2018 Hot Topics in Tax
Changes to the Taxation of Work-in-Progress
May 10, 2018
Changes to the Taxation of Work-in-Progress was one of five presentations included in the 2018 Hot Topics in Tax: Considerations for Your Practice Structure, Billing Practices and Income.
A chartered professional accountant provides an overview of changes to the taxation of work-in-progress (WIP) implemented by the federal government’s Budget 2017. The option to use billed-basis accounting to exclude the value of WIP from income has been eliminated. This applies for taxation years beginning on or after March 22, 2017, with a 5-year transition period to phase in the inclusion of WIP into income. This presentation may serve as a starting point for you to initiate a conversation with your accountant about the impact of this change on your law practice, billing practices and year-end tax returns.
Chair/ Presenter: Cy Fien, Fillmore Riley LLP
Presenter: Brian Janzen (Chartered Professional Accountant), Deloitte Canada
CPD hours: 0.5 | EPPM hours: 0.5 | Price: $30.00 + GST = $31.50