Blog

Glasses on an open calendar representing CRA extensions due to COVID

Business Management

Canada Revenue Agency Further Extends Deadlines and Exemptions

It has been a few weeks since we last updated our readers on how the Canada Revenue Agency is continuing to react to the COVID-19 pandemic. There were a number of announcements made in September that will be of interest to business owners as well as Canadians and Americans who spend time in one another’s country. Extension of Travel Restrictions Relief On September 2, the CRA announced an extension to their travel restrictions which could… Read More

Banknotes in different international currencies representing a currency exchange scam

Litigation

CRA Investigating Possible Currency Exchange Scam

A recent investigative report by the Toronto Star alleges that two former Toronto Maple Leaf players, Darcy Tucker and Shayne Corson, were involved in a foreign currency trading scheme that was designed to defraud the Canada Revenue Agency (CRA). The story looks at how the scheme worked, and why the CRA says it was a scam. What is the Foreign Exchange Market? The foreign exchange market (the “Forex”) is a legitimate… Read More

American currency representing tax filing obligations on dual US citizens who live outside the US

Cross-Border Tax Issues

New Tax Risks For Dual Citizens Living In Canada

COVID-19 has brought with it many extensions to tax-related obligations for both Americans and Canadians. However, it doesn’t mean that tax obligations have gone away entirely. One item that has been a contentious topic over the last few years is the requirement for US/Canadian dual citizens living in Canada to file income tax in the United States as well as Canada. We wanted to take this opportunity to remind dual citizens of their obligations to… Read More

An arial shot of Notre Dame's football stadium

Sports & Entertainment

U.S. College Sports Uncertain as School Year Begins

We wrote a few weeks ago about the return to play in most professional sports. As of the publication of this blog, the NBA and NHL were deep into their playoffs, while baseball was not far behind. The NFL is set to kick off on Sunday. And while professional sports might be back in many ways outside of having fans present at the games, the US college sports scene is still very much up… Read More

An open sign in a shop window representing small businesses seeking loans to get them through COVID-19

Corporate Tax Planning

Government of Canada Announces Changes to CEBA

Since the outbreak of the COVID-19 pandemic in Canada, the government of Canada announced a number of support programs for individuals and businesses. One of these, the Canada Emergency Business Account (“CEBA”) provided loans of up to $40,000 for qualifying businesses. The government has recently announced an expansion of this benefit. What is CEBA? CEBA was originally launched on April 9, 2020, to provide interest-free loans of up to $40,000 to small businesses to help… Read More