In 2018 the Federal Government proposed measures to encourage Canadian Controlled Private Companies to purchase certain capital property by offering accelerated tax depreciation. In more cases, the impact will be to triple the amount of expense that can be claimed in the first year relating to these types of purchasers. For certain machinery and equipment used in manufacturing, full expensing was allowed. This has been called the “Accelerated Investment Incentive”
We are super excited to welcome Active Accounting Inc., one of Calgary’s longest running bookkeeping firms, to the Achen Henderson Team! The team at Active Accounting brings over 50 years’ bookkeeping, payroll, tax, and business experience to our growing GURU team. We couldn’t be happier to welcome their team and their clients to the Achen Henderson family.
Tax circles have been buzzing over the recent changes to the Income Tax Act relating to Bill C-208 which aims to put private company share sales to children and grandchildren on level footing with private company share sales to external third parties. Prior to these changes, certain private company owners would have to sell their company’s shares to non-family members to realize their Lifetime Capital Gains Exemption (“LCGE”) – which could amount to significant tax savings depending on the type of company being sold:
The Government of Alberta recently introduced rules that will ensure that builders pay their trades ‘on time’ and without delay. Bill 37 allows contractors and subcontractors to file a lien against a project owner’s property if their invoices are not paid promptly.
One of the most frequent questions we receive is, “when is my U.S. tax return due?” Unlike Canada, which has very few exceptions to the filing deadline of April 30th, the U.S. system has many.