Tax tips | Grant Thornton insights

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Finance extends deadline for changes to corporate class funds

Measures introduced in the 2016 federal budget proposed that exchanging units of one corporate class fund for another would no longer be tax deferred, starting October 1, 2016. [September 15, 2016] More...

Are you a RRIF holder? Consider the new minimum withdrawal amounts

Each year, Registered Retirement Income Fund (RRIF) holders must withdraw a required minimum amount, which is then taxed as income in the year of withdrawal. [November 18, 2015] More...

Tax Decoded: 5 things to consider when going public

5 tax considerations before going public in Canada. [September 30, 2015] More...

Is your corporation a personal service business?

If you incorporate your business but could reasonably be regarded as an employee or officer of the person or partnership to whom you are providing the services, (but for the existence of your corporation), you risk being characterized as a personal services business (PSB). [August 28, 2015] More...

Tax Decoded: 5 tax considerations before retirement

Simplifying complex tax tips. Read our top 5 tax considerations before retirement. [August 17, 2015] More...

Are you a “US person” residing in Canada? Make sure your US filing obligations are up-to-date!

The United States taxes its citizens, residents and green-card holders (collectively, US persons) on their worldwide income, regardless of whether they live in the United States. As a result, if you’re a US person living in Canada, you’re generally required to file both a Canadian and a US income tax return. [July 20, 2015] More...

Childcare expenses—don't forget summer camp expenses

The Child Care Expense Deduction (CCED) allows childcare expenses to be deducted from income when those expenses are incurred to allow a supporting parent to earn employment or business income. [June 4, 2015] More...

Enhanced Universal Child Care Benefit (UCCB)

Under proposed legislation, the government is increasing and expanding the UCCB starting in January of this year. Subject to the legislation receiving Royal Assent, the first enhanced payment is expected to be issued in July 2015 and will include any retroactive payments for the period January 2015 to June 2015. [April 27, 2015] More...

Family Tax Cut is now available!

Beginning with the 2014 tax year, the government is permitting notional income splitting for couples that have children under the age of 18. The higher-income earning spouse or common-law partner can notionally transfer up to $50,000 of income to the lower- income earning spouse or common-law partner each year. [March 17, 2015] More...