The Advisor Newsletter

Trusted Advice, tips and intel about accounting, finances and taxation from Ross + Sylvestre Chartered Accountants LLP

Volume 1, Issue 2 . Fall 2017

On July 18, 2017, Federal Finance Minister Morneau issued draft legislation poised to drastically affect the taxation of private corporations. The Ministry of Finance proposes to address a number of perceived tax “loopholes” available to business owners, implying that business owners in Canada do not pay their fair share of taxes.

  1. Reduce or eliminate the opportunity for private corporations to pay dividends to family members of active shareholders.
  2. Reduce or eliminate the opportunity for private corporation shareholders to use corporate profits to accumulate passive investments
  3. Close tax planning opportunities to allow shareholders to withdraw value from a corporation so as to receive favourable capital gains treatment.

The proposed changes unfairly target business owners and contravene previously established policy that reflected the value that small business brings to the economy. With this proposal, the Liberal government appears to be working against the financial interests of private business owners READ GREG’S FULL OP-ED HERE.

If you would like to have your say on the matter, please write to us at [email protected] with the subject line “Have your say” by Monday, September 25th. We will consolidate your feedback into our response to Minister Morneau before his submission deadline of October 2nd.

Did you know?

The tuition tax credit has been extended to include courses at a post-secondary educational institution that are not at a post-secondary school level. This may include, for example, courses on basic literacy or numeracy, or learning a second language.

Medical expense claims for reproductive technologies have been extended to include situations where the patient does not have a medical condition preventing conception. Claims will be allowed for 2007 and later years.

Individuals can now pay their individual taxes, by cash or debit card, at Canada Post.

A new issue of Tax, Tips and Traps is now available!
Click here to read the latest edition of Tax, Tips and Traps: Issue 119 – Q3 2017

Changes to Income Tax Rules 2017

The latest instalment of Business Matters has hit our desks. This issue details the changing tax rules for 2017, advises on the true cost of low interest rates, provides guidance on correctly pricing your product or service, and shares how reviewing your HVAC system could improve your bottom line.

A new issue of Business Matters is now available!
Click here to read the latest edition of Business Matters: Volume 31, Issue 4.

Bonnyville Chamber of Commerce Networking
Golf Classic

We’re proud to have been sponsors of the third hole at this year’s Bonnyville Chamber’s Networking Classic in support of Ronald McDonald House Charities. The tournament took place on August 19th at the Bonnyville Golf and Country Club and raised $5,700 for the Ronald McDonald House in Edmonton. An annual fundraiser, the Classic helps families in the Lakeland stay close, connected and supported through stays at Ronald McDonald House in Edmonton while their child undergoes medical treatments for serious illness or injury. More than 142 families in the Lakeland have stayed at the RMH in Edmonton, saving them over $160,700  in costs in 2016 alone.

Congratulations Ian Wong, CPA!

A big congratulations goes to Ian Wong from our Edmonton office on the recent receipt of his Chartered Professional Accountant (CPA) designation. After successfully completing his articling hours, Ian proudly joins our growing number of CPAs (now numbering 14) across Ross & Sylvestre’s three offices.