In Manitoba Finance Minister Stan Struthers’ April 16, 2013 Budget Address, a 1% increase in Manitoba’s Retail Sales Tax (commonly referred to as “PST”) was announced. The increase will change the tax rate from 7% to 8% beginning July 1, 2013 for a period of ten years. In a May 1, 2013 phone call placed [...]
Tag Archives: Taxation
Is your business ready for the July 1, 2013 Manitoba PST increase?
Posted May 2, 2013 | Taxation, | Leave a comment
BC ruling may affect Corporate Tax Planning
Posted May 1, 2012 | Bankruptcy and Insolvency, Business Development, Commercial Transactions, Corporate Compliance, Fraud, Legislation, Litigation, Real Estate, | Leave a comment
A recent Court of Appeal decision from British Columbia may have devastating consequences for businesses engaged in corporate tax planning and asset protection. In Abakhan & Associates Inc. v. Braydon Investments Ltd. (“Braydon“), the Court of Appeal held that any transfer of assets made with a view to protecting such assets from current and/or future creditors might [...]
You Inherit, They Tax
Posted March 26, 2012 | Banking Law, Estate Planning, Family law, Legislation, Property distribution, Tax Planning, Taxation, Wills, | Leave a comment
If you are contemplating your estate plan and concerned with issues that will affect the legacy you leave to your loved ones, you should read the Winnipeg Free Press article by Joel Schlesinger in the Money Matters column on March 24th, 2012 in which I was interviewed. To view a copy of the article, click here.
Do you ‘shred’ your contracts?
Posted March 4, 2011 | Taxation, Technology, | Leave a comment
In my previous post, I discussed the Scientific Research and Experimental Development federal and provincial tax incentive program (“SR&ED“, commonly called Shred). For those of you already making SR&ED claims, and those of you about to, you should also be aware of the ‘Contract Payment’ provisions of the Income Tax Act. To the extent your [...]
It’s Raining Tax Credits!
Posted February 7, 2011 | Taxation, Technology, | 1 Comment | Leave a comment
Innovation is even more valuable than you think. A business conducting Scientific Research and Experimental Development (“SR&ED“, commonly called Shred) may be able to take advantage of specific federal and provincial tax incentives. These incentives include a modified expense deduction scheme as well as a tax credit scheme. Simply put, making a claim for the [...]
Physician, Incorporate Thyself!
Posted September 2, 2010 | Corporate Information, Tax Planning, | Leave a comment
Doctors, like many Manitoban professionals, are permitted by their governing Act to incorporate and practice through a “professional corporation.” What does this mean? For the patient, not a thing. But for the physician, it can mean substantial tax advantages. But, of course, there are disadvantages as well. The main drawbacks to incorporation are the initial and [...]
Testamentary Spousal Trusts – Income Splitting Post Mortem
Posted April 28, 2010 | Estate Planning, Tax Planning, Testamentary Trust, Wills, | Leave a comment
TAXES…..The word alone creates stress and anxiety. Most people think the amount paid in taxes is unfair and even more so if owed upon the death of a loved one. Typically, on the death of a taxpayer, he or she is deemed to realise all accrued gains and losses on capital properties owned by the [...]
Voluntary Disclosures Program
Posted March 26, 2010 | Taxation, | Leave a comment
Last week the Globe and Mail online had an article by Greg McArthur entitled Tax Officials Find Bonanza of Offshore Income. This is an article on the soaring number of voluntary disclosures made to the Canada Revenue Agency (“CRA”) and one of the possible reasons for this increase. The article does not provide any information [...]
Fake ID and the GST
Posted March 18, 2010 | Identity Theft, Taxation, | 1 Comment | Leave a comment
How often do you check the ID of your suppliers? If you run a business you are likely familiar with how GST works. When purchasing inventory and supplies, your business must pay the GST to the supplier, but may then claim an input tax credit (an “ITC”) offsetting the tax paid. To claim an ITC you need [...]