Since March 19, 2019, companies that purchased zero-emission vehicles (such as an electric vehicle) have been able to benefit from attractive tax incentives. In Bill C-97 (first budget implementation bill of 2019, second reading of April 30, 2019), the Canadian Department of Finance added two new depreciation categories for zero-emission vehicles. Here is an overview […]
Read MoreIt appears that the Canadian Revenue Agency (CRA) has a new project: corporate car expenses. This change comes as a surprise as previous correspondence from CRA was proposing to disallow personal car expenses for owner managers. In CRA correspondence that we have seen of late, the focus is on those companies that had an expense […]
Read MoreThe Canadian Income Tax Act defines a non-profit organization as “a club, society or association that, in the opinion of the Minister, was not a charity within the meaning assigned by subsection 149.1(1) and that was organized and operated exclusively for social welfare, civic improvement, pleasure or recreation or for any other purpose except profit….” […]
Read MoreMowbrey Gil is pleased to offer students and their spouses 2018 personal tax return services at no charge. Being a student should be your only worry – let us help you with the rest. Scholarship Income Tuition Tax Credits Union / Professional Dues Student Loan Interest Medical Council of Canada Evaluating Examination (MCCEE) Moving Expenses […]
Read MoreThe Canadian taxation system is structured so that investment income (such as interest income and rental income) earned in a corporation would be taxed at the same rate as investment income earned personally (at the highest tax rate). The way in which the system works is that a corporation pays tax on its investment income […]
Read MoreIn 2017, new rules were introduced limiting the use of income splitting which allowed people the ability to income split with family members. The new rules were called Tax on Split Income (‘TOSI”). TOSI applies to situations where a family member has not contributed or worked in a family business and is applicable depending on […]
Read MoreTax planning and corporate restructuring have become an integral part of the services provided by professional advisors to their clients. A key component of any plan is establishing the fair market value (“FMV”) as the valuation represents the first step towards assessing the tax consequences of any transaction. Given the increased level of complexity in […]
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