any personal investments, preferring instead to depend on their business equity to finance their retirement. This isn’t …

What is an RRSP and how does it work?

Registered Retirements Savings Plans (RRSP) were introduced in 1957 by the government as an alternative vehicle Canadians could use to save for retirement. Essentially it is an account that is to be used as a long-term savings plan, with the …

Transfer Pricing

Recently, many of our clients have set up (or are contemplating setting up) operations in the United States to take advantage of favourable export exchange rates. American subsidiaries owned by the Canadian parent company are one way to carry out …

What You Need to Know About the Toronto Vacant Home Tax (VHT)

All residential property owners in Toronto are required to submit a declaration of their property’s occupancy status for the previous year, even if they live there. Failure to do so may result in being subject to additional tax.

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Email us at help@sbpartners.ca or give us a call at 905-632-5978 or toll-free at 1-866-823-9990.

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