The federal small business tax rate will be gradually lowered to 9% by 2019.
The British Columbia small business tax rate was cut to 2% retroactive to April 1, 2017.
Does your corporation make sales to other corporations in which you or another relative has an interest? If so, your access to small business tax rate may be affected.
The team at PEL would like to wish you and your families a very Happy Holidays and all the best for 2018.
Our office will be closing for the holidays at 5:00pm on Friday, December 22 and will remain closed through January 1. We will reopen for regular business hours on Tuesday, January 2.
If you expect to have any pressing matters during the time our office will be closed, please contact us before we close so we can make arrangements to assist you.
The 4th Quarter 2017 PEL Tax Break is now available for download here.
We have also uploaded some Year End Tax Planning Tips for individuals and Remuneration Planning Tips for owners of private corporations.
As always, contact us if you have any questions or wish to take action on anything so we can ensure it is applicable to your circumstances.
CRA can assist the IRS in collecting a debt. In one case, CRA assisted in collecting a six-figure U.S. tax penalty for unfiled disclosures from a U.S. citizen resident in Canada.
In September 2016, the CRA transmitted 315,160 banking records to the IRS under the information sharing requirements in the Foreign Account Tax Compliance Act (FATCA).