Would the Liberals hike the industry’s corporate income tax?
August 31, 2021 by Greg MeckbachBrokers will probably not be directly affected by a Liberal election promise to raise corporate tax rates on insurance companies making over $1 billion a year in profits, the CEO of the national brokerage association suggests. As quoted by The…
How your federal corporate tax reporting rules could change
April 21, 2021 by Greg MeckbachSome brokerages might be at greater risk of being audited by Canada Revenue Agency or having to file more tax paperwork if measures proposed in Monday’s federal budget come to fruition. The federal government is proposing new requirements for corporations…
Why B.C.’s tax collector tried to burn Mutual Fire for an extra $4.5 million
April 9, 2021 by Greg MeckbachBritish Columbia’s income tax commissioner must re-visit a decision to bill Mutual Fire Insurance Company of British Columbia an extra $4.5 million in premium taxes and interest from the 2012 and 2013 taxation years. Mutual Fire appealed the ruling by…
Federal budget narrows scope of taxes on passive and split income
March 2, 2018 Greg Meckbach, Associate EditorBrokers who are concerned about income tax changes will find “good news” in the recently-released federal budget, a tax expert said Wednesday. Finance Minister Bill Morneau announced this past July several proposals intended to crack down on company owners who…
How a salary cut could help a brokerage owner
December 14, 2017 Greg Meckbach, Associate EditorBefore breaking for the holidays, broker-owners should consider “holding off” on paying large salaries to themselves, below new federal tax law takes effect, so they can take advantage of existing tax advantage that could end Jan. 1, an Ernst &…