You are using an outdated browser.

This website is not compatible with your web browser.

Please upgrade your browser or activate Google Chrome Frame to improve your experience.

Work In Progress For Professionals

Tax Question:

What are the tax changes regarding work in progress for professionals?

Facts:

In previous years, under a provision in the Income Tax Act, professionals did not pay tax on work in progress (WIP). Instead, it was deferred as unearned income until the work had been completed and invoiced. The 2017 budget has proposed to do away with this provision for WIP of professionals for tax years beginning after March 22, 2017.

CONTINUE READING POST –>

SHARE THIS:

ArchivesArchivées

Proud member of: