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Carman lawyer, Winnipeg prosecutor new provincial court judges

April 2, 2019

Article by Winnipeg Free Press – March 3, 2019

Carman lawyer Shauna McCarthy and Winnipeg Crown attorney Keith Eyrikson were appointed to Manitoba’s provincial court and are joining the bench effective immediately, Justice Minister Cliff Cullen announced Friday.

McCarthy was called to the bar in 1994 and has represented Central and Dauphin regions for the Law Society of Manitoba since 2016. She has worked as… Read full article on Winnipeg Free Press

Proposed Tax Changes

September 8, 2017

How it could affect your business and why you should immediately engage with the public consultation

On July 18, 2017, the Department of Finance announced proposed changes to the Income Tax Act aimed at eliminating what it perceived as illegitimate tax strategies used by small business owners, including farmers. The portions of the Act that are to be amended deal with ways businesspeople, including farmers, share income with family members to reduce their tax payable and with the capital gains exemption. These changes are likely to have an effect on your farm or small business.

Income Splitting:

Existing rules, commonly called the “kiddie tax” rules, prevent business owners from sharing income with children under 18 through partnerships, trusts and through dividends or rent paid from the parents’ corporation. The new rules will apply to people over 18 and will expand the kinds of income that are caught to include capital gain from the sale of shares in a corporation or interests in a partnership. When a person receives income (other than salary which is controlled by different rules) from a business owned by a related party, or earns capital gain on the sale of shares of a... Continue Reading

Update on 2017 Federal Budget

April 28, 2017

Courtesy of Brown & Associates Law Office

  • Budget was expected to increase the Capital Gains Inclusion rate – this was deferred until at least fall – commentary suggests this was due to Donald Trump’s election and pledge to reduce taxes in United States.  The status quo of 50% of capital gains inclusion remains.  Now is the time to plan.
  • Professionals no longer able to defer their work in progress (WIP) – pay tax before you collect.  Currently, WIP can be excluded from the calculation of taxable income.  For taxation years that begin on or after March 22, 2017, affected professionals will not be able to use this accounting method, and will have to include WIP in their taxable income.
  • No change to Tax rates for personal or corporate.
  • Increase in money for education innovation and child care.
  • Government announced a consultation study on whether farmers should continue to be allowed to defer grain sales to the next taxation year – government suggests “no clear rationale to continue deferral option”.  Your views on this are required by May 24th, 2017 – send... Continue Reading