View Peter Weissman’s comments to CTV about the Government’s December 13, 2017 Amended Income Splitting Proposals.
View Peter Weissman’s comments about the December 13, 2017 Senate Report on the Government’s Private Company Tax Proposals.
January 8, 2015,
Toronto, ON – Cadesky Tax, a leading independent Tax Consulting firm, today announced the launch of its newly revamped website.
The new site has been designed to provide a user-friendly experience with improved navigation and functionality, allowing customers to access detailed information and easily share that information across social networking sites.
“We are very excited about the launch of our new website and anticipate it will be a tremendous source of information for our clients and contacts” said Managing Partner Michael Cadesky. “Tax rules and legislation are constantly evolving, in Canada, the US and abroad, and our firm is committed to providing access to the latest information about these changes and how to deal with them. We feel our new site will go a long way to helping us achieve this goal.”
The new site features an in-depth Portal designed to provide accountants at small and mid-sized accounting firms with access to the tax information and resources they receive at Cadesky Tax’s seminar series, including videos and tax calculators. The new site also contains a News and Events section and access to the firm’s Tax Tips and Transfer Pricing newsletters.
“We are committed to being thought leaders in the areas of Canadian, US and International tax and feel our new website provides a solid platform for us to communicate new ideas to our clients and contacts” said Senior Partner Peter Weissman.
The new site is based on the latest WordPress platform and has a mobile-friendly, responsive design.
Cadesky Tax’s new website will be updated on a regular basis with news of business activity, corporate milestones, events and Tax information. Visitors are encouraged to explore the website and sign up for direct emails from the Company at www.cadesky.com.
About Cadesky Tax
Cadesky Tax is an independent tax specialist firm focused on Canadian, U.S. and international tax services. Our services include tax planning for local business and multi-national corporations, estate planning for families and international clients and a wide range of other tax services. Our U.S. Tax Division provides a wide scope of U.S. tax services. . Our professional team includes chartered professional accountants, U.S. CPAs and tax lawyers.
“the Department wishes to eliminate any mischief with the use of EPSPs.”
We last discussed EPSPs in Tax Tip 05-23 where we indicated that EPSPs were often used to avoid paying Canada Pension Plan payments related to salaries. Over the years, EPSPs have also been used to income split with family members of the shareholders of owner-managed private corporations and obtain significant tax deferrals for such corporations (especially in the first year of implementation of the EPSP).
On August 30, 2011, as a follow-up to an announcement made in the 2011 Federal Budget, the Department of Finance released a consultation paper seeking input on the rules governing EPSPs.
In its announcement, the Department of Finance noted the significant recent increase in the number of EPSPs. Between 2005 and 2009 the number of EPSPs increased about five fold, mostly amongst owner-managed private corporations. Given such, the Department of Finance is interested in seeking stakeholder input on the following questions:
- Who should be eligible to participate in EPSPs?
- The role of minor children with EPSPs.
- Should there be a limitation on contributions to EPSPs?
- Should there be withholding tax requirements on contributions to EPSPs?
The closing date for submissions to the Department of Finance is October 25, 2011. It appears that the Department wishes to eliminate any mischief with the use of EPSPs by amending the existing EPSP legislation. Given such, owner-managed corporations that use EPSPs should brace themselves for possible changes soon. Given the complexities of creating and maintaining EPSPs (and the recent announcement by the Department of Finance), proper legal and tax advice is should be obtained when dealing with EPSPs.
TAX TIP OF THE WEEK is provided as a free service to clients and friends of the Tax Specialist Group member firms. The Tax Specialist Group is a national affiliation of firms who specialize in providing tax consulting services to other professionals, businesses and high net worth individuals on Canadian and international tax matters and tax disputes.
The material provided in Tax Tip of the Week is believed to be accurate and reliable as of the date it is written. Tax laws are complex and are subject to frequent change. Professional advice should always be sought before implementing any tax planning arrangements. Neither the Tax Specialist Group nor any member firm can accept any liability for the tax consequences that may result from acting based on the contents hereof.