Changes to tax law coming into effect Jan. 1, 2024, which add more tax to high-income Canadians who choose to make large donations of securities to charities in the country. To add insult to injury, other recent changes will cause many of those donations – and in fact donations of many types, and even those of lesser amounts – to create a significant and unmanageable burden for charities.
The rules that create this burden were part of Bill C-32, which became law on Dec. 15. Make no mistake; this could close the doors of some charities. Let me explain.
The Rules
Just as individuals and corporations are required to file tax returns each year, trusts are also required to file an annual income tax and information return (called a T3 return) – with some exceptions.
Bill C-32 included new trust reporting rules, which expand the number of trusts required to file each year, including “express trusts” (trusts created knowingly or intentionally by a person). The new rules apply to trust year-ends of Dec. 31, 2023, or later. The penalties for failing to file are big, amounting to the greater of $2,500 or 5 per cent of the value of the trust property.
Are you a small business owner tired of seeing huge chunks of your hard-earned money swallowed up in taxes? If that’s the case, you’ve come to the right place. At ACT Services, we save our clients tens of thousands of dollars annually by offering proactive tax planning, business advisory consulting, and a wide range of professional services.
The Canada Pension Plan (CPP) enhancement, which was introduced on January 1, 2019, is designed to help increase retirement income for working Canadians and their families.
Business owners face a multitude of challenges and decisions when starting and running a business. While many of these decisions are beneficial, there are some that can lead to costly mistakes.
Maximizing your business's financial potential can be a daunting task, especially when it comes to managing your company's finances. Without expert accounting services, it can be challenging to keep track of your business's financial performance and make informed decisions. That's where ACT Services comes in, offering reliable accounting solutions that can help you unlock your business's full financial potential.
Finding the right accountant for your business is essential for the success and security of your financial records. Therefore, it is important to take time to find an accountant who is reliable, knowledgeable and has the experience necessary to be a reliable partner in your financial success. However, with so many accountants out there, how do you know who to choose?
When it comes to tax planning, having an accountant on your side can make all the difference. At ACT Services, we understand the crucial role accountants play in achieving successful tax planning outcomes. With our expertise in tax planning and accounting services, we know firsthand just how important it is to have a skilled accountant by your side. In this blog, we'll discuss the top five reasons why accountants are critical for successful tax planning.
Filing your taxes can be a daunting task. There are so many exemptions and deductions that it can take time to know which ones you should take advantage of to get the most out of your tax return. With the right strategies and knowledge, you can make sure that your return is maximized to its fullest potential. To help you out, we at ACT Services have written down five tips to help you maximize your tax returns.
If you're an entrepreneur or small business owner in Toronto, you know how challenging it can be to scale your business. However, with the help of an accounting and management consulting firm like ACT Services, the process can be much smoother.
A Canadian-controlled private corporation (CCPC) is a private corporation that was either incorporated in Canada or resident in Canada from June 18, 1971, to the end of the tax year. In short, a Canadian-controlled private corporation is simply a type of private corporation controlled by residents of Canada.
Accounting professionals provide quantitative financial information to businesses to help them make sound business decisions, track expenses and income, and ensure compliance. When your financial records are clean and up-to-date, you can be assured that your business will grow smoothly.
On average, tax and financial costs took away 70% of Canadians’ gross income: 30% income tax, 40% financial costs-mortgage, insurance, bank charges, credit cards etc
Owners of small, family-owned businesses are celebrating new tax rules that came into effect while barbeques were getting fired up. Bill C-208 was passed on June 29, 2021, and promised to facilitate inter-generational transfers for small business owners, including the owners of family farms or fishing properties.
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At ACT Services, we are experienced accountants in Arnprior, Pembroke, Toronto, and Ottawa, ON. We specialize in accounting, and tax planning solutions, which help businesses, corporations, and individuals move forward with their finances.
We’ve met many people whose income level fluctuates from year to year. They may find themselves paying more than they expect at tax time. This is because when you have a higher income, your income may be bumped into another tax bracket, causing you to pay higher tax rates at upper-income levels.
Keeping up with tax regulations and accounting should be one of your top priorities as a business owner. With that said, hiring a professional, trained accountancy service can ensure everything runs smoothly, and your financial obligations never fall through the cracks. Their services include financial statements, bookkeeping, HST compilation, payroll, and helping you understand your business’s success in terms of profit and loss so that you can plan ahead for the future.
