Feigenbaum Law

Personal Tax Planning

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

A private plan and expensive car representing Canada's wealthiest 1%

Personal Tax Planning

Study Finds Wealth Tax in Canada Could Net $5.6B Annually

A recently completed report by Canada’s Parliamentary Budget Officer (PBO) looked at how much money could be raised if the country implemented a wealth tax. The report came at the request of the NDP’s Finance critic, Peter Julian, who represents the riding of New Westminster-Burnaby. The request specifically asked the PBO to use its recently published wealth model to estimate the revenues of an annual net wealth tax on Canadian families… Read More

A row of houses on a beach representing snowbird properties in the U.S.

Cross-Border Tax Issues

CRA Seeking Data on Canadian-Owned Properties in the U.S.

For Canadians who own property in the United States, filing a T1135 Foreign Income Verification Statement is mandatory in order to declare the property to the Canada Revenue Agency (CRA) for tax purposes. The failure to file a T1135 has penalties associated with it. For most Canadians, the CRA trusts that they will accurately report their own income and holdings for tax purposes. However, the CRA does look for ways to… 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

A spilled jar of coins

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

A paper tax statement for 2019 representing tax deadlines in Canada

Corporate Tax Planning

Canada’s Tax Season is (Mostly) Over

COVID-19 has had a huge impact on the tax season in Canada, hitting just under two months before personal income tax filings were due and largely shutting down the Canadian economy (as well as those all over the world). Fortunately, the Canada Revenue Agency extended tax deadlines for most people. Today we want to look at which deadlines have passed, which ones have “sort of” passed, and which remain in effect. Personal Tax Deadlines Individuals… Read More

A cottage, representing property a non-resident may be required to pay taxes on once sold in Canada

Personal Tax Planning

More Updates on Canadian and American Taxes During COVID-19

A few weeks ago we wrote a blog about some of the ways the Canada Revenue Agency is addressing potential international income tax issues that people and corporations might run into, in light of the issues stemming from the current health crisis. In that blog, we wrote about how the CRA is addressing income tax residency as well as the carrying on of business in Canada, particularly for those who may be stuck in… Read More

An alarm clock surrounded by numbers and a notebook representing new tax deadlines in Canada

Personal Tax Planning

Canada Revenue Agency Resumes Some Activities

Parts of Canada are slowly starting to return to normal. While much of the country is still grappling with the impact of COVID-19, courts and businesses have started to re-open. Similarly, the Canada Revenue Agency, which had largely ceased activities related to collections, audits, and appeals, has started to resume operations. This week we’d like to provide our readers with a summary of what activities have resumed and which are still… Read More

A mailbox with a house address on it outside of a home, representing personal residency

Corporate Tax Planning

Canada Revenue Agency Addresses Residency for Tax Purposes

A few weeks ago we wrote a blog about how the United States’ Internal Revenue Service (The IRS) is addressing the issue of non-Americans being forced to stay in the United States due to COVID-19, and as a result, running the risk of becoming U.S. residents for income tax purposes. Last week, the Canada Revenue Agency published a memo addressing similar concerns for those running the risk of becoming Canadian… Read More