Burgess Kilpatrick CPA's

10/08/2025

Income Sprinkling In Canada - An Updated Guide:

Individuals that receive certain types of income derived from a “related business” will be subject to Tax on Split Income (TOSI) unless an exclusion applies. TOSI is subject to the highest personal tax rate with no benefit of personal credits. The application of TOSI to individuals under age 18 (commonly known as the “kiddie tax”) has not changed.

Income Streams at Risk

Private corporation dividends, partnership allocations, trust allocations, capital gains, and income from debt may all be subject to TOSI.

Related Business

A related business includes any business, where another individual related to the recipient of income does any of the following...read more at https://buff.ly/Y6ZNUv3

Comments welcome

10/02/2025

8 Tips For Elevating Your Leadership Presence In Meetings

If you’re a leader, you want to show up for your people in a way that makes them feel excited to be at work, makes them think they can trust you as a leader, allows them to trust each other as a team, and contribute meaningfully to the team and the organization.

Meetings are a great way to set the right cultural messages to your teams! Believe it or not, how you show up in a meeting can fairly quickly make people feel more trusted and empowered! To elevate your presence as a leader, try out these tips in your next meeting:

1. Be clear about why your team feels they need you there
Often, especially in businesses where the culture orbits around a well-observed hierarchy, team members tend to feel less autonomous and therefore feel the need to get permission or validation from their leaders...read more at https://buff.ly/b67NznL

01/24/2024

Tax Planning And Transfer Of Wealth Using Life Insurance

There has been a substantial increase by corporate and individual taxpayers alike in Canada of the use of Life Insurance products to facilitate the minimization of tax and effective transfer of wealth. This article reviews 2 of the most effective uses of life insurance to transfer wealth to future generations:



The Waterfall Concept
Also called the Cascading strategy, the Waterfall Concept is a strategy where a parent or grandparent uses a tax-exempt permanent life insurance policy to accumulate wealth tax-deferred, then transfers it to their child or grandchild as a gift without tax consequences to use throughout their lifetime. There are many variations of the Waterfall Concept, so it can be tailored to meet an individual’s objectives...read more at

Tax minimization and plenty more perks from corporate owned life insurance tax considerations. Connect with Burgess Kilpatrick for more info.

01/23/2024

Investing In Foreign Businesses: A Canadian Perspective - Part 1

International competitiveness is a rather ill-defined term since it could have a variety of meanings. It might mean how competitive a country might be as a place of location for investments and production compared to other jurisdictions. It could also imply how competitive a home-based multinational resident is relative to other multinationals operating at a worldwide scale. These concepts are not the same.

An important element in attempting to maintain Canada as a desirable country to attract foreign investment from is the efficiency of it’s tax structure. Efficiency implies that the tax system should distort economic decisions as minimally as possible so that individuals and businesses make choices based on economic gains that are not influenced by tax considerations...read more at

Leading Tax Advice Call Nicholas Kilpatrick 604-612-8620   International competitiveness is a rather ill-defined term since it could have a variety of meanings. It might mean how competitive a country might be as a place of location for investments and production compared to other jurisdictions. It...

01/22/2024

Meeting The Capital Gains Exemption When A Holding Company Is Involved:

The Capital Gains Exemption (CGE) remains one of the most beneficial components of the Canadian tax system. Rewarding resident Canadian business owners for their contributions to the Canadian economy, the CGE allows for the exemption from tax on the first $913,630 (in 2022) gain on the sale of shares of a Canadian Controlled Private Corporation (CCPC). For example, if shares in the company were owned at least 24 months prior to the date of sale, and the paid-up-capital (PUC) of the shares was $100, those shares can be sold for up to $913,640 without any tax consequences on the sale, assuming the corporation meets the criteria to claim the CGE.

The 2 main criteria involved when determining the eligibility of the CGE are the:

A.
All or substantially all test: when at the time of sale at least 90% of the fair market value of the assets held by the operating company must be used to generate business income, and...read more at

      The Capital Gains Exemption (CGE) remains one of the most beneficial components of the Canadian tax system. Rewarding resident Canadian business owners for their contributions to the Canadian economy, the CGE allows for the exemption from tax on the first $913,630 (in 2022) gain on the sale...

01/22/2024

Should You Finance And Expand Your Business Or Pay Off Debt?

It takes a lot of discipline, discernment and courage to swim against the conventional wisdom of our previous generations to pay off debt as quickly as possible. By that I mean that when given the choice whether to use money to expand your business footprint or pay off debt, the best decision may be to go with expansion and float the debt. Pay off personal, non-wealth debt first though. However, here are a few reasons the best decision may be to go with expansion and float investment, or good- debt:

Low rates:

If the cost of financing investment debt is really low, and when you consider points 2 and 3, it is best time to channel resources to increase your business...read more at

    Leading Tax Advice Call Nicholas Kilpatrick 604-612-8620   It takes a lot of discipline, discernment and courage to swim against the conventional wisdom of our previous generations to pay off debt as quickly as possible. By that I mean that when given the choice whether to use money to expand...

01/21/2024

Managing and Maximising Your Business's Cash Flow:

There are scores of people who dream of owning their own business and the suggested freedom that comes with it. These people get excited with the prospect of anticipating profits and a lifestyle over which they have a certain amount of control compared to the corporate grind that they’ve lived in for many years.

However, in order to realize this type of success, both financially and in terms of lifestyle, business owners need to have a definitive and disciplined approach to profitability and cash flow management that can serve as a stepping stone - or guidepost - to the realization of their business dreams. This article addresses...read more at

    Leading Tax Advice Call Nicholas Kilpatrick 604-612-8620   There are scores of people who dream of owning their own business and the suggested freedom that comes with it. These people get excited with the prospect of anticipating profits and a lifestyle over which they have a certain amount o...

01/21/2024

In an increasingly globalized and digitized world, small and medium-sized enterprises can grow and compete internationally to an extent that was not previously possible. These same economic realities have also forced many small and medium-sized enterprises to expand outside of Canada or attract investment from outside of Canada in order to adapt and survive. Whether voluntary or involuntary, cross-border expansion and investment leads to international tax issues that may not be familiar to a private enterprise’s advisors.

When determining the optimal corporate structure to use when investing in the US, and the vehicle to contain that business in...read more at

Leading Tax Advice Call Nicholas Kilpatrick 604-612-8620   In an increasingly globalized and digitized world, small and medium-sized enterprises can grow and compete internationally to an extent that was not previously possible. These same economic realities have also forced many small and medium-s...

01/19/2024

Burgess Kilpatrick CPA's - Accountants and Tax Advisors

Video: FInancial Statement Analysis Techniques When Assessing Acquisition Targets @ https://buff.ly/3S0JC2s

01/18/2024

Income Tax and Non-Residents - Part 1

Taxation in Canada is determined by residency, and while it can appear a simple task to determine whether one is a resident of Canada or not, fact patterns existent can complicate this determination to the point that sitting judges of Canada’s Tax Court have in many cases had to deliberate on the question of whether or not one is a resident before proceeding to adjudicate on other matters before them. Non resident tax return Canada policies are different and one needs to determine their residency before learning about them.

If a non-resident, the taxpayer is taxed on Canadian sourced income (such as Canadian pensions, investment income, and dividends of corporations resident in Canada), and the sale of taxable Canadian property in accordance with the Tax Treaty or Information Exchange Agreement (IAE) between Canada and the jurisdiction that the taxpayer resides in...read more at

Get to know all the details for non-resident tax return Canada. At Burgess Kilpatrick, you will get valuable assistance for tax filing and more. Contact us now.

01/18/2024

Business Forecasting And Modelling – Keys To Unlocking Business Growth

At all stages of the company’s existence, short– and long-range plans should be in place that dictate its actions. Company management and external stakeholders, such as investors, banks, and creditors want to know that growth prospects for the company have been forecasted to the most reasonable extent possible. The strength and validity of these forecasts will determine to a large extent the capital available to the company to continue and expand operations.

In addition, the company needs to understand all the variables both within and outside its control that will influence cash inflows and outflows. Extensive study on economic and consumer environments is important to forecast sales levels...read more at

    Leading Tax Advice Call Nicholas Kilpatrick 604-612-8620     At all stages of the company’s existence, short– and long-range plans should be in place that dictate its actions. Company management and external stakeholders, such as investors, banks, and creditors want to know that growth p...

01/17/2024

The prospect for Canadian parent corporations to invest in foreign subsidiaries can provide multiple business opportunities that otherwise may not exist in Canada. For example, the Canadian market for a company’s existing product line may be saturated, while competition may be low in foreign jurisdictions. Or established business connections or relationships may facilitate expedited insertion of the company’s products or services into a foreign market.

If a Canadian corporation establishes or purchases a foreign subsidiary and generates profit from that subsidiary, the repatriation of profits from the foreign subsidiary to the Canadian parent presents various taxation issues – and international tax planning opportunities – that need to be considered in order to determine the viability of any proposed investment into any foreign jurisdiction...red more at

Schedule a Secure Video Conference Call on Cisco Webex ™ Taxation Issues Facing Canadian Parent Corporations With Foreign Affiliates       Leading Tax Advice Call Nicholas Kilpatrick 604-612-8620   The prospect for Canadian parent corporations to invest in foreign subsidiaries can provide mult...