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New Legislation for Estate Tax starting January 1, 2016

New Legislation for Estate Tax starting January 1, 2016
December 21, 2015

There is new legislation that was recently passed and introduces the concept of a Graduated Rate Estate (GRE).  Prior to the legislation, many estates and testamentary trusts were benefiting from lower tax brackets, but beginning January 1, 2016 these trusts will be subject to the top marginal tax rate.  Going forward the GRE will last for a maximum of 36 months and have special characteristics such as the availability of lower tax brackets (i.e. graduated tax rates).  After 36 months have elapsed, the trusts will then have another year end triggered on the next December 31st.  Existing estates and testamentary trusts where the individual passed away earlier than 36 months prior to December 31, 2015 will have a December 31st year-end starting in 2015. Please note that the graduated rates no longer apply effective January 1, 2016, therefore, if you have an estate or testamentary trust that is older than 36 months, the stub period in 2015 is the last return with graduated rates.

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Not-for-profit management tips

Not-for-profit management tips

There are numerous opportunities for management to improve their processes.

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Changes to GST/HST returns

Changes to GST/HST returns
November 19, 2015

Are you registered for GST / HST? Do you depend on the form showing up in the mail as a reminder that your return is due? CRA is changing how you receive your forms and online access code. The notice below is now going out with the return forms. Starting October 19, 2015 you will receive a permanent Web Access Code (instead of receiving a unique code every filing period), and all your remittance vouchers for the upcoming year. Your filing periods and due dates stay the same.

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Pay Yourself Instead of the Tax Collector!

Pay Yourself Instead of the Tax Collector!
November 19, 2015
| Taxes

You have been working hard and your small business is now making money….now what? You will probably want to be re-investing money into your business to help it grow - but remember - you also need to pay yourself!

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