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Limited partnerships

Corporate Tax Planning

New Draft Legislation May Impact Limited Partnerships in Canada

Earlier this month, Canada’s Department of Finance released draft legislation intended to amend the Excise Tax Act (ETA) and address newly defined “Investment Limited Partnerships”. These proposed amendments will impact mutual funds or investment plans that use limited partnerships in their structure (including private equity, venture capital, and hedge funds), and has the potential to significantly increase the amount of GST/HST paid by limited partnerships. The Draft Legislation The draft legislation essentially deems the general… Read More

Oil sector

Corporate Tax Planning

Policy Experts Express Concerns that U.S. Tax Reforms Could Affect Canadian Oil Sector

In a recent report, the director of the University of Calgary’s School of Public Policy has stated that Canada’s oil sector may be about to lose the tax competitive advantage that it currently enjoys. In the report, Jack Mintz, notes that both President Trump’s recent tax-reform proposals and those made by the Republican-controlled House of Representative last year, could make investments in the U.S oil industry much more attractive. These reforms, combined… Read More

Hurricane Harvey

Personal Tax Planning

IRS Announces Policy Change to Access to Retirement Plan Funds for Hurricane Harvey Victims

With weather-related catastrophes ongoing in the United States, the IRS recently announced a loosening of the rules that normally restrict a retirement plan participant’s access to their retirement funds for residents in areas of Texas affected by Hurricane Harvey. In Announcement 2017-11 (the Announcement), the IRS outlined a relief plan for taxpayers who have been adversely affected by Hurricane Harvey, and who have retirement assets in qualified employer plans that they would… Read More

Tax changes

Personal Tax Planning

Canadian Business Owners Outraged by Ottawa’s Proposed Tax Changes

In July, the Finance Minister announced proposed tax changes that, if passed, will affect private corporations.  The stated purpose of the changes is to crack down on individuals using corporations to pay less taxes. Following the announcement, the Minister launched a 75-day consultation period on three proposed changes: Restrictions on “income splitting” (i.e. business owners shifting a portion of income to family members through salary or dividends); Curtailing “passive investment income” (i.e. Read More

Vacancy Tax- Overhead view of suburban street

Corporate Tax Planning

Recent High-Profile Tax Sale Highlights Importance of Keeping Registered Agent and Contact Info Updated

As recently reported by the San Francisco Chronicle, an unpaid tax bill can sometimes have unexpected consequences, involving more than just the IRS. What Happened? A young couple are now the owners of one of the most exclusive streets in San Francisco. The couple acquired Presidio Terrace, a private street in a gated community full of multi-million dollar homes, for $90,000 at a city-run auction. The sale was a result of what… Read More