Proposed private corporation tax legislation changes

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On July 18, 2017, the Department of Finance for Canada released information regarding proposed tax legislation changes aimed at restricting some of the tax planning and deferral benefits associated with Canadian private corporations. It is expected that these changes will have a significant impact on how the earnings of Canadian private corporations and related distributions […]

Incorporation Steps

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The following steps will walk you through the process of incorporation and other items to get your newly incorporated company ready for business: Step 1 – Incorporation –          This can be done for a minimal fee at any Alberta registries office, however, the registry office will not provide you with corporate bylaws or articles of […]

Sale of principal residence

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Sale of principal residence In the past, Canadian taxpayers have enjoyed taking advantage of their principal residence exemption, generally, without having to file anything with their income tax return. Most taxpayers sell their principal residence without considering that a potential gain occurred, and the gain was reduced by the principal residence exemption. For the sale […]

What is Alberta’s new carbon tax?

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What is Alberta’s new carbon tax? Love it or hate it, the carbon tax is here. Alberta’s new carbon levy and rebate program aims to reduce greenhouse gas emissions by providing Albertans with an incentive to lead a lower emission lifestyle. How does it work? Starting January 1, a carbon levy will be added on […]

CRA approved automobile allowance rates

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Automobile allowance rates The automobile allowance rates for 2016 are: 54¢ per kilometre for the first 5,000 kilometres driven; and 48¢ per kilometre driven after that. In the Northwest Territories, Yukon, and Nunavut, there is an additional 4¢ per kilometre allowed for travel. The automobile allowance rates for 2015 are: 55¢ per kilometre for the […]