RMR

Rosenswig McRae Rosso LLP works for and with you - that means having a dedicated group of accounting professionals thinking about your business the way you do!

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The taxpayers ombudsperson has formally announced an investigation into the CRA’s handling of bare trust filing requirements -https://t.co/Mj4RF0XEQ3

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A couple of important interest rate items – the government has reduced the prescribed rate on late paid installments from 10% to 9% and reduced the prime rate by 25 basis points -> https://t.co/K0rAHnoHTF

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The Canada Entrepreneurs Incentive will lower the capital gains inclusion rate from 66.7% to 33.3% on the sale of qualifying small business shares.

However, qualification for this program is much more narrow then the capital gains exemption -> https://t.co/JtlJKI2Rnj

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We are now half way through the 10-week period before the introduction of significantly increased capital gains tax rates. For many there is little to be done; however, for others there are material advantages to implementing a plan -> https://t.co/uj0ead5cBj

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The government announced significant changes to the taxation of capital gains.  Thy are giving taxpayers a 10-week window to decide if they want to realize capital gains now at the “old inclusion rate” of 50% – or wait for the 66.67% inclusion rate -> https://t.co/b8D3eacVfP

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The 2024 federal budget announced tax measures that impact entrepreneurs and owners of investment holding companies. The most significant measures increase the effective tax rate for capital gains tax for many taxpayers from roughly 26% to 35% -> https://t.co/fcXoGwYgv9

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With just days remaining before the April 2 deadline for filing trust returns, the CRA has made a last minute announcement that it won't require Bare Trust (T3) tax returns for 2023 -> https://t.co/7JvelSmNq3

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Private company business owners should consider Individual Pension Plans (“IPPs”) as they approach their mid 50s. IPPS are pension plans that allow individuals over age 50 to set aside significantly more retirement funds then RRSPs -> https://t.co/HNbOBjNri2

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As the calendar year end approaches, we offer on our RMR blog a few reminders on time sensitive items -> https://t.co/faEkExAIAZ

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In yesterday’s fall economic statement, welcome changes were introduced to the underused housing tax for 2023 filings. The changes will not impact the  2022 UHT return but will impact filing obligations for 2023 onward -> https://t.co/eOYIN0wClQ

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There are some interesting tax credits that tend to fly under the radar for most of us. If your business is currently in a phase of exploratory research and development, innovation, expansion or growth, there are funding programs you may be eligible for -> https://t.co/faTzbCRAQC

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Lest We Forget. Thank you to all of those who sacrificed so much for the freedoms we enjoy today.

#RemembranceDay2023

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We are hiring!

RMR has Intermediate and Senior Staff Accountant openings, apply here -> https://t.co/i56wC5rwlX

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New Alternative Minimum Tax (“AMT”) rules have been designed to increase tax paid by high income Canadians who currently shelter their taxable income through deductions. 

Read more on our blog -> https://t.co/IqXQ73o3UH

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If you, or entities that you manage, hold assets on behalf of others you must consider the new bare trustee filing requirements. Most commonly these arrangements exist in real estate ownership.

RMR Blog -> https://t.co/X9mRqbkXWB

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Fraud happens more often than expected.

Understanding the most common circumstances that allow fraud to occur and how to best position your company to mitigate this risk is important.

From the RMR Blog -> https://t.co/9jPtPHaaED

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The government announced a temporary elimination of the federal portion of the HST for all newly constructed rental housing, including apartments, student housing and senior residences.

This is welcome news in a sector hit by rising interest rates -> https://t.co/7i9UsAiCC7

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The Ontario-made manufacturing investment tax credit, established in March 2023, enables the province’s manufacturers to receive up to $2 million annually to “grow, innovate, become more competitive and create jobs.”

More info -> https://t.co/ZY8n9DZ2aT

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Almost a year ago the government extended the small business pandemic loan program (CEBA), to December 31, 2023 provided debt is repaid by that date a borrower was eligible for up to $20,000 in loan forgiveness.

That deadline has been slightly extended -> https://t.co/EbPZhgHybf

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The CRA has requested the past six years of merchant tax records from Shopify.

If you’re a Shopify user and have been compliant, there should be no issue. For those who have not, they should look at filing and paying all the taxes they should have -> https://t.co/xn8QROjA2w