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| September 2017 | |||||||
| Budget 2017 Update – Extended transitional period for work in process of professionals | |||||||
| Stephen Rupnarain, CPA, CA, is a partner, Tax Advisory, in the Toronto office of Collins Barrow | |||||||
| An earlier version of this Tax Flash was originally published on May 11, 2017. The following version has been amended to reflect important updates as of Sept. 8, 2017. As proposed in the March 22, 2017 budget, every professional must include year-end work-in-progress (WIP) into taxable income effective for taxation years beginning after March 21, 2017. WIP for professionals typically represents unbilled professional time and cost incurred in the rendering of services to clients. This is often captured in the form of a professional’s “charge-out” rate, which represents their cost, overhead and some profit component. | |||||||
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