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Corporate Tax Planning

Canada Revenue Agency Conducts Raids in Panama Papers Investigation

Earlier this week, the Canada Revenue Agency (CRA) announced that it has executed three search warrants stemming from their investigation into offshore tax evasion made public in the Panama Papers. The Investigation This investigation is one of 42 international or offshore tax evasion cases that the CRA is currently investigating. The CRA is particularly focused on sophisticated and well-organized tax evasion schemes. Yesterday, approximately 30 CRA officers, assisted by the RCMP and… Read More

Corporate Tax Planning

Changes Coming to CRA’s Voluntary Disclosure Program

The Canada Revenue Agency (CRA) has announced that, as of March 1, 2018, the Voluntary Disclosures Program (VDP) will be revised. The revisions narrow the eligibility for access to the Program and impose extra requirements on applicants. What is the VDP? As we’ve mentioned in a previous blog, the VDP is a program that gives taxpayers who have been non-compliant with filing or paying taxes a… Read More

Personal Tax Planning

Tax Season Begins in the U.S.: Consult with a Tax Professional

Filing season for the 2017 tax year began this week, with an April 17 deadline. The IRS set this week as the start time for filing to ensure the security of key tax processing systems in the wake of the Equifax breach, and to provide sufficient time to assess any potential impact of the changes to tax legislation. The IRS anticipates that it will receive more than 150 million individual tax returns… Read More

NAFTA

Economic Discussions Conclude at Davos: What is the Prognosis for NAFTA and the TPP?

The World Economic Forum took place this week in Davos, Switzerland. Global business and political elite gathered to set the agenda for international commerce. The theme of this year’s forum was “Creating a Shared Future in a Fractured World” Canada’s Agenda In a speech to Davos delegates, Prime Minister Trudeau noted that Canada is working hard to “make sure ‘our neighbour to the south’ realizes that protecting NAFTA is in everyone’s best interests”. In a… Read More

NAFTA

Business Groups Warn that U.S. Tax Reform May Have More Impact on Canada than End of NAFTA

Canadian business associations have warned that the recently announced tax changes in the U.S. may end up negatively impacting the Canadian economy more than the possible termination of NAFTA. Much attention has been focused on the Republican’s decision to decrease corporate taxes to levels comparable to Canada’s. The Business Council of Canada John Manley, the President of the Business Council of Canada has said that he believes that the fallout of the tax changes… Read More