CSRS 4200 Client Guide
Some things never change, but after 35 years CPA Canada has decided that the standards surrounding how CPAs approach Compilation (aka Notice to Reader) engagements needed an overhaul.
Alberta Digital Economy Program
The Digital Economy Program is a partnership between Business Link and Digital Main Street in which the Alberta and federal governments will provide $10 million of funding to help home-based or commercial small businesses:
Alberta Jobs Now program
With the assistance of the Federal Government, the Alberta government has committed $370 million to help and encourage hiring by private companies and non-profits. Funding is available to help offset the cost of hiring and training Albertans in new or vacant roles.
Accelerated Investment Incentive claims denied by the CRA
Budget 2021 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 is allowed. These measures for purchases made between April 19, 2021 and December 31, 2023, up to a maximum of $1.5M/year among an associated group of companies. If the full $1.5M is not used in a year, the difference does NOT carry forward. It should be noted that this does not represent a pure tax savings to eligible companies, but rather a deferral of tax to future years.
Bill C-208: Transferring your company to your kids just…
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: