Resources & Articles
Year: 2022
DIRECTOR LIABILITY: Is Asking About Source
Deductions Enough?
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 Account
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 Impact
(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 Business
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 Planning
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 Retirement
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?
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 update
(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 Requirements
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 Capacity
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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