Spotlight

Time to talk tough about taxes - Can Canadians expect to see taxes take-off to remedy the costs of COVID relief?

2021-03-06

Changes are Coming – Is Your Private Business Prepared?

2017-10-30

Rule changes will have a significant impact on small business owners, the very people who are recognized for driving our economy.

2017-07-20

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Answers (4)

Do I have to pay income tax on the sale of my primary residence?

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As of right now, the simple answer is no. Due to the COVID-19 Pandemic, there is the possibility that this could change in the future. My thinking here is not the complete elimination of the tax free gain, but perhaps putting a cap on the tax free portion.

Could the capital gains tax in Canada increase?

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I believe this will happen eventually, but probably not in 2021. There would be an impact on capital markets – something that is not good during an economic recovery. The current capital gain tax rate is considerably lower than the tax rate on a dividend, people spend a lot of time planning so that they can realize a capital gain instead of a dividend with respect to remuneration from their business. The simple fix to deter this is to raise the capital gain tax rate to be closer to the dividend tax rate.

Will the federal government increase corporate taxes in Canada?

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I don’t think this will happen. The small business rate has recently been reduced (to 9%) and the big business rate has remained stable for a while (15%). After adding in the provincial/territorial tax rate, the CDN rates are comparable to, if not higher, than current US rates. And the corporate income base is not one that generates a lot of tax revenue, especially during an economic downturn.

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Biography

Don is nationally recognized for his extensive knowledge in the area of Personal and Corporate Tax Planning. He is responsible for creating Welch LLP's quarterly newsletter, INSIGHTS-a tax and financial planning guide for current and potential Welch LLP clients. Don authors the annual Income Tax Update course, which is taught nationally through the CA professional development program and teaches various specialized tax courses for the CICA and ICAO and for the CA summer school program. He is a mentor to students within the firm that are working towards their CA designation and teaches an introductory tax course at the University of Ottawa.

Don obtained his BBA degree in 1979 at Acadia University and his CA degree in 1981, while working in Halifax. Don joined Welch LLP in 1988 and has been a partner since 1989. In 2008, Don received the CICA Award for Excellence in Income Tax Practice and Education and a year later, was awarded his FCA. He currently serves as the firm's Director of Tax Services.

Don often contributes articles on financial matters to local newspapers and has appeared as a guest on shows such as Canada A.M., and the CTV News Federal Budget specials.

Industry Expertise (4)

Non-Profit/Charitable

Financial Services

Business Services

Accounting

Areas of Expertise (6)

Personal and Corporate Tax Planning

Succession Planning

Estate Planning

Tax Compliance

Taxation for Owner Managed Businesses

Tax

Accomplishments (6)

Chairman, Finance Committee - SOS Children's Villages Canada (personal)

SOS Children's Villages is an independent, non-governmental social development organization, which has been active in the field of children's needs, concerns and rights since 1949. Its activities focus on neglected and abandoned children and orphans, as well as disadvantaged families.

Fellow Chartered Accountant - Institute of Chartered Accountants of Ontario (professional)

In 2009, Don was made a Fellow of the Institute of Chartered Accountants of Ontario, earning the designation FCA. The highest designation the Institute confers, Fellowship is awarded for outstanding career achievements as well as outstanding service to the community and the profession. About three per cent of CAs have earned the FCA designation.

Advisor to Board of Directors - Osgoode Youth Association (personal)

The Osgoode Youth Association (O-YA) is a community youth centre which provides unique, smart and innovative programming for 7 - 18 year olds. O-YA delivers both drop-in and formal programs aimed at prevention, education, physical activity, healthy lifestyles, community, diversity and ... FUN! The purpose of the Osgoode Youth Association is to improve quality of life for youth ages 7 - 18 living in Osgoode Ward. All of O-YA's Drop In programming is FREE for participants!

Recipient - CICA Award for Excellence in Income Tax Practice and Education (professional)

In 2008, Don received the Canadian Institute of Chartered Accountants Award for Excellence in Income Tax Practice and Education, which is awarded annually to the professional who best exemplifies the highest qualities of a tax leader in Canada through public practice, corporate or other organizational work and through the promotion of tax education.

Partner/Director of Tax Services - Welch LLP (professional)

Welch LLP is a Chartered Professional Accounting firm that provides a full range of accounting, assurance, tax, advisory and specialty services. Welch was founded in 1918 and has over 270 staff spread among 12 offices in Eastern Ontario, Toronto and Quebec. Welch offers private enterprises, government and not-for-profit organizations industry specific services and knowledge with a relationship-driven approach to client service. Visit welchllp.com for more information

Income Tax Education Committee (ITEC) member (professional)

The Income Tax Education Committee (ITEC) is an advisory committee intended to provide insight, guidance and advice to the CICA in its role of providing strategic leadership in identifying and addressing current and emerging trends impacting CAs working in income tax. The ITEC provides feedback on the effectiveness of the CICA’s income tax education related initiatives and recommends new products and services as appropriate.

Education (2)

Acadia University: Bachelor of Business Administration 1979

Canadian Institute of Chartered Accountants: CA 1981

Affiliations (2)

• Canadian Institute of Chartered Accountants
• Institute of Chartered Accountants of Ontario

Links (5)

• Webinar- 3 Essentials for Canadian Companies Doing Business in the U.S.
• Don Scott - Welch LLP
• CA Institute Confers FCA Designations on 75 Ontario CAs
• Blog: You may still be able to reduce overall income tax paid by income splitting through prescribed rate loans
• Webinar- CRA Contacts You, What Do You Do?

Testimonials (1)

Robert McMechan, Tax Counsel | Robert McMechan Professional Corporation

“Don is an expert in taxation matters with a terrific record as a teacher and practitioner. He has a quick grasp of complex matters and is an excellent resource for businesses and individuals with taxation issues.”

Event Appearances (4)

Authoring and teaching: Income Tax Update

CA professional update course  Multiple

Income Tax Practice

CICA Income Tax Practice Course  Multiple

Income Tax Practice

CICA National Conference on Income Taxes   Multiple

Introductory Tax Course

University of Ottawa course  Ottawa, Ontario

Sample Talks (1)

Income Tax Update

Summary of tax law changes: current changes & relevant issues in taxation that affect individuals & most businesses in the private sector, as well as a review of the current integration of personal & corporate tax rates. Proposals from the Federal Budget & other sources of information from the Department of Finance and the CRA, including news releases, draft legislation, CRA technical interpretations & tax cases, are discussed along with other particular subjects of current relevance & interest.

Style

Educational

Entertaining

Strategic

Tactical

Lecture Style

Interactive

Formal

Relaxed

Availability

• Keynote
• Moderator
• Panelist
• Workshop Leader
• Corporate Training

Fees

0 to 10000 ^*Will consider certain engagements for no fee