Author: Bader A. Chowdry, CPA, CA, LPA

Under the Ontario Construction Act (RSO 1990 c. C.30 as amended by the 2019 modernization) a 10% holdback is required on progress payments to protect subcontractors and lien claimants. For…

A commercial rental building acquired after March 18, 2007 that is used at least 90% for non-residential purposes is Class 1 at an accelerated 6% CCA rate under Regulation Sch…

Yes. Since October 1, 2020, Ontario Regulation 536/20 under the Real Estate and Business Brokers Act (REBBA) permits a Realtor registered with the Real Estate Council of Ontario (RECO) to…

Under ITA s. 125(7) definition of ‘specified investment business,’ a corporation’s rental income is treated as active business income (SBD-eligible) only where the corporation employs more than five full-time employees…

Yes. Business Corporations Act (Ontario) s. 3.2(4) permits an Ontario Medical Professional Corporation to issue non-voting shares to the physician’s spouse, child (of any age), or a trust for a…

Under Excise Tax Act s. 148, a health-service or dental practice with total worldwide taxable revenues below $30,000 over four consecutive calendar quarters is a small supplier and is not…

Since the 2017 removal of the eligible-capital-property (ECP) regime, goodwill is depreciable Class 14.1 property under Regulation Schedule II. On disposal, the seller reports (a) full recapture of any CCA…

Technically yes, but usually not the right structure. The tax and asset-protection standard is: a separate real estate Holdco owns the building and leases to the Medical Professional Corporation on…