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Personal Tax Planning
Changes To Tax Deadlines As A Result Of COVID-19
The arrival of COVID-19 has upended the lives of all Canadians, interrupting not only employment and health care but also other institutions that allow Canada to function on a day-to-day basis. The Canada Revenue Agency is no exception to this. We’d like to take a moment to share what changes have already been announced in regard to this year’s tax season in response to the challenges currently being faced by all Canadians as a result… Read More
Corporate Tax Planning
A Tale of Three Cars
A requirement to use your own car at work can allow for associated expenses to be claimed on your income tax returns. However, not everyone is entitled to such claims (for example, you can’t make a claim if an employer already reimburses you), and it is critical to keep detailed records, especially if more than one vehicle is used for work. A recent decision from the Tax Court of Canada highlights… Read More
Corporate Tax Planning
Company Director Escapes Tax Liability After Resigning
Being the director of a company might seem glamorous on the outside, but the role comes with a great deal of responsibility, including personal tax liability should the company find itself unable to comply with its tax obligations. A recent decision from the Tax Court of Canada looks at what is needed for a director to resign and avoid liability for a company’s tax debt. The debt The appellant was the… Read More
Personal Tax Planning
A Reminder To Be Careful When Contributing To A TFSA
A Tax-Free Savings Account (“TFSA”) can be a great way to invest some extra money in order to collect interest on it without paying tax. However, the amount of money someone can contribute to a TFSA in any given year is limited, and individuals should be careful about putting too much money into a TFSA, even if by accident. This was a lesson a taxpayer recently learned following a decision from… Read More
Tax Disputes & Litigation
Latest Appeal Unsuccessful In Huge Tax Scam
The latest step in a wide-ranging tax scam came last month when the Tax Court of Canada ruled against the appellant, a taxpayer who was caught involved in the scam. An article in the Globe and Mail described the decision as an aftershock of one of the biggest tax scams in Canada’s history. $30,526 in Tax Deductions The appellant was a retired autoworker who had claimed $30,526… Read More