Blog

FATCA

Personal Tax Planning

10 Years Post FATCA: The Sharing of Canadian Bank Account Information with the U.S. has Increased

As we near the end of 2019 and the start of a new decade, CBC News is reporting that the number of Canadian bank records that are being shared with the Internal Revenue Service (IRS) has increased greatly. This sharing of information is a result of the Foreign Account Tax Compliance Act, commonly referred to as FATCA, legislation which was introduced nearly 10 years ago and which has had a significant impact on tax… Read More

Audit

Corporate Tax Planning

CRA Targeting Contractors Buying Supplies at Hardware Stores in New Audit

We’ve previously blogged about various actions the Canada Revenue Agency (CRA) has taken to crackdown on alleged tax evasion in particular industries, including in the bar and restaurant industry. This week, we continue our blog series by looking into a new audit the CRA is undertaking. This time, the agency is undertaking a review into general contractors and those working in the home improvement sector.  This new audit represents the latest in a… Read More

Speculation Tax

Personal Tax Planning

Almost $40 million Collected Under Vancouver’s Empty Homes Tax

We’ve previously blogged about Vancouver’s Empty Homes Tax, including the story of a a homeowner who sued the city after being subject to a $249,000 vacancy tax on a property on which she does not reside. Now, we continue our blog series by diving into some of the effects that the Empty Homes Tax has had since its introduction. The National Post reported this week that, since 2016, the City of Vancouver has… Read More

Tax laws

Tax Disputes & Litigation

Canadian Man Finds Unique Way to Challenge Tax Laws

A Canadian taxpayer recently found a unique way to challenge the Canada Revenue Agency (CRA) after the agency denied him the costs of a move from Whitby Ontario to Ottawa Ontario. After researching precendent-setting Tax Court decisions, the man ended up moving his belongings by packing them into a canoe and then paddling up the Rideau Canal. The Income Tax Act and Moving Expenses Under the Income Tax Act, (the Act), a taxpayer can claim moving… Read More

Tax reform- palm trees

Corporate Tax Planning

Recent Jump in Residents Moving from New England to Florida Following Tax Reform

Since the Trump administration’s introduction of the Tax Cuts and Jobs Act in 2017, we have been regularly posting about the new legislation and the impact the tax reform has had on American taxpayers. This week we continue our blog series with a look at how the new tax law may have affected moving trends, particularly of residents from the northeastern states where there are higher taxes, to states such as Florida, which has… Read More