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Sustainable Business Practices: ESG Incentives in Canada

Tuesday June 27, 2023

Canadians are becoming increasingly invested in the sustainability and ethical impact of business operations; and corporate stakeholders are looking for more transparency on how companies manage and integrate ESG risks and opportunities into their business strategy. Consequently, incorporating sustainable business practices that account [...]

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Ontario Made Manufacturing Investment Tax Credit: Potential Stumbling Blocks

Tuesday June 27, 2023

The Ontario Made Manufacturing Investment Tax Credit (OMITC) is a new refundable tax credit that allows qualifying Canadian Controlled Private Corporations (CCPC) to claim a 10% credit on eligible investments in buildings, machinery and equipment used for manufacturing or processing within Ontario. The [...]

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Tax Planning Considerations: You’ve filed your taxes, now what?

Thursday May 18, 2023

With tax season over for the majority of Canadians (self-employed Canadians and their spouses still have until June 15th to file their returns), now is the perfect time to embark on a financial tune-up and do some proactive planning. Here are some key [...]

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Tax implications of short-term rental properties

Wednesday April 26, 2023

QUESTION: We are considering renting out our cottage for a few weeks in the summer. Are there any tax implications of short-term rental properties we should be aware of? ANSWER: The short answer is yes: in addition to reporting the rental income and [...]

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RRSP Over-Contribution? What Next?

Thursday March 23, 2023

When it comes time to file your taxes, you may realize you have made an RRSP over-contribution. It’s an easy mistake to make. If you have over-contributed to your RRSP, there are immediate steps you can take to minimize penalties and interest. RRSP [...]

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2022 Personal Income Tax Return Update

Friday February 17, 2023

The 2022 personal income tax filing deadline is May 1,2023. The filing deadline for self-employed individuals and their spouses (including HST returns) is June 15th. The late filing of your tax return will result in a CRA penalty of 5% of any balance [...]

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2022 T1 Checklist

Friday February 17, 2023

The 2022 tax filing season has arrived and S+C Partners is here to help you get every tax credit and deduction that you’re entitled to. Our 2022 T1 Checklist is now available to assist you in organizing the items required to complete your [...]

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Underused Housing Tax: Key considerations

Monday February 13, 2023

(updated February 12, 2024) The Underused Housing Tax (UHT) went into law in June 2022. The UHT affects private corporations, trusts, partnerships, non-citizens, and non-residents who own residential properties in Canada. Here are some key considerations: How is a ‘residential property’ defined for [...]

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Selling your Canadian private corporation?

Thursday January 26, 2023

If you are thinking of selling your Canadian private corporation, it’s important to carefully consider the tax implications of how the transaction is structured. (abridged and updated from a 2021 Insight) There are two primary methods of selling a Canadian private corporation: a [...]

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