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FYI

Gagliese's Tax Court Win Spins A Benefit For Many Composers

Like many tax matters, it is best to consult a specialist but a recent win by Canadian composer Rocco Gagliese in a dispute with Canada Revenue means other composers can claim a lower tax rate on income flowing into an active corporation.

Gagliese's Tax Court Win Spins A Benefit For Many Composers

By External Source

The eligibility for the small business deduction rate came up just last week in a decision handed down by the Tax Court involving Emmy-award-winning music composer Rocco Gagliese.


This past week marked the one-year anniversary of the launch of the government’s much-maligned plan to overhaul the tax rules governing Canadian controlled private corporations (CCPCs), which originally proposed to shut down three areas: income sprinkling of dividends among family members, the accumulation of passive income inside of CCPCs, and surplus stripping, whereby dividend income is effectively converted into lower-taxed capital gains.

The proposal regarding surplus stripping has been abandoned (at least for now), but legislation limiting income sprinkling has been passed and is effective for 2018. Similarly, a new rule addressing the accumulation of passive income in a CCPC by restricting the corporation’s access to the small business deduction’s low tax rate once its passive investment income exceeds $50,000 will begin applying in 2019.

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Financial Post columnist Jamie Golombek digs into the backgrounder that led to a recent decision handed down by the Tax Court involving Emmy-award-winning music composer Rocco Gagliese.

Over the years, Gagliese has written music for a wide variety of television shows, including a number of children’s shows such as Peep and the Big Wide World, Curious George, Wonder Why? and Fetch!, for which he won the Emmy in 2008 for best original children’s television theme song. He has also written music for CBC programs such as The National, The Passionate Eye and The Lang and O’Leary Exchange. — Continue reading about Gagliese’s case in Golombek’s column.

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Alvvays
Norman Wong

Alvvays

Rock

Happy Anniversary, Archie: Alvvays' Debut Record Gets a 10th Birthday Re-Issue

The Canadian jangle pop group's first album will be available on a new cerulean blue vinyl with an unearthed bonus track, as well as the ten original songs — including breakout single 'Archie, Marry Me' — that launched their career in 2014.

A major Canadian indie rock album turns 10 today (July 22), and the band is celebrating with a special re-issue.

Alvvays' self-titled debut helped the group break through on an international scale, propelled by jangly guitars, aloof vocals and an expertly catchy single. "Archie, Marry Me," with its soaring chorus and pleading lyrics, became a wedding song for a generation of ambivalent millennials, earnest and sardonic at the same time.

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