Feigenbaum Law

Corporate Tax Planning

Corporate Tax Planning

What Does The American Families Plan Mean For Canadians?

Winter is approaching, and for many Canadians, there is hope that they might again be able to escape the Canadian cold and head to the southern United States to enjoy some sun in the depths of winter. In the time that Canadians have largely been unable to travel to the United States the country has experienced a transition in its presidency. Joe Biden, who was elected in 2020 is looking to implement many new laws,… Read More

A paper tax statement for 2019 representing tax deadlines in Canada

Corporate Tax Planning

Canada’s Election Brings Plenty of Tax Promises

Canada is about halfway through a Federal Election, just a couple of years after the Liberal party was elected with a minority government in 2019. The election, which is set to take place on September 20 is close, and each of the three major national parties is making plenty of promises related to tax and the economy. We wanted to take a few moments to provide our readers with a breakdown of what each party… Read More

Corporate Tax Planning

Gates Divorce Leaves Plenty Of Questions

When it comes to the ultra-rich, few people can imagine the kind of wealth that Bill and Melinda Gates hold. The couple, who recently announced their plans to divorce, are two of the richest people in the world, and their philanthropic endeavors have changed how the wealthy give back. However, their split may change all that. A $130 billion fortune It’s almost hard to fathom just how much money the Gates have, with much of… Read More

Corporate Tax Planning

United States and Canada Announce New Plans To Tax Wealth

It has been a big week for tax news on both sides of the United States and Canadian border. The Canadian government has tabled its proposed 2021 federal budget, while in the United States, President Joe Biden has signaled his desire to implement a higher tax on the wealthy in order to bring in more revenue. We wanted to take a moment this week to cover some of those changes. Tax implications of Canada’s federal… Read More

A home office representing new CRA deduction process for work at home expenses

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

An art gallery representing a family business that was said to have been a personal endeavour for one taxpayer.

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

A closed sign representing commercial businesses closed due to covid restrictions

Business Management

Some Industries Enjoy Government Support, While Others Left In The Cold During COVID-19’s Second Wave

With a second wave of COVID-19 spreading across much of the world, Canada has not been spared from a growing number of cases related to the virus. While the Canadian government was quick to issue various forms of financial support to businesses, employers and individuals during the initial wave of COVID-19, things have slowed down after Canada enjoyed a relatively quiet summer and fall. With the rise in cases, the government has announced some new… Read More

A handshake representing a tax court holding the Canada Revenue Agency to a deal made with a taxpayer

Corporate Tax Planning

Tax Court Holds CRA to Deal It Claimed Was Made in Error

There’s an old saying that goes, “a deal is a deal.” It means simply that when someone makes a deal, they should honour it, even if they later change their mind. It’s not quite the law when it comes to contracts, but the principle of abiding by the terms of a deal one enters into can be enforced from time to time. A perfect example of this is seen in a… 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

A vintage photo of a window for a business where people could pay income taxes in NYC

Corporate Tax Planning

Report Indicates Staggering Number of High-Income Non-Filers in the United States

A recently released report from the United States’ Treasury Inspector General for Tax Administration (TIGTA) raised a flag concerning the Internal Revenue Service’s failure to pursue high-income earners who fail to file their taxes. Just how rampant is non-filing amongst high-income earners? The results of the study may be enough to raise eyebrows. How much money is lost due to non-filing? The report states that non-filing, which is a crime when… Read More