Blog
Litigation
CRA Investigating Possible Currency Exchange Scam
A recent investigative report by the Toronto Star alleges that two former Toronto Maple Leaf players, Darcy Tucker and Shayne Corson, were involved in a foreign currency trading scheme that was designed to defraud the Canada Revenue Agency (CRA). The story looks at how the scheme worked, and why the CRA says it was a scam. What is the Foreign Exchange Market? The foreign exchange market (the “Forex”) is a legitimate… Read More
Cross-Border Tax Issues
New Tax Risks For Dual Citizens Living In Canada
COVID-19 has brought with it many extensions to tax-related obligations for both Americans and Canadians. However, it doesn’t mean that tax obligations have gone away entirely. One item that has been a contentious topic over the last few years is the requirement for US/Canadian dual citizens living in Canada to file income tax in the United States as well as Canada. We wanted to take this opportunity to remind dual citizens of their obligations to… Read More
Sports & Entertainment
U.S. College Sports Uncertain as School Year Begins
We wrote a few weeks ago about the return to play in most professional sports. As of the publication of this blog, the NBA and NHL were deep into their playoffs, while baseball was not far behind. The NFL is set to kick off on Sunday. And while professional sports might be back in many ways outside of having fans present at the games, the US college sports scene is still very much up… Read More
Corporate Tax Planning
Government of Canada Announces Changes to CEBA
Since the outbreak of the COVID-19 pandemic in Canada, the government of Canada announced a number of support programs for individuals and businesses. One of these, the Canada Emergency Business Account (“CEBA”) provided loans of up to $40,000 for qualifying businesses. The government has recently announced an expansion of this benefit. What is CEBA? CEBA was originally launched on April 9, 2020, to provide interest-free loans of up to $40,000 to small businesses to help… Read More
Cross-Border Tax Issues
COVID-19 Precautions in Place as Entertainment Productions Resume
In a recent blog, we talked about how professional sports were doing with a return to play in light of COVID-19. While the lack of professional sports has been a huge topic of conversation, other entertainment-related industries have also been eagerly awaiting a resumption of normal activities. Canada’s movie and television industry employs thousands of people, and as the industry gets ready to ramp up production of movies and television shows, it’s important to… Read More