Blog
Tax Disputes & Litigation
An Informally Run Money Lending Operation Has Difficulty Proving Its A Business For Tax Deduction Purposes
One of the benefits of being successful in business is having the extra income to invest money that you’ve made into other areas. In a recent decision issued by the Tax Court of Canada, a successful business person used the profits from his business to offer interest-bearing loans to third parties. When two of his borrows defaulted on his loans, he sought to deduct his losses as business losses. However, the Minister… Read More
Uncategorized
COVID-19 Protocols In Place As Major League Sports Resume
As Autumn gets underway, it signifies a return to most professional sports. The NFL had its season kickoff yesterday, and the NHL and NBA will be back up and running in October. Of course, college football kicked off last week and Major League Baseball is nearing the conclusion of the 2021 season. Last year saw a huge shift in how professional sports are played and viewed, with many leagues operating without fans, and athletes/staff being… Read More
Corporate Tax Planning
Canada’s Election Brings Plenty of Tax Promises
Canada is about halfway through a Federal Election, just a couple of years after the Liberal party was elected with a minority government in 2019. The election, which is set to take place on September 20 is close, and each of the three major national parties is making plenty of promises related to tax and the economy. We wanted to take a few moments to provide our readers with a breakdown of what each party… Read More
Bitcoin
CRA Continues To Seek Information On Cryptocurrency Holders
As cryptocurrencies continue to play a growing role in the economies of both Canada and the United States, it makes sense that government bodies are trying to get a better understanding of who owns cryptocurrencies and how much those holdings are worth. We wrote in March of this year about the tax obligations people have in relation to cryptocurrencies. Today we wanted to talk a little bit about how the Canadian government is attempting… Read More
Sports & Entertainment
Major News In The Sports Card Business
For professional athletes, and as we have recently discussed, college athletes, the income that can be generated from licensing their names and likenesses to collectible and memorabilia companies can be significant. Just this week, announcements within the industry have made it clear that the market is about to undergo a significant shift. How much is the sports card and memorabilia market worth? The website Sports Card Investor published a story last… Read More