Yearly Archives

2015

2015 Tax Planning & SR&ED in Alberta

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Changes to the Canadian and Alberta Tax Regimes
In recent months, both the Canadian and Alberta Governments have increased the personal tax rates for the wealthiest segments of the Canadian population. In Alberta, individuals at the highest income level can expect to see an increase of 7.75% in their top marginal tax rate starting on January 1, 2016. As a result, where cash flow allows, some high income earners are planning to pay a compensation adjustment to be disbursed on or before December 31, 2015.

Relevance to SR&ED
For those business owners who are involved in SR&ED, the form that their compensation adjustment takes can impact their companies’ SR&ED claims. Where there is an option and it is legitimate to do so, business owners should preferentially take income as a “salary adjustment” rather than a “bonus” since bonuses are not SR&ED eligible.

Further information
Further information related to these tax changes is available on the following websites: www.alberta.ca/budget/revenue.cfm and www.cbc.ca/news/politics/house-passes-liberal-tax-plan-1.3357143

You can also contact TSGI for information related to how any decision may impact a company’s SR&ED claims.

 

 

 

Note: TSGI does not maintain this news article after its initial posting. Readers are further advised that the information presented here may not be sufficient for unassisted tax planning. Please contact a TSGI representative if you require clarification or other assistance regarding this topic.

 

TSGI Is the SR&ED Provider of Choice for External Accountants

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TSGI is the company I use as the gold standard when explaining to clients how SR&ED should be done. I recently dealt with another SR&ED provider that made a substantial error in a client’s claim. This resulted in a large and unexpected tax bill to the client as well as considerable time and frustration on everyone’s part to clear up the problem. TSGI has the expertise to get the SR&ED done correctly and with the right level of communication to make the process work for the external accountant. They are the SR&ED provider we recommend to our clients.

Partner, Independent CA firm, +14 years as CPA, CA

TSGI Sponsoring Calgary Accounting Practitioners Symposium

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TSGI Corporation is pleased to be a sponsor at the Calgary session of the Accounting Practitioners Symposium being held on November 11th 2015. This multi-city series of events focuses on providing Chartered Public Accountants with new skills and resources to take their practices to a higher level. As part of our ongoing outreach and education endeavors, TSGI will be providing a brief presentation on how the SR&ED program can assist taxpayers to fund their innovation efforts.

Further information on this event is available at Accounting Symposium 2015.

 

 

Note: TSGI does not maintain this news article after its initial posting.

Experienced CA Impressed with TSGI’s Troubleshooting

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A veteran Chartered Accountant had a client that was struggling with an SR&ED audit. They called TSGI to help and this was the result:

I have assisted companies with SR&ED claims for over 10 years through my work as a VP Finance and an external accountant. A recent client had an SR&ED audit and we engaged TSGI to provide guidance on the strengths and weaknesses of their case. As a result of this process, TSGI identified three previously unknown risks with the claim and helped the client prepare a professional response. We were extremely impressed with how TSGI’s SR&ED knowledge and diligence enabled the client to achieve a fair and appropriate outcome in a touchy circumstance. Due to how helpful this experience was, my client will be engaging TSGI to assist with its future SR&ED claims.
External Accountant and Part time VP Finance CPA, CA  (+36 years’ experience)

TSGI Business Operation Change

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On October 1, 2015, TSGI amalgamated the science and financial sides of our business into one company called “TSGI Corporation”. We still have the same great people in place and will still deliver the same great service that our customers and other stakeholders have come to expect.

If you have questions about this change, please contact Graham Smith at 403-451-3376 or graham.smith@tsgi.ca.

 

 

Note: TSGI does not maintain this news article after its initial posting.

TSGI Sponsoring TakeStock Alberta’s Private Company Showcase on September 23, 2015

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TSGI is proud to be a founding sponsor of TakeStock Alberta’s inaugural “Pre-Banff” Private Company Showcase. This exciting event serves as a forum for proven early-to-mid stage companies to build awareness and raise capital in preparation for a later IPO or venture-level investment. Over 15 high growth companies will be presenting their opportunities to a large audience of accredited investors. Further information and registration details are available at www.takestockalberta.com.

 

 

Note: TSGI does not maintain this news article after its initial posting. Readers are further advised that the information presented here may not be sufficient for unassisted tax planning. Please contact a TSGI representative if you require clarification or other assistance regarding this topic.

Saskatchewan Shrinks Provincial R&D Tax Benefits Effective April 1, 2015 (Posted March 24, 2015)

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The Province of Saskatchewan announced in its 2015-2016 Budget that it plans to reduce the benefits offered through its Research and Development (R&D) Tax Credit program.  Previously, Canadian Controlled Private Corporations (CCPCs) conducting R&D in Saskatchewan were eligible for a 15% refundable tax credit on the first $3 million in qualifying expenditures. Expenditures incurred above this level or by non-CCPC entities were eligible for a 15% non-refundable tax credit. Non-refundable tax credits may be applied to reduce corporate taxes owing in the previous 3 or subsequent 10 years.

Under the new Budget proposal, the R&D Tax Credit will be reduced to a 10% non-refundable Investment Tax Credit (ITC) in all cases. The changes will be effective as of April 1, 2015, assuming that the Budget is passed as tabled.  The CBC reported on March 18, 2015 that the Government of Saskatchewan expects to save $18 million through this measure.

Detailed information on the proposed Saskatchewan Provincial Budget is available at: www.finance.gov.sk.ca/budget2015-16/201516Budget.pdf

 

 

Note: TSGI does not maintain this news article after its initial posting. Readers are further advised that the information presented here may not be sufficient for unassisted tax planning. Please contact a TSGI representative if you require clarification or other assistance regarding this topic.

TSGI Chartered Accountants to Present at PTAC SME Information Session April 28, 2015 (Posted March 24, 2015)

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TSGI Chartered Accountants will be delivering a 30-minute presentation on the importance of the SR&ED program to innovative small and medium enterprises (SME) in the oil and gas industry. This talk will be part of a high-impact ½-day program designed to introduce SMEs to the range of opportunities, programs and services available through PTAC and other organizations. The TSGI session will be of particular interest to SMEs that are struggling to fund the development and commercialization of their new technology in the current tough financing market.

Further information regarding this must-attend PTAC event is available at: www.ptac.org/events/195.

 

 

Note: TSGI does not maintain this news article after its initial posting. Readers are further advised that the information presented here may not be sufficient for unassisted tax planning. Please contact a TSGI representative if you require clarification or other assistance regarding this topic.