Paul Spare - CPA, CA

Paul joined McCay Duff LLP in 1999 after graduating from the Commerce program at the University of Ottawa. He provides accounting and tax services to a wide-range of owner-managed businesses. Paul specializes in tax preparation and planning, U.S. tax services and estate planning. He is a former President of the Rideau View Golf Club and enjoys hitting the links with his kids in the summer and visiting local hockey arenas in the winter.   Learn More ...
Capital Dividends

They say the best things in life are free. That’s what Capital Dividends are to …

They say the best things in life are free. That’s what Capital Dividends are to shareholders of Canadian small businesses. When a Canadian controlled private corporation generates a capital gain from the sale of investments or the sale of capital assets, such as land or business goodwill, one half of the gain is subject to corporate income tax. So what happens to the other half of the gain? How to Pay your shareholders tax-free? The …

They say the best things in life are free. That’s what Capital Dividends are to … Continue Reading

Tax Time Fall Economic Updates Dec 2018

Tax Time – Fall Economic Updates – December 2018

The Federal, Ontario and Quebec governments have all issued Fall Economic Updates over the course of the last several weeks. We have summarized the key items from each update below. FEDERAL ECONOMIC UPDATE On November 21, 2018, Finance Minister Bill Morneau released the Liberal government’s Fall Economic Statement projecting continuing spending deficits into the 2022-2023 fiscal years. The government is proposing three immediate changes to Canada’s tax system, in order to enhance business confidence in …

Tax Time – Fall Economic Updates – December 2018 Continue Reading

Important Changes Ahead of us for Tax Amnesty Programs

Important Changes Ahead for U.S. Tax Amnesty Programs

Over the past several years, the IRS has implemented various amnesty programs aimed at reducing the number of delinquent US tax filers. Earlier this year, the IRS announced that one of these programs – the Offshore Voluntary Disclosure Program (OVDP) – would end on September 28, 2018. More than 56,000 taxpayers have taken advantage of this program under which the IRS has collected more than $11.1 Billion in back taxes, interest and penalties. In the …

Important Changes Ahead for U.S. Tax Amnesty Programs Continue Reading

Beware of New Telephone Scams

The following article appears originally on the CRA website and was posted originally on June 10th, 2015. The Canada Revenue Agency (CRA) is noting an increase in telephone scams where the caller claims to be from the CRA but is not, and is asking Canadians to beware—these calls are fraudulent and could result in identity and financial theft. Some recent telephone scams involve threatening taxpayers or using aggressive and forceful language to scare them into paying fictitious debt to …

Beware of New Telephone Scams Continue Reading

To Buy or to Lease - that is the Question

To Buy or Lease – That is the Question

One of the questions that we get asked a lot by clients is whether it is better to lease or to buy a vehicle. The tax consequences are quite different depending on what option you choose. Buying If you purchase a vehicle then you can only claim a percentage of the vehicle’s cost as capital cost allowance (i.e. depreciation) each year. The first year you are entitled to claim 15% of the cost and in …

To Buy or Lease – That is the Question Continue Reading

Scroll to Top