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Corporate Tax Planning
COVID-19 Allows Tax Breaks For Those Working From Home
The COVID-19 pandemic saw a huge increase in the number of people working from home. Many people in all parts of Canada still find themselves working from home, and likely will for some time. Of course, working from home usually means the employee faces costs they wouldn’t otherwise have to deal with when working in an office or other workspace. Employees have had to pay for costs associated with setting up a home office, including… Read More
Cross-Border Tax Issues
Creditors Attempt to Lower Bankrupt’s US Tax Bill to Secure Payment
People who work or do business on both sides of the Canada-United States border often have tax obligations to both governments as well. A failure to employ a tax plan that takes these considerations into account can leave an individual with a larger tax bill than they might expect. In an interesting case from a bankruptcy court in the United States, a taxpayer had entered into bankruptcy. With the IRS as… Read More
Cross-Border Tax Issues
Question Over NCAA Compensation Makes Its Way To Supreme Court
The compensation of college athletes in the United States has been a controversial topic that has picked up steam over the last few years. Just this week it was reported that the U.S. Supreme Court will hear a petition from the National Collegiate Athletic Association (NCAA) arguing that the organization should be able to continue to restrict athlete compensation. The appeal stems from a lower court decision that ruled in favour… Read More
Corporate Tax Planning
Losses Incurred as Part of a Personal Endeavour vs. in Pursuit of Profit
For many new business startups, the first few years can be tough. If a business is lucky, it can make it through those lean years and eventually grow into a successful operation. It’s not uncommon for people who start a small business to expect to make little to no income in these early years. However, a recent decision from the Tax Court of Canada shows that losses incurred due to a… Read More
Sports & Entertainment
NBA Announces Plans for 2021, NHL Still in Discussions
There have been several updates since we last provided an overview of professional sporting leagues in Canada and the U.S. In the latest news, which we will discuss below, the NBA has firmed up its plans, though there special regulations in place for athletes on Canada’s only team, the Toronto Raptors. The NHL is a little further behind in their modified return to play. And in the meantime, the NFL is coming close to… Read More