In the past, taxpayers in certain designated professions (i.e., accountants, dentists, lawyers, medical doctors, veterinarians and chiropractors) may have elected to exclude the value of work in progress (WIP) in computing their income for tax purposes. This essentially enabled these professionals to defer tax by permitting the costs associated with WIP to be expensed without including the matching revenues.
The Government of Canada wants to help you save for your child’s post-secondary education. The money could be used for CEGEP, an apprenticeship program, trade school, college or university. When you open and deposit money into a Registered Education Savings Plan (RESP) the Government of Canada will add at least 20 cents for every dollar saved; this is the Canada Education Savings Grant.
On July 18, 2017, Minister of Finance, Bill Morneau announced the release of a Consultation Paper which focused on three tax practices that the Government considers to provide an unfair tax advantage to private corporations and their owners.