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J.G.Short ph: 905-713-1173
15105 Yonge Street
Suite 104
Aurora, ON
L4G 1M3
Life is a series of experiences, each of which makes us bigger, even though it is hard to realize this. For the world was built to develop character, and we must learn that the setbacks and griefs which we endure help us in our marching onward.
- Henry Ford


1. Auto Mileage Rates:

2017 First 5000kms @ $0.54 per km
Balance @ $0.48 per km

2. RRSP Limits:

2017- MAX = $26,010
Calculation = 18% of net employment income or self-employment income

3. CPP & EI Limits for 2017:

CPP = $2,564.10

Pensionable earnings = $55,300

EI = $836.19

Insurable earnings = $51,300

4. Corporate Income tax rates (Ontario):

CCPC= Canadian Controlled Private Corporation
ABI= Active Business Income
CCPC & ABI < $500,000 = 15.0%
CCPC & ABI > $500,000 = 26.5%
CCPC investment income = 50.17%

5. What happens if I need out of Province/Country support?

We are a member of the following International Accounting Groups:

a) Principa
b) 2020
c) RanOne

We are affiliates with Professional Accountants throughout the world.

6. What is an Estate vs. a Trust?

An Estate is created when someone dies. After death, the estate becomes a testamentary trust. A testamentary trust may have any year-end.

Trusts may be created when a person is living, known as an inter vivos trust. The year-end for these trusts is December 31, annually. An inter vivos trust has a Settlor (one who created the trust) and beneficiaries (those who will receive trust assets and/or income). All trusts are subject to a 21 year deemed realization value.

Estates and Trusts are complicated and require professional assistance.

7. What is SR & ED?

If you are a manufacturer, processor of goods or a developer of software, systems, etc. you may be entitled to a SUBSTANTIAL TAX CREDIT. (If you have zero income, the government sends you a cheque!!!).