CRA’s new truck and SUV project and reviews of cell phone expenses

It has been reported and now confirmed there is a new CRA project – Class 10 vehicles. What is a “Class 10 Vehicle”? Included in Class 10 vehicles are: Pick-up truck or van used to transport goods or equipment seats 1-3 people and used 50% or more for business. Pick-up truck with extended cab, ...

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US Tax Reform: Trump Transition Tax (Repatriation Tax) – Revised Payment Deadlines

The “Trump Transition Tax” has caused a great deal of anxiety among affected owners of Canadian businesses, imposing millions of dollars in double-tax liabilities on thousands of people.  The IRS only recently (April 2) released the guidelines for reporting. Revising earlier guidance, the IRS ...

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US Tax Reform 2017: New Pain for US Citizens owning Canadian Businesses – The US “Transition Tax”

Man holding a card with a text Tax Reforms.

The US Tax Reform enacted in December, 2017 made sweeping changes.  In addition to reducing the US corporate rate to a flat 21% in most cases, the law proposed to transition the US to a system of taxing foreign corporate holdings based on the residency of the foreign corporation.  To get there, ...

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Client Spotlight: Nick Lee Career Change Pays Off for Entrepreneur

Client Spotlight

The world of work has changed significantly over the last few decades.  Where once landing a job and growing with a company was the norm, today more and more people stop and change direction midway through their careers; others successfully reinvent themselves several times throughout their ...

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Own an Inactive Corporaton? There’s a Tax Write Off for That

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Many business owners and former business owners have inactive corporations. For example, a corporation was created but never used, the underlying business or property of the corporation was sold, or the business is inactive. Besides saving the annual costs to file tax returns, if you are ...

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Off the Books Q&A with Muaaz Ahmad: A Collective Approach

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What attracted you to Sloan Group? I joined Sloan Group because I was interested in learning and applying my skills in a small firm with big client focus. I joined the firm full-time in September 2017 after completing an internship here in 2016. I really enjoy the environment here at work ...

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