Changes to GAAP for private companies in Canada

Since the mid 90s there has been debate within accounting circles on whether there should be two versions of GAAP – one for public companies and one for private companies. Big GAAP and little GAAP. The logic is that there are sections of GAAP that do not apply to non publicly accountable entities, and time […]

Canada gets a variety of tax cuts

The Canadian government released a mini-budget this past week that featured serious tax cuts. The GST goes down another point to 5% and the lowest bracket of personal tax is lowered back down to 15%. Corporate taxes continued their downward trajectory. The CICA focused first on the reduction to corporate taxes: “The government’s commitment to […]

How to read the Income Tax Act

Continuing the new post series where I answer readers’ questions they’ve Googled to find my site, as logged by 103bees.com, the next one is sent chills down my spine: “How to read the Income Tax Act?” The last time I cracked open the Act, it was probably tax class in university. Once you’re done those […]

Capital gains exemption limit increased to $750,000

As of March 19, 2007, the capital gains exemption has been increased to $750,000 from its previous $500,000 limit. This means that if you haven’t already taken advantage of the tax preferred treatment of capital gains on qualified small business shares, you should do so while the getting’s good. If you have already maxed out […]

Estate tax as income tax

I just finished reading an article recommended by Richard about the estate tax, titled “Death and taxes“. It appears in New Statesman, a UK magazine “created in 1913 with the aim of permeating the educated and influential classes with socialist ideas.” I’m glad I read the article in full before reading the magazine’s history, as […]