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
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
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
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
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
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
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
Corporate Tax Planning
Federal Government Updates CERB and CEWS Programs
The Canada Revenue Agency is continuing to update information related to the Canada Emergency Wage Subsidy (CEWS) as well as other benefits related to COVID-19 as the pandemic continues to impact the Canadian economy. In today’s blog, we would like to update our readers on some of the news. Changes to the Canada Emergency Wage Subsidy The Canada Emergency Wage Subsidy was introduced to help employers re-hire workers who were laid off as a result… Read More