March 1, 2010
Personal Tax - For the 2009 personal tax year, a 15% home renovation tax credit is available to any household that made eligible renovations to a home, condo or cottage. The credit applies to eligible expenses of more than $1,000 but not more than $10,000. The maximum tax credit for eligible expenses of $10,000 less the $1,000 minimum would be $1,350 ($9,000 x 15%). See Home Renovation Tax Credit for more information.
December 15, 2009
Accounting - The Accounting Standards Board has finalized the standards for Private Enterprise GAAP. These standards are availbale for early adoption for 2009 year-ends and must be in place for year-ends beginning on or after January 1, 2011. These standards will simplify reporting requirements relating to recognition, measurement and presentation.
September 1, 2009
Corporate Tax - Canadian-controlled private corporations (CCPC) are eligible for a small business rate on the first $500,000 of active business income. The $500,000 limit applies to corporations with year-ends ending after January 1, 2010, prorated for the number of days in 2009. Year-ends ending before this date are eligible for a small business rate on the first $400,000 of active business income.
October 2, 2008
Accounting - The Accounting Standards Board is in the process of developing an exposure draft that would develop a separate GAAP for private enterpirses. Under the separate GAAP, private enterprises would have less complex requirements and would not be subject to International Financial Reporting Standards (IFRS).