In the high-tech world we live in today, many fraud schemes are becoming increasingly innovative and exploiting the dark side of technology. In order to effectively manage and deal with complex fraud issues, it's important to ascertain an appropriate and innovative use of technology. If you're interested in learning more, I recommend you read KPMG's At Risk publication. The summer 2011 edition looks at how technology and the human element play a vital role in the world of disputes, fraud and…

The 2011 Ontario budget was tabled on March 29, 2011. Although there were no changes in the corporate or personal tax rates, the budget did include several tax-related measures.

We at KPMG have prepared an article that discusses all the highlights of the budget.  It's available at the following link: 

The 2011 federal budget was tabled on March 22, 2011. Although there were no changes in the corporate, personal, or GST tax rates, the budget did include several measures to tighten the tax base, which the government calls "closing tax loopholes". These measures include the ending of partnership tax deferrals for corporate partners, new rules to restrict the exemption from capital gains tax on the donation of flow-through shares and new rules for individual pension plans and RRSP anti-avoidance…

As you are aware, on March 22, Finance Minister Jim Flaherty released the 2011 federal budget. For the current fiscal year a deficit of $40.5 billion is projected, falling to $29.6 billion in 2012, to $19.4 billion in 2013, and a balanced budget for the 2015-2016 fiscal year.

The Budget did not contain changes to corporate, personal, or GST tax rates. However, it did include several measures to tighten the tax base, including the ending of partnership tax deferrals for corporate partners, new…

KPMG's substantively enacted rates tables for Canadian-controlled private corporations (CCPC) and general corporations have been updated for the fourth quarter of 2010. The corporate Quick Tax Facts tables have also been updated as of December 31, 2010.

The following corporate Quick Tax Facts tables have been updated:

• ·        Income Tax Rates for General Corporations - 2009 and 2010
• ·        Income Tax Rates for General Corporations - 2011 and 2012
• ·        Income Tax Rates for CCPCs -…

It is my goal to communicate to MIN members through my regular postings on my blog. Read more details here.

http://mentorworks.ca/canadian-business-coaching-blog/funding-training-programs/.

CRA issued new guidance on June 4, 2010 on the tax reporting of publicly accountable enterprises as they adopt International Financial Reporting Standards (IFRS). The CRA's recent advice in Income Tax Technical News No. 42 (ITTN) will be welcome by companies getting ready for the changeover from Canadian GAAP to IFRS for fiscal periods starting on or after January 1, 2011.

IFRS financial statements acceptable for tax reporting
In the ITTN, the CRA says that it will accept IFRS financial…

To support technical development, the partner company contributes $7,500 and the funds are matched by Accelerate Ontario through Government Canada. The benefits to the company are innovative research, methods and development of tools, model, technology or solutions to support the companies challenge. You may apply for several interns and may have repeat work terms with the same student within the guidelines of the university year.

The student is managed through the professor and the MITACS…

Approximately 1,700 City of Toronto employees are being reassessed for employer-provided parking taxable benefits going back to 2006, according to media reports. Toronto's mayor has told reporters that it appears the CRA has changed the rules, and now views "scramble" parking as taxable.  The issue appears to be whether the parking spots are in fact scramble parking (i.e., there are fewer spaces than there are employees who require parking and the spaces are available on a first-come,…