Feigenbaum Law

Personal Tax Planning

Personal Tax Planning

IRS Announces Extension For Personal Tax Filing

With tax season fast-approaching in both Canada and the United States, people may be feeling more stress than they normally do this time of year. Both countries have provided people with various types of financial support since the start of the COVID-19 pandemic, and some of these measures may have an impact at tax time. For those living in the United States, the IRS has issued an extended deadline for individuals to file their taxes. Read More

Personal Tax Planning

Taxpayer Wins Appeal In Claiming Costs For Traveling Between Home Office And Employer’s Office

One of the most noticeable impacts COVID-19 has had on Canadian workplaces is a movement towards working from home. At the beginning of the pandemic most people who were not deemed essential workers were forced to work from home. Many people are still not back in their offices, and if they are, may only be working from the office on a part-time basis. A recent decision from the Tax Court of… Read More

Personal Tax Planning

COVID-19 Tax Implications in the United States

The turn of a new year means that tax season is not far away. In the United States, the tax filing deadline is not until April 15, 2021. But with COVID-19 having been a part of our lives through much of 2020, there have been significant considerations introduced to taxes this year. In this week’s blog, we want to share some of these new developments in US tax well ahead of when taxes are actually… Read More

Personal Tax Planning

Husband’s Reassessed Income Results In Loss Of Benefits For Wife

While tax obligations and benefits financial benefits collected from the government might seem like distinct responsibilities and benefits, it can be the case that a taxpayer’s situation might impact their own or their family’s available benefits. A recent decision from the Tax Court of Canada shows how this can be the case. In the decision, a taxpayer appeals a decision to claw back Canada Child Tax Benefits that were paid to… 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

The Ambassador Bridge representing a US taxpayer spending part of the year in Canada

Cross-Border Tax Issues

Creditors Attempt to Lower Bankrupt’s US Tax Bill to Secure Payment

People who work or do business on both sides of the Canada-United States border often have tax obligations to both governments as well. A failure to employ a tax plan that takes these considerations into account can leave an individual with a larger tax bill than they might expect. In an interesting case from a bankruptcy court in the United States, a taxpayer had entered into bankruptcy. With the IRS as… Read More

A Florida beach representing Canadian snowbirds heading south for the winter

Cross-Border Tax Issues

Travel Opportunities for Canadians Looking to Escape Cold Winter Weather

Every year, thousands of Canadians head south to the United States for the winter. For some, it’s a way of enjoying their retirement and avoiding harsh Canadian winters by soaking up the sun in southern states such as Florida or Arizona. Even for those not yet ready for retirement, but who are able to work remotely, working out of a southern destination can be an appealing idea. Of course, COVID-19 has put a wrench in… Read More

Glasses on an open calendar representing CRA extensions due to COVID

Business Management

Canada Revenue Agency Further Extends Deadlines and Exemptions

It has been a few weeks since we last updated our readers on how the Canada Revenue Agency is continuing to react to the COVID-19 pandemic. There were a number of announcements made in September that will be of interest to business owners as well as Canadians and Americans who spend time in one another’s country. Extension of Travel Restrictions Relief On September 2, the CRA announced an extension to their travel restrictions which could… Read More

Banknotes in different international currencies representing a currency exchange scam

Litigation

CRA Investigating Possible Currency Exchange Scam

A recent investigative report by the Toronto Star alleges that two former Toronto Maple Leaf players, Darcy Tucker and Shayne Corson, were involved in a foreign currency trading scheme that was designed to defraud the Canada Revenue Agency (CRA). The story looks at how the scheme worked, and why the CRA says it was a scam. What is the Foreign Exchange Market? The foreign exchange market (the “Forex”) is a legitimate… 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