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J.G.Short ph: 905-713-1173
15105 Yonge Street
Suite 104
Aurora, ON
L4G 1M3
A person who never made a mistake never tried anything new.
- Albert Einstein


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!!!).