Bluenose Accounting is committed to providing an enhanced service experience. As part of our continuing efforts to give information and advice to our clients, we provide educational workshops and articles throughout the year. In addition, we regularly partner with other professionals to provide useful information for our clients ‒ whether it be ways to help them minimize tax or to take advantage of business opportunities.
Bluenose Accounting Welcomes XiaoRong Lu As a Partner
The year 2017 will be remembered by most accountants – as well as the owners of small businesses – as the year that the federal government targeted small businesses in Canada. In July, it announced proposed changes to the taxation of Canadian small businesses. It identified four specific areas to change and invited feedback from the public and interested stakeholders, most of whom were not overwhelmingly supportive. In response, the government subsequently announced that it was repealing two of the proposals and would only be targeting income splitting and passive corporate investments. Further details on the income splitting restrictions were released on December 13, 2017, and we can expect the passive corporate investment rules to be released in the upcoming federal budget. Learn more about the changes to the taxation of small businesses for 2018 and onward. While we have focused on small business tax concerns, individuals were not spared from tax changes for personal tax. The fitness, arts, education, and textbook credits are gone. Some amounts previously claimed for fitness and arts credits may now qualify as child care. The public transit credit is being phased out, with claims available only for January to June 2017. Some of the credits relating to caring for infirm dependants have been consolidated into the new Canada caregiver tax credit. The tax rate for the middle-income bracket has decreased, but with the elimination of the various tax credits mentioned above, it is possible that some middle-class Canadians will pay more tax rather than less (as claimed by the federal government). Higher-income earners will pay more tax in 2017, with the highest marginal rate in Nova Scotia being 54% tax. (It’s hard to imagine paying more in taxes than one gets to keep!) The income splitting credit was eliminated for the 2016 year, but pension income splitting remains a useful tax planning tool. We expect that the spring 2018 budget will likely include changes to personal tax, so please stay tuned.
The proposed changes to increase taxes on small businesses will impact your ability to split income (income sprinkling), Investing in Holding Companies and use Lifetime Capital Gains Exemption
The federal government recently released proposals to increase taxes on small businesses. These changes have been described by the government as closing loopholes. They will impact tax-planning strategies frequently used by incorporated businesses.
Bluenose Accounting is committed to providing ongoing information that might be useful to our clients. We welcome you to join our mailing list so that you may receive timely information on tax planning, accounting, bookkeeping and business development topics.
The firm defines personal information as any information that the firm receives as a part of servicing individuals, or indirectly, through clients that are organized as corporations, not-for profit organizations, charities or other like organizations in addition to information related to its employees and partners. Such information would include, but is not limited to, names, addresses, telephone number, age, sex, marital status, identifying numbers, education status and medical history. A more detailed definition can be found in the Freedom of Information and Protection of Privacy Act of Nova Scotia. The Firm only collects information required to provide the services requested and agreed upon. Such information is contained as required within filings with government agencies or as part of its working papers as required by professional standards, rules of professional conduct and regulation.
The Firm has established and put into place policies and procedures designed to protect personal information. The firm has communicated to its partners and employees its policies with respect to privacy and has established responsibilities for all individuals with access to private information. The firm has designated Anthony Fielding Ph.D., CA (firstname.lastname@example.org) as its Privacy officer.
Information provided to us, including that collected from our website, is used solely for the purpose of the service(s) indicated and is often, but not always, set out in its engagement letter. Should you advise us at any time that you no longer consent to the use of the personal information that you have provided to us, we will take your information off our database.
The Firm protects the privacy of personal information in its possession by using security safeguards appropriate to the sensitivity of the information. Such safeguards include physical restriction (locked premises and security systems) and electronic protection (password protection and encryption).
Although we make every effort to preserve user privacy, we may need to disclose personal information when required by law when we have a good-faith belief that such action is necessary to comply with a current judicial proceeding, a court order or legal process.
The use of this web site is governed by the terms and conditions as set out below. By using this web site, you have agreed to be bound by these terms.
The information contained within this site, including the underlying HTML, text, images and any other content is the property of Bluenose Accounting (the “Firm”). Any reproduction or redistribution of content of this site without the express written permission of the Firm is strictly forbidden.
The information provided in this site is free of charge and is for information purposes only. Such information should not be relied upon or used as a basis for decisions. The Firm has made all efforts to maintain the accuracy of the content of this web site. Information provided on this web site is provided without any warranties of any kind. The Firm assumes no responsibility or liability for damages that may arise from the use of this site or of any information contained within.
The Firm may provide external links to third party sites and some content provided on this site may actually be from third party sites. The Firm assumes no liability for the accuracy of third party information contained within this site or in those reached through links contained within this site. Any links are provided for information purposes only and are not to be construed as an endorsement by the Firm. The Firm has not reviewed or otherwise attempted to verify the accuracy of information contained within such sites.
The Firm assumes no responsibility or liability for damages that may arise from the use of these links including any computer security issues such as, but not limited to, viruses, Trojan horses or other disruptive code which may be downloaded or transferred from such linked sites.
By using this site, you are agreeing to the terms and conditions as set out above. Any use of information contained within this site is not to be construed as professional advice and the use of such information does not relieve you from applying the standard of care and due diligence relevant to the use of such information contained in this web site. You are solely responsible for verifying the accuracy and reliability of all information contained within this web site.×