Resources & Articles

Year: 2022

DIRECTOR LIABILITY: Is Asking About Source
Deductions Enough?
December 2nd, 2022

Directors can be personally liable for payroll source deductions (CPP, EI, and income tax withholdings) and GST/HST unless they exercise due diligence to prevent the...
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The Tax Free Savings AccountNovember 28th, 2022

In 2009, the federal government introduced the Tax Free Savings Account (TFSA) to give Canadians another means to save for their financial goals.  The TFSA...
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4 Ways Nonprofits Can Drive Mission ImpactNovember 23rd, 2022

(authored by RSM CANADA) Learn four key strategies that can help nonprofit organizations enhance their effectiveness and increase their mission impact.
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Considerations When Preparing Guideline Public Company Multiples for a Private BusinessNovember 23rd, 2022

Among the approaches or methodologies employed by business valuators to determine the value of a business or equity interest is the market approach. The market...
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Inheritance PlanningNovember 22nd, 2022

John and Mary have worked hard throughout their lives to build a successful business. Each of their three children have worked in the business in...
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Use of a Professional Corporation on RetirementNovember 18th, 2022

For professionals, the use of a Professional Corporation (PC) can provide key benefits in terms of income splitting and income tax deferral.  However, professionals often...
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CROWD FUNDING: Taxable or Not?November 16th, 2022

A June 2, 2022, Technical Interpretation discussed the taxability of funds received through crowdfunding campaigns. CRA first noted that amounts received through a crowdfunding arrangement...
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2022 Ontario fall fiscal updateNovember 14th, 2022

(authored by RSM CANADA) On Nov. 14, 2022, Ontario's Minister of Finance, Peter Bethlenfalvy, released the 2022 Ontario Economic Outlook and Fiscal Review which serves as an update to Ontario's 2022 Budget.
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TIPS COLLECTED ELECTRONICALLY: Withholding RequirementsNovember 11th, 2022

Where tips are “paid” by an employer, they are pensionable and insurable. In such cases, the employer must also withhold income tax and report the...
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Loss of Earning CapacityNovember 9th, 2022

When a person has been injured, they can often recover damages from the person responsible for causing their injuries. One head of damages to be...
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