Corporate Tax Planning

CRA Successful in Appeal of $1.7 Million Malicious Prosecution Case

We’ve previously blogged about a ground-breaking decision in which the B.C Supreme Court ordered the Canada Revenue Agency (CRA) to pay more than $1 million in damages for the malicious prosecution of two British Columbia business owners who the agency had claimed had engaged in tax evasion. Since then, the CRA appealed that decision, and the B.C. Court of Appeal recently overturned it. Now, after more than a decade-long battle with… Read More

Personal Tax Planning

Parents Involved in Recent College Admissions Bribery Scandal May be Facing Tax Fraud Charges

According to Bloomberg News, parents embroiled in the recent “Varsity Blues” college admissions scandal may now be facing serious tax consequences in addition to criminal charges and potential prison time. The Varsity Blues Scandal- Some Background In a federal indictment spanning multiple jurisdictions, approximately 50 individuals, mostly wealthy parents, were recently charged with conspiracy to commit mail fraud and honest services mail fraud, after it was discovered that they had bribed multiple universities to admit… Read More

Bitcoin

Canada Revenue Agency Auditing Cryptocurrency Investors

Last year, we wrote about how Bitcoin and other cryptocurrency is treated by the Canada Revenue Agency (CRA) for tax purposes and what impact an investment in crypto might have on a Canadian taxpayer’s taxes.   Now, crypto and the CRA are back in the news as the agency continues to finesse its approach to digital currency and adapt to rapidly changing realities. According to a cryptocurrency journalist writing for Forbes magazine,… Read More

Personal Tax Planning

A “Service” Intended to Avoid the B.C. Foreign Buyers Tax is Being Provided in Vancouver

We’ve previously blogged about the B.C. government’s introduction of the Foreign Buyer’s Tax, which came into effect 2016 and requires all foreign entities (including foreign nationals) to pay an additional 20% on the purchase of residential property in the Greater Vancouver area. The purpose of the tax was to cut down on the number of foreign buyers who were purchasing homes in the region, but not living in them, leaving many homes… Read More

Corporate Tax Planning

Federal Budget 2019: How Will it Affect Taxes?

The Liberal government’s 2019 budget was tabled on March 19, 2019. In short, the budget seeks to support and build Canada’s middle class through: Making homeownership more affordable for first-time buyers;Helping workers gain new skills;Preparing young Canadian for good jobs;Helping Canadians with the cost of prescription drugs;Supporting low-income Canadian seniors who choose to remain in the workforce;Giving all Canadians access to high-speed internet;Lowering the cost of energy;Advancing reconciliation with Indigenous Peoples; andLowering taxes. Read More