Vine and Partners

Vine and Partners

Vine and Partners LLP has been focused on providing comprehensive financial services and resources to business owners since 1965.

Thinking of transitioning your business?
We help small business and family business decipher where you are now, where you want to go and how to get there. For more information on how Vine + Partners can help with your business transition planning, please contact us: http://vine.on.ca/contact/

Happy Earth Day!

New Beneficial Ownership Rules are coming in June!

A host of measures to fight money laundering and improve corporate transparency is being introduced both Internationally and at home. The new beneficial ownership information requirements for federally incorporated companies will become effective June 13, 2019. They are just one set of legislative changes the government plans to introduce. Others were announced in the federal budget on March 19 and if tabled in a bill this session, new measures could also be passed into law by this June.

Corporations will need to maintain a register of information on individuals having significant control over it. Given the nature of the information to be collected and maintained, it will likely be CPAs, along with lawyers and corporate secretaries, who are tasked with helping their clients or employers deal with the recordkeeping requirements.

Corporations and their individual directors, officers and shareholders can also be held accountable for non-compliance, and the penalties for non-compliance are harsh. Contact us for more information. http://vine.on.ca/contact/

Are you considering purchasing an electric car? The new budget will be providing an incentive of up to $5,000 to people buying electric battery or hydrogen fuel cell vehicles with a list price below $45,000.

Claiming medical expenses on your tax return? You can claim the lesser of either $2,302 or 3% of your net income. For example, if your net income is $50,000, the first $1,500 won't count toward a credit. But if your expenses total $2,000, $500 will be applied to your bottom line. Eligible medical expenses can be found https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4065/medical-expenses-2016.html#cmmnxpnss

The April 30 tax filing deadline is approaching. If you haven’t already, now is the time to gather your receipts, T4’s, T5’s and everything on your personal tax checklist. Being organized early is important so you don't miss out on all your allowable deductions and you won’t be subject to late penalties.

Do you have a “breach of security” plan for your business?
While any business can experience a data breach, small businesses are particularly vulnerable as they have limited resources to devote to security. Be prepared by reviewing protocol and obligations in respect of client information hacks and losses. Quick response can assist in rectifying the integrity of the data and the relationship with the client. Contact us for more information http://vine.on.ca/contact/

Has your business budgeted for higher CPP costs on continual increases phasing in over the coming 7 years?
Starting last January 2019 the CPP was enhanced which means that both employees and employers are required to pay more and it will continue to increase annually. Feel free to contact us for more information. http://vine.on.ca/contact/

The new Federal Budget introduced a refundable Canada Training Credit (CTC) intended to provide financial support for professional development and training for working Canadians age 25 to 65. The CTC will allow eligible individuals to accumulate $250 per year in a notional account which can be accessed to assist in financing future training costs. The individuals will be able to accumulate up to a maximum of $5,000. Contact us for more information.

Under the new Federal Budget first-time home buyers will be permitted to borrow up to $35,000 from their RRSPs, up from $25,000, the limit set 10 years ago and the Liberal government also launched a new shared equity mortgage plan to benefit first-time buyers with incomes of $120,000 or less, to be administered by Canada Mortgage and Housing Corp. (CMHC). Contact us for more information.

On March 19, 2019 the Honourable Bill Morneau, Minister of Finance, presented the 2019 Federal Budget, Investing in the Middle Class, to the House of Commons. Click here to learn more: http://vine.on.ca/industry-updates/

Did you donate to a charity? You may be eligible for a charitable donation tax credit that reduces your taxes owing. You will need to submit an official receipt from a registered Canadian charity in order to claim a charitable donation tax credit.

Are you aware of the new parental sharing benefit effective March 17, 2019? Learn more.

https://www.canada.ca/en/employment-social-development/news/2018/09/backgrounder-parental-sharing-benefit.html

business.financialpost.com

What small business owners want to see in the next federal budget

business.financialpost.com CFIB is calling on the government to rethink its new passive investment rules and, at minimum, protect past passive investment streams

Did you incur costs to access medical intervention required in order to conceive a child which was not previously allowed as a medical expense? Certain expenses for the previous 10 years may now be eligible (for example, amounts incurred in 2008 must be claimed by the end of 2018).

business.financialpost.com

Bank of Canada holds rate as longer, deeper slowdown than forecast grips economy

business.financialpost.com Kevin Carmichael: Statement suggests the central bank’s slow march to higher interest rates in now on hold, perhaps until 2020

Teacher and early childhood educators – A federal refundable tax credit of 15% on purchases of up to $1,000 of eligible school supplies by a teacher or early childhood educator used in the performance of their employment duties may be available. Receipts for school supplies as well as certification from employer will be required.

How much can you claim for child care expenses?

The following information will help you determine the child care expenses deduction you can claim:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-214-child-care-expenses.html

Employers must send T4 tax slips by February 28 at the latest. If you worked for more than one employer in 2018 be sure your former employer has your current address so they can send you a T4 slip.

