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Movie camera on a film set

Cross-Border Tax Issues

COVID-19 Precautions in Place as Entertainment Productions Resume

In a recent blog, we talked about how professional sports were doing with a return to play in light of COVID-19. While the lack of professional sports has been a huge topic of conversation, other entertainment-related industries have also been eagerly awaiting a resumption of normal activities. Canada’s movie and television industry employs thousands of people, and as the industry gets ready to ramp up production of movies and television shows, it’s important to… Read More

A woman writing math problems on a board representing a person teaching classes at night as an independent contractor.

Personal Tax Planning

Independent Contractors vs. Employees: Intention is Key

The “gig economy” is a term that has risen to prominence over the last decade or so as more and more people perform work outside of the normal employee-employer relationship, instead working as independent contractors. This impacts the job security and benefits available to workers, but it also allows them to have greater flexibility and access to tax deductions, which can come in handy when the person is performing gig work as a second job. Read More

A basketball and hoop representing the start of the 2020 NBA season during COVID-19

Sports & Entertainment

An Update on Major League Sports & COVID-19

For sports fans, the last few weekends may have seemed like they would never arrive. But for the most part, major league sports have returned. Major League Baseball, NHL hockey, NBA basketball, the PGA tour, and events like UFC mixed martial arts are all back in action. But what about the athletes involved? What is each league doing to protect the health of its athletes, and how has the resumption of major league sports gone… Read More

A private plan and expensive car representing Canada's wealthiest 1%

Personal Tax Planning

Study Finds Wealth Tax in Canada Could Net $5.6B Annually

A recently completed report by Canada’s Parliamentary Budget Officer (PBO) looked at how much money could be raised if the country implemented a wealth tax. The report came at the request of the NDP’s Finance critic, Peter Julian, who represents the riding of New Westminster-Burnaby. The request specifically asked the PBO to use its recently published wealth model to estimate the revenues of an annual net wealth tax on Canadian families… Read More

A row of houses on a beach representing snowbird properties in the U.S.

Cross-Border Tax Issues

CRA Seeking Data on Canadian-Owned Properties in the U.S.

For Canadians who own property in the United States, filing a T1135 Foreign Income Verification Statement is mandatory in order to declare the property to the Canada Revenue Agency (CRA) for tax purposes. The failure to file a T1135 has penalties associated with it. For most Canadians, the CRA trusts that they will accurately report their own income and holdings for tax purposes. However, the CRA does look for ways to… Read More