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Malicious prosecution

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

Sunset and road seen from interior of a car.

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

A pile of Canadian coins, tax changes Canada.

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

Citizenship

Corporate Tax Planning

Tax Fairness for Americans Abroad Act: Potential Tax Relief for Canadian Residents with U.S. Citizenship

On December 21, 2018, North Carolina Republican Congressman George Harding tabled the Tax Fairness for Americans Abroad Act, a bill which, if passed, would exempt Americans living in Canada (and other countries abroad) from having to pay tax on income earned outside of the U.S. Citizenship-Based Taxation Holding said he introduced the proposed legislation because the U.S.’ current system imposes an unfair burden on taxpayer who have American citizenship but live outside… Read More

Legal fees

NAFTA

Following Newly Signed Trade Agreement, Debates Over Tariffs Continue

Canadian Foreign Affairs Minister told the press today that President Donald Trump’s steel and aluminum tariffs contradict a key component of the new Canada-United States-Mexico Agreement (CUSMA), which will be replacing NAFTA. “CUSMA” Finalized After more than a year of often uncertain and highly charged negotiations, Mexico, Canada and the U.S. finally reached an agreement on tripartite trade earlier this fall. The agreement… Read More