Thinking of transitioning your business?
We help small business and family business decipher where you are now, where you want to go and how to get there. For more information on how Vine + Partners can help with your business transition planning, please contact us: http://vine.on.ca/contact/

thespec.com

Wind warning: Major wind storm expected to blow through Hamilton area Sunday

A good day to stay in and gather your documents for your personal income tax return.

thespec.com Environment Canada issues warning ahead of of potentially damaging winds with gusts up to 120 km/h in Southern Ontario.

business.financialpost.com

Royal Bank of Canada keeps its powder dry in pricey U.S. market

business.financialpost.com

If your corporation or associated corporate group has a passive investment income portfolio that may be affected by the new federal rules, your corporation’s small business limit for federal purposes calculated under these rules may potentially be different from its small business limit for Ontario purposes. The impact on your corporation’s income tax liability may be significant, depending on the extent of that difference. Learn more: http://vine.ca/industry-updates/

Reminder! You have until Friday, March 1, 2019 to make tax deductible Registered Retirement Savings Plan (RRSP) contributions for the 2018 year.

thespec.com

Opinion | Will the Hamilton Golf and Country Club be in shape to host an early Canadian Open after this nasty winter?

Let's hope for a good thaw, a warm early spring and some solid groundskeeping, and the place will look fantastic 103 days from now.

thespec.com Every time members see the head groundskeeper, they’re asking him about the course. The one that’s hosting the Canadian Open this June. As in, is...

Hamilton Chamber of Commerce

We're excited to partner with the City of Hamilton and Small Business Enterprise Centre again this year for the 8th annual Success in the City - #HamOnt's premium networking event for women.

Join us Tuesday, March 5 at The Grand Olympia. Tickets: https://www.investinhamilton.ca/small-business/success-in-the-city/

The day is designed to celebrate women in business, entrepreneurship and corporate leadership. This year’s dynamic speaker line-up will feature Amber Mac (writer, podcaster, entrepreneur) and Professor Maja (confidence-builder and inspirational speaker), PLUS Hamilton’s own Women in Leadership panel!

Did you know? CRA recently opined that investment management fees in respect of tax-sheltered accounts (like RRSPs, RRIFs and TFSAs) paid outside of the account (e.g. management fees charged to a non-registered account), would be subject to a 100% advantage tax. That is, a tax equal to the full value of the management fee would be levied.

If you own a business or rental property, consider paying a reasonable salary to family members for services rendered. Examples of services include website maintenance, administrative support, and janitorial services. Salary payments require source deductions (such as CPP, EI and payroll taxes) to be remitted to CRA on a timely basis, in addition to T4 filings. If you have questions, please contact us: http://vine.on.ca/

thespec.com

BREAKING: Jody Wilson-Raybould resigns from cabinet

thespec.com Veterans Affairs Minister Jody Wilson-Raybould is quitting the federal cabinet.

The first step towards a stress-free tax season is to prepare early by organizing your documentation well advance of the tax deadlines. Now is the time to start gathering all your receipts, T4’s, T5’s and everything on your personal tax checklist.

You have until Friday, March 1, 2019 to make tax deductible Registered Retirement Savings Plan (RRSP) contributions for the 2018 year. Consider the higher income earning individual contributing to their spouse's RRSP via a “spousal RRSP” for greater tax savings.

The annual TFSA contribution limit for 2019 will be increased to $6,000 (from $5,500) due to indexation. For those who have been eligible to build contribution room since inception of the program in 2009 and have never contributed, the total maximum room as of January 1, 2019 is $63,500.

advisor.ca

Ottawa dentist sentenced to jail for tax evasion | Advisor

https://www.advisor.ca/tax/tax-news/ottawa-dentist-sentenced-to-jail-for-tax-evasion/

advisor.ca The case is the first to apply money laundering provisions to a tax evasion conviction

A Registered Disability Savings Plan (RDSP) may be established for a person who is under the age of 60 and eligible for the Disability Tax Credit. Non-deductible contributions to a lifetime maximum of $200,000 are permitted. Grants, Bonds and investment income earned in the plan are included in the beneficiary’s income when paid out of the RDSP.

Did you know – A federal non-refundable "Home accessibility tax credit" of 15% on up to $10,000 of eligible expenditures (renovations to a qualified dwelling to enhance mobility or reduce the risk of harm) may be available each calendar year, if a person 65 years or older, or a person eligible for the disability tax credit, resides in the home.

Tax is probably your biggest expense and early tax planning is critical in order to reduce the income which you pay tax on. Vine and Partners specialize in helping our clientele preserve wealth through effective tax planning. Get started now and save!

Registered charities can now pursue their charitable purpose by engaging in non-partisan political activities in the development of public policy without limitation. Previously, a registered charity must have limited their non-partisan political activities to 10% of their resources.

For 2019, the Employment Insurance premium rate is reduced to 1.62% (from 1.66%). The maximum insurable earnings is $53,100 (from $51,700), resulting in a maximum employee premium of $860 (a net increase of $2) and maximum employer premium of $1,204 (a net increase of $3).

Thinking of transitioning your business?
We help small business and family business decipher where you are now, where you want to go and how to get there. For more information on how Vine + Partners can help with your business transition planning, please contact us: http://vine.on.ca/contact/

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Telephone

Address


1 Hunter Street East, Suite 100
Hamilton, ON
L8N 3W1
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