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Personal Tax Planning

The Postal Code Project: Canada Revenue Agency Targets High Income Canadians

A few weeks ago we blogged about how the Canada Revenue Agency (CRA) is intending to use mobile payment companies, such as PayPal, to crack down on businesses that are not reporting all of their income. This week we explore a further initiative by the Agency to get tough on high-income Canadians who may be underreporting their worth. Recently, CBC News obtained the details of a plan launched last summer by the CRA… Read More

Corporate Tax Planning

U.S Senate Passes Overhaul of U.S Tax Code

In a pre-dawn vote 51-49 vote that took place on December 2, the U.S. Senate approved a massive tax overhaul in what is the biggest change to American tax laws in more than 30 years. The new reforms bring the Trump administration closer to its election promises of decreasing corporate taxes and easing tax burdens on the wealthy. President Trump addressed reporters shortly after the Senate vote, praising the body for passing “tremendous tax… Read More

NAFTA

Life After NAFTA: Some Predictions

The fifth round of NAFTA negotiations finished in Mexico City last week. At the end of the talks, Canadian Foreign Affairs Minister, Chrystia Freeland, stated that several stumbling blocks remained in the ongoing talks, including the U.S’ continued insistence on a five-year sunset clause and stiffer content rules for the auto sector. With major differences remaining unresolved, there is doubt as to whether a deal can be reached by the end of March 2018 as… Read More

Corporate Tax Planning

CRA Plans to Use PayPal to Find Businesses That Underreport Income

The Canada Revenue Agency (CRA) continues to crack down on businesses that are not reporting all their income and is seeking help from mobile payment companies, including PayPal. Earlier this month, PayPal received a Federal Court Order requiring the company to disclose information to the CRA about PayPal Business account holders who have sent or received a payment through their accounts between January 1, 2014 and November 10, 2017. PayPal has 45 days from… Read More

NAFTA

NAFTA Negotiations Resume This Week for Fifth Round of Talks

After a month away from the negotiating table, NAFTA talks resumed this week for the fifth round of deliberations. The most recent round began today in Mexico City and was focused on technical discussions, with more fulsome negotiations to begin Friday and last until November 21st. This session is expected to review smaller elements of NAFTA but leave the most high-profile and contentious U.S. demands for later rounds. For the first time, no Cabinet-level… Read More