Corporate Tax Planning
Recent Jump in Residents Moving from New England to Florida Following Tax Reform
Since the Trump administration’s introduction of the Tax Cuts and Jobs Act in 2017, we have been regularly posting about the new legislation and the impact the tax reform has had on American taxpayers. This week we continue our blog series with a look at how the new tax law may have affected moving trends, particularly of residents from the northeastern states where there are higher taxes, to states such as Florida, which has… Read More
Corporate Tax Planning
A Look at Wealth Tax Proposals in Canada and the U.S.
Ahead of Canada’s federal election last week, we blogged about the tax platforms of Canada’s three largest political parties. One of them, the NDP, had introduced several proposed tax reforms, including a “super-wealth tax“, which would apply a 1% tax rate to any individuals with more than $20 million in wealth. South of the border, Massachusetts Senator Elizabeth Warren, who is rapidly becoming a front runner for the Democratic presidential candidate in next… Read More
Corporate Tax Planning
Canada’s Federal Election: What Will it Mean for Your Taxes?
Canada’s federal election is happening on Monday, October 21. What are the top three parties promising in terms of tax proposals and how will this impact Canadians? The Liberals Personal Tax Rates Part of the Liberals’ platform includes a 15% increase in the basic personal tax amount, bringing it to $15,000 by 2023. This amount will be phased out for high-net-worth individuals in the second-highest tax bracket (with income of more than $147,667), and fully… Read More
Corporate Tax Planning
An Update on Canada and the MLI: What’s Next as We Near the Date It Comes Into Force?
The Organisation for Economic Co-operation and Development ’s Multilateral Instrument (MLI) is set to come into force on December 1, 2019. This new legislation is set to have an impact on both foreign investors in Canada as well as Canadian companies which invest in countries which have adopted the new law. What is the MLI? We originally blogged about the MLI last year. The MLI is intended to decrease the opportunity for… Read More
Corporate Tax Planning
Uber Canada Reaches Settlement with the CRA in Sales-Tax Dispute
Earlier this year we blogged about a notice of appeal filed by Uber Canada Inc., the Canadian arm of Uber Technologies Inc., in which the company asked the Tax Court of Canada to vacate reassessments made against it by the CRA. Now, Uber Canada Inc. says that it has resolved their “administrative issue” with the CRA, consenting to a judgment on a without costs basis which would permit the company… Read More
Corporate Tax Planning
CRA Report: Canadian Companies Avoided Billions in Taxes
According to a report recently released by the Canada Revenue Agency (CRA), Canadian corporations avoided around $11 billion in corporate taxes in 2014 (between $2.7 billion and $3.5 billion for small companies, and between $6.7 billion and $7.9 billion for bigger companies). The report marks another measure in a series of actions taken by the CRA to look into tax avoidance by corporate and personal tax-payers in Canada, as we’ve previously written about. Read More
Corporate Tax Planning
The Taxpayer First Act: IRS Reform Legislation Passed by Senate
After initially being introduced more than a year ago, the Taxpayer First Act has been passed by the House and Senate. The legislation includes a variety of provisions intended to modernize the Internal Revenue Service across a wide range of critical areas including information technology, identity theft protection, and customer service. While it remains to be seen what happens next, it is widely believed that President Trump will sign the bill… Read More
Corporate Tax Planning
New Report Calls for Increased Regulation to Address Money-Laundering in Canada
This week, CBC News is reporting that lax regulations have made Canada a prime location for money laundering. These headlines come in the wake of a recent report issued by well-known policy think-tank C.D. Howe Institute titled “Why We Fail to Catch Money Launderers 99.9 percent of the Time” in which the Institute highlights ways in which Canada has been deficient in fighting money laundering. Why Money… Read More
Corporate Tax Planning
CRA Successful in Appeal of $1.7 Million Malicious Prosecution Case
We’ve previously blogged about a ground-breaking decision in which the B.C Supreme Court ordered the Canada Revenue Agency (CRA) to pay more than $1 million in damages for the malicious prosecution of two British Columbia business owners who the agency had claimed had engaged in tax evasion. Since then, the CRA appealed that decision, and the B.C. Court of Appeal recently overturned it. Now, after more than a decade-long battle with… Read More
Corporate Tax Planning
Federal Budget 2019: How Will it Affect Taxes?
The Liberal government’s 2019 budget was tabled on March 19, 2019. In short, the budget seeks to support and build Canada’s middle class through: Making homeownership more affordable for first-time buyers;Helping workers gain new skills;Preparing young Canadian for good jobs;Helping Canadians with the cost of prescription drugs;Supporting low-income Canadian seniors who choose to remain in the workforce;Giving all Canadians access to high-speed internet;Lowering the cost of energy;Advancing reconciliation with Indigenous Peoples; andLowering taxes. Read More