These are photos of some of the industries we have the privilege to serve.


 

Resources

 

TOSI (Tax on Split Income):

TOSI was introduced to eliminate the tax benefits that could be obtained by income splitting using a private corporation. Tests have been put in place to ensure family members make a sufficient contribution to a family business in order for them to receive taxable income. If you have a family business, you should know the general rules around TOSI.

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Principal Residence:

Prior to 2016, you were not required to report the sale of your property if it was designated as your principal residence for all of the years you owned it. CRA imposed reporting requirements on your personal income tax return to report all property sales, whether or not you designate it as your principal residence. If you sell a property and do not designate it as your principal residence for all years you owned it, taxes will have to be calculated and paid on the capital gains for the years it was not your principal residence.

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Foreign Property:

CRA has been increasing its focus on Canadians with international assets (whether or not the assets generate income). If the cumulative book value of your foreign assets exceeds $100,000(CDN) at any point during a calendar year, additional reporting requirements are necessary on your annual personal tax return. Some common examples of specified foreign property include: bank accounts outside of Canada, physical property outside of Canada, and shares of non-resident corporations (even if they are held through a Canadian broker).

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Employee Benefits, Allowances, or Expense Reimbursements:

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HST - Type of Supply:

Goods and services are classified into three broad categories for HST purposes: taxable supplies, zero-rated supplies, and exempt supplies. The type of supply determines if GST/HST should be charged, if a 0% GST/HST rate should be charged, or if no GST/HST should be charged. The type of supply also determines if input tax credits (ITCs) can be claimed on your expenses. Once the type of supply is determined, you must verify the place of supply and charge the appropriate GST/HST rate. You would also need to determine if you need to register for additional provincial sales tax programs (eg: QST for Quebec).

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Incorporating a Company:

There are many things to consider when assessing whether to incorporate a company. The most important one is does it make financial sense? Although there are several financial advantages to incorporating, there are some disadvantages as well. This article explores the advantages and disadvantages to help you determine if it makes sense for you.

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CRA Scams:

You probably have been a target or know somebody who has been a target of somebody impersonating CRA. These scammers are continually creating new ways to steal your money, credit card info, or even your identity. As long as the scammers continue to benefit from the scam, they will continue to use it. This article will help you identify a scammer and how to deal with the situation in order to minimize any risks.

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Services by Colin Phillips, CPA Professional Corporation include: Tax Returns and Financial Statements | Corporate Tax Returns | Personal Tax Returns | Payroll | Bookkeeping | Business Setup | Transitioning to a Corporation | Tax Planning | Resolving Disputes with CRA | Estate and Trust Services

Colin Phillips, CPA Professional Corporation serves clients across Toronto, Barrie, Oshawa, Ajax, Vaughan, Markham, Guelph, Milton, Oakville, Brampton, Mississauga, Burlington, Hamilton, and the surrounding areas.

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