New Ontario estate planning legislation came into effect on January 1st of this year (2022). Are you up to speed on exactly what these changes are and what they mean?
These new changes were made to help simplify the estate planning process. Changes will affect the validity of wills after marriage, property rights of separated spouses, and wills with technical errors. In this blog, we will also look at the legislated changes and the virtual witnessing of wills.
In October, the Government of Canada announced that it would be releasing new recovery benefit programs for businesses that have been hardest hit by the COVID-19 pandemic. One of these programs was the Tourism and Hospitality Recovery Program (THRP).
While the name specifies tourism and hospitality, the list of qualifying industries and businesses is actually much broader.
Some things never change, but the compilation standard isn’t one of them. The Auditing and Assurance Stands Board (AASB) has revised the standard for compilation engagements. The changes are effective for periods ending on or after December 14, 2021. Under these standards, a new compilation engagement report will replace Notice to Reader (NTR).
If you are feeling a little lost when it comes to talking about accounting and bookkeeping, you’re not alone. Sometimes accounting terms can get confusing, and the many words and acronyms used doesn’t help.
If you are working with a good accountant, they will be able to explain the most complicated accounting concepts to you in easy terms. But going in with a basic knowledge of accounting terminology can help bridge the gap.
The year is almost over and that means you might need to make some last-minute decisions about your Tax-Free Savings Account (TFSA).
TFSAs began in 2009 and are a savings tool that allow Canadians 18 and over to earn tax-free investment income. Unlike certain registered savings plans, there are no limitations on what the funds in a TFSA can be used for.
Income splitting is a useful tax planning strategy that lets you move income from someone in a higher tax bracket to a family member in a lower tax bracket. This helps lower your overall family tax obligation.
There are attribution rules that prevent Canadians from simply gifting money to spouses to substantially reduce tax owing but there are legitimate ways to give money to your spouse for income splitting purposes that are allowed.
On November 16, in our blog “Don’t Wait to File! COVID Benefit Programs are Coming to an End”, we let you know that a number of COVID support programs like CRHP (Canada Recovery Hiring Program) and CERS (Canada Emergency Rent Subsidy) were ending.
The good news is, later in November, some of these support programs were extended/expanded and new programs are being introduced. Here are some of the programs your business can still leverage:
The Ontario Interactive Digital Media Tax Credit (OIDMTC) is a refundable tax credit that was introduced in 1998 but there are many small to medium-sized businesses that don’t realize they qualify for the credit.
When it was originally introduced, the purpose of the tax credit was to support the emerging digital media industry and help develop additional highly skilled jobs.
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