Monthly Archives: July 2009

Harmonious Taxes?

Posted on July 10, 2009 by Morris Sosnovitch

Print Version “Harmonious”: har·mo·ni·ous. Adj. Having component elements pleasingly or appropriately combined. One of the most important measures in the Ontario Budget 2009 brought down by the Liberals is the harmonization of the Retail Sales Tax and the Goods and … Continue reading →

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Moving to a Harmonized Regime

Posted on July 10, 2009 by Morris Sosnovitch

Print Version The Provincial Government has, as of Friday June 19th, 2009, released the awaited details of how the HST introduced in the last budget will be implemented on new homes. For fuller details please refer to the publication on … Continue reading →

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Ontario’s Thirteen Part Harmony

Posted on July 10, 2009 by Morris Sosnovitch

Print Version In the last provincial budget, Ontario has taken several business friendly tax initiatives. They have lowered the provincial corporate income taxes to bring them in line with other provinces. One initiative to pay for that lost revenue, is … Continue reading →

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HST in Transition

Posted on July 10, 2009 by Morris Sosnovitch

Print Version I have sent out previous newsletters about the effect of the pending HST on new housing sales.  This newsletter will summarize some of the transitional rules as set out by the Ministry in their publication “Helping Homebuyers and … Continue reading →

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Certain Legal and Accounting Fees

Posted on July 10, 2009 by Wesley Brown | Derwin Wong

Print Version Background Section 15 of the Income Tax Act provides that shareholder benefits received from a corporation must be included in the shareholder’s personal income when incurred for the personal benefit of a shareholder who is an individual. The … Continue reading →

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Saying “No” To Personal Guarantees By Spouses

Posted on July 10, 2009 by Wesley Brown

Print Version Your company’s banker wants the personal guarantee of your spouse. Just say No. The best way to say it and make it stick is never to even hint that a guarantee from your spouse might be possible.  This … Continue reading →

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Protecting Business Profits – The Holding Company As “Banker”

Posted on July 10, 2009 by Wesley Brown

Print Version Among their many profitable activities, banks are in the business of making commercial business loans. Banks are also very good at protecting the recovery of these loans by taking security that puts them ahead of all other creditors … Continue reading →

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