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  • Changes to the Ontario Employer Health Tax

    Employer Health Tax (“EHT”) is an Ontario payroll tax on remuneration paid to employees. Eligible employers are able to claim an exemption on the first $450,000 of Ontario payroll ($490,000 commencing January 1, 2019). Eligible employers generally include charities, and private sector employers with Ontario payroll for the year of less than $5 million, including the payroll of associated companies. This exemption exempts smaller employers from paying EHT on the first $450,000 ($490,000 commencing January 1, 2019) of Ontario payroll, resulting in savings of up to $8,775 annually ($9,555 commencing January 1, 2019). Since this exemption needs to be shared by associated employers, multiplication of the EHT exemption is limited. The 2017 Ontario budget further reduced the ability to multiply […]

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  • Farewell to the One Page Auditor’s Report!

    Overview In April 2017, certain new and amended Canadian Auditing Standards (CAS) were approved by the Auditing and Assurance Standards Board (AASB). One of the significant revisions pertains to changes in the content of the Independent Auditor’s Report, mainly as a result of the revised CAS 700 Forming an Opinion and Reporting on Financial Statements and the new CAS 701 Communicating Key Audit Matters in the Independent Auditor’s Report. In Canada, these new auditor reporting standards are effective for audits of financial statements for periods ending on or after December 15, 2018. For example, if the reporting entity’s fiscal period ends on December 31, 2018, then the entity must comply with these new standards. With the introduction of the new […]

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  • The Accelerated Investment Incentive – Department of Finance Announces New Tax Incentive for Capital Expenditures

    Incentive for Capital Expenditure

    On December 22, 2017, US President Donald Trump signed the Tax Cuts and Jobs Act (“TCJA”) into law. This new legislation represented the largest US tax reform measures enacted in decades and provided US businesses with significant tax incentives for investment in capital assets. Since the TCJA’s passing, the Department of Finance of Canada has faced considerable pressure to enact legislation that provides Canadian businesses with similar tax incentives for new capital expenditures. In its Fall Economic Statement released on November 21st, 2018, the Canadian government responded by announcing the introduction of the “Accelerated Investment Incentive” which will provide Canadian businesses with an increased tax deduction for the cost of capital expenditures in the year they are purchased. Although the […]

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  • Kraft Berger LLP Canadian Real Estate Series Part 1: Principal Residence Exemption – What it is and why you should care?

    Canadian Real Estate Principal Residence Exemption – What it is and why you should care?

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  • New Canadian Standard on Review Engagements – What Should You Expect?

    Canadian Financial Statement

    Written by Sharon Eidelman, CPA, CA Review engagement reports on financial statements have changed for financial statement periods ending on or after December 14, 2017. So what does that mean for you, the client? How do the new standards impact your role as management or those charged with governance? The list below provides answers. What Should You Expect? New letters: We will require you to sign a new engagement letter. This letter will explain your responsibilities as the client and our responsibilities as the practitioner as they relate to the review engagement standard. There may also be changes to the representation letter as necessary. More communication: The new review engagement standard includes a greater emphasis on communication with you as […]

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  • PRIVATE COMPANY PROPOSED LEGISLATION 2.0 – NEW YEAR’S EDITION

    Tax Proposal Legislation

    After receiving over 21,000 submissions, and receiving some large amounts of pushback and media attention, the government has amended its July 18th, 2017 proposals. The following is a detailed summary of the rules.

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  • Changes to WIP Rules Whip up a Storm

    Changes to WIP Rules Canada

    Tax work-in-progress rules are changing. Read about how the proposed new rules differ from the current ones and how they will impact professional businesses including accountants, lawyers, and doctors.

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