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Michael Kostrich CPA Professional Corporation
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17 followers
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Grab a coffee - take 17 minutes - learn how #FOCUSED incremental effort to #CHANGE can allow you to #ACHIEVE your most ambitious #GOALS

It's simple - JUST DO IT - one step, one word, one act at a time!

#entrepreneur #success #lifestyle

https://www.youtube.com/watch?v=TQMbvJNRpLE
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This speaks to the give and take of finding the appropriate personal tax rates to keep incentified those who are compensated well for their entreprenurial initiatives and rewards while providing funding to offset the ongoing demands to provide services to citizens at ever increasing volumes and price points.

https://business.financialpost.com/personal-finance/taxes/ottawas-tax-hike-on-the-one-per-cent-ended-up-lowering-government-revenues
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Another recent targeted project by #CRA looking at industries that use #incentives to business to develop a relationship or build demand for a product. Incentives in whatever form, (cash, gift card, etc) are considered income to the recipient.

This project started in the latter part of 2017 has uncovered $86 million had not been reported as taxable income by the recipients, resulting in reassessments of more than $19 million in additional taxes owed.

https://www.canada.ca/en/revenue-agency/news/newsroom/alerts/alerts-2018/businesses-report-all-your-income.html



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why be mediocre when excellence is an option quote - Google Search https://buff.ly/2FV9ZEE:
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Practical thoughts for managing #stress as an #entreprenreur and small business owner
https://www.entrepreneur.com/article/296698
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FOLLOWING A DEATH .....
Below is a #CRA link to a practical list of "to do"s for an individual who is dealing with the aftermath of the death of a loved one.

https://www.canada.ca/en/employment-social-development/services/benefits/family/death.html#h2.1
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Moves to Reduce Small Business Tax Rate and Support Fairness for the Middle Class

Interesting and positive developments regarding the proposed changes in the small business corporation proposals ....

Based on what it heard from Canadians in consultations, the Government will :

- lower the federal corporate rate from 10.5% to 9% over time;

- find a better approach to target strategies used by the relatively small number of high-income individuals who get the biggest advantage from existing tax rules;

- limit the ability to sprinkle income to family members that do not contribute to the business (those who meaningfully contribute will not be impacted);

- not move forward with the proposed measures to limit the Lifetime Capital Gains Exemption

http://www.fin.gc.ca/n17/17-097-eng.asp
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Feel free to share - I'm posting the latest Department of Finance release regarding the small business corporation proposals ....

There is still much work to be done to ensure that any final legislation wording is appropriately focused and efficient / effective in practical application.

Please continue to voice your opinion and bring constructive conversation to the table to ensure the above outcomes are achieved .....

http://www.fin.gc.ca/n17/17-091-eng.asp
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