Corporate Tax Planning

Conservatives Ask Federal Government to Abandon Pending Changes to Small-Business Tax

Last year, we blogged about the federal government’s proposed tax changes, which outraged small business owners across the country. Due to the almost immediate backlash, the government subsequently took a cautious step back from some of the most controversial proposals. Now, the issue is back in the news as Conservative Members of Parliament tabled a petition earlier this week containing 45,000 signatures from business owners calling… Read More

Sports & Entertainment

Prominent Canadian Olympic Athletes Owe Millions in Back Taxes

According to the Canada Revenue Agency, Donovan Bailey, who won the Gold Medal for the 100m sprint at the 1996 Summer Olympics in Atlanta, Georgia, owes approximately $2.3 million dollars in unpaid taxes. Kate Pace Lindsay, who competed in three Winter Olympics and was ranked number one downhill skier in the world in 1993 also owes significant sums to the government. Both athletes were advised by the same tax lawyer. What Happened? The Toronto Star… Read More

Corporate Tax Planning

IRS Announces $291 Million Plan for Implementing Tax Reform

Earlier this year, Congress earmarked $320 million of the Internal Revenue Service’s (IRS) total $11.4 billion budget for implementing the reforms resulting from one of the largest overhauls of the U.S. tax code in many years. A recently disclosed document reveals that the IRS will spend almost $300 million to carry out necessary changes. Some Context In March 2018, Treasury Secretary Steve Mnuchin had… Read More

Corporate Tax Planning

IRS Notably Silent on New Tax Regulations

We’ve previously discussed one of the largest overhauls of the U.S. tax code, which are set to have an impact on Americans and Canadians living on both sides of the border. Since then, both the Internal Revenue Service and the Treasury Department have been notably quiet about regulations that the government plans to issue stemming from the legislative changes. The reluctance to provide information comes at a time when tax lawyers and… Read More

Corporate Tax Planning

CRA Investigates First Canadian Mentioned in the Panama Papers

A Calgary businessman who is alleged to have evaded tax on more than $2.7 million in payments that were routed through the Cayman Islands is reportedly the first Canadian known to part of the Canada Revenue Agency’s (CRA) criminal investigations into the Panama Papers.  While Revenue Minister Diane Lebouthillier has noted that the CRA has been conducting criminal investigations based on the Panama Papers leak, this is the first time that a… Read More