Hiring an apprentice is an excellent human resource strategy. It helps reduce the challenges of skill shortages as tradespersons retire, and ensures a regular supply of trained workers.
It’s a new tax year and your tax return has now been filed. That means ç
Koroll & Company welcomed Michael Falcone, CPA, CGA, LPA to the company in February, 2021. We are excited to share the announcement with you, and to introduce you to Michael, a most valued new member of our team.
As of July 1, 2021, new rules will be imposed on employee stock options.
Employee stock options are a form of compensation that some companies offer their employees. They give an employee the right to buy a specific number of shares at a pre-set price. But they must be purchased within a specific time frame.
Earlier this year the provincial government announced an additional relief measure to support businesses. This included increasing the exemption on Employer Health Tax from $490,000 to $1 million. The exemption will return to $490,00 on January 1, 2021. It will be further adjusted based on inflation in 2024. They are also providing 5 months of relief to businesses that are not able to file/remit their taxes. Today we are going to provide some clarity about EHT and whether you need to file it.
In 2018, the provincial labour board ordered an employer, who committed an unfair labour practice to pay a lump sum payment to each of their employees.
Generally, when an employee receives a payment in relation to their employment, it is taxable under various provisions, set out in the income tax act.
The 2019 budget proposes a number of changes that will focus on providing relief to businesses in specific industries including journalism, research and development, film and video production, farming and fishing businesses, as well as new Capital Cost Allowance rules for businesses using zero-emission vehicles.
In addition, the government proposes rules to prevent businesses from circumventing current character conversion transaction rules to gain a tax advantage.
Christmas is coming which means it is time to start thinking about company parties, employee gifts and maybe even holiday bonuses.
But before you get into the giving spirit, there are some considerations you may want to keep in mind when it comes to gifting your employees. If you don’t, it could result in greater headaches come tax season and unintended tax consequences for your employees.
