Tax Alerts

As of January 1, 2018, the minimum wage will increase to $14.00 an hour. What does this mean to you as the employer?


The proposed tax changes may affect some businesses. The government will be looking closely at income splitting in a proprietorship and a corporation. However if the spouse or child receives reasonable compensation for work provided, there should not be an issue. If a professional incorporated and his family are shareholders, the government should be able to see the flow of money used to purchase the shares.

Those shareholders that hold investments within a corporation should wait for the government to make its decision on the tax changes. It will affect income going forward, not past investment funding and income. At the time it becomes law, discussions should be held with their accountants on whether it is cheaper to leave investment money in the corporation or withdraw and invest personally.

Any tax change affects each situation differently. Please contact us on how it may impact you.


When the Canada Pension Plan was put in place on January 1,1966, it was a relatively simple retirement savings model. Working Canadians started making contributions to the CPP when they turned 18 years of age and continued making those contributions throughout their working life. Those who had contributed could start receiving CPP on retirement, usually at the age of 65. Once an individual was receiving retirement benefits, he or she was not required (or allowed) to make further contributions to the CPP. The CPP retirement benefit for which that individual was eligible therefore could not increase (except for inflationary increases) after that point.

Just over a decade ago, it was possible to buy a home in Canada with no down payment — financing 100% of the purchase price — and extending the repayment period for that borrowing over a 40-year period.

While Canadians had an extended time this year to file their income tax returns for the 2019 tax year, the extended filing deadlines (June 1 for the majority of Canadians, and June 15 for self-employed individuals and their spouses) have passed and returns should be filed.

While the standard (and accurate) advice is that tax and financial planning are best approached as activities to be carried on throughout the year, it’s also the case that a mid-year tax and financial checkup makes good sense, and that’s especially the case this year.