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Corporate Tax Planning

CRA Continuing Investigations into Canadians Linked to Panama Papers and Paradise Papers

We have previously blogged about the Canada Revenue Agency’s (CRA’s) increased crackdowns on the use of offshore tax shelters. Previously, the CRA was focused primarily on Canadian taxpayers who had been implicated in the Panama Papers leak, including search warrants executed as a result of the leak as well as the first Canadian investigated as a result of the now infamous leak of financial information. Now, Canadian news sources are reporting that the… Read More

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Sports & Entertainment

Soccer Star Ronaldo Pleads Guilty to Tax Fraud in Spain

CBC News is reporting that Cristiano Ronaldo, who for many years played for football powerhouse Real Madrid, has received a 2-year suspended sentence and €19 million ($28.7 million CAD) fine after pleading guilty to tax fraud in Spain. One of the World’s Best Soccer Players Ronaldo is a five-time Champions League winner and five-time winner of Europe’s Ballon d’Or, a prestigious soccer award given annually to the world’s best player. Read More

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Personal Tax Planning

Federal Department of Finance Seeks New Ways to Tax Dormant Bank Accounts

CBC News is reporting this week that the federal Department of Finance wants to tax money that is currently sitting in dormant bank accounts and pension plans and to eliminate any interest that is currently paid on it. The proposal is intended to modestly increase federal revenues. The “Unclaimed Balances” Regime This news comes in the wake of a two-year consultation and review period of Canada’s “unclaimed balances” regime. The system has not… Read More

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Personal Tax Planning

Uber Canada Fights CRA Tax Reassessment

In December, Uber Canada Inc. (Uber Canada), the Canadian arm of Uber Technologies Inc., filed a notice of appeal with the Tax Court of Canada, asking the tax court to vacate reassessments made by the Canada Revenue Agency (CRA). CRA Reassessments The reassessments issued by the CRA covered the period between October 2012 and June 2013. According to the CRA, Uber Canada is responsible, in that time period, for accounting for sales tax on rides… Read More

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Corporate Tax Planning

New Year- New Federal Tax Changes in Canada

A new year brings with it new year’s resolutions, a fresh start, and, for Canadian taxpayers and small businesses: tax changes at the federal level. Below is a quick brief on what changes can be expected as we push into 2019. CPP and EI An increase in Canada Pension Plan premiums (CPP)- beginning in January, CPP contributions increase from 4.95% to 5.1% on earnings between $3,500-$57,400. This is the first year of five planned years… Read More