Feigenbaum Law

Personal Tax Planning

Tax reform- palm trees

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

Wealth tax

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

Federal election

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

MLI

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

Speculation Tax

Personal Tax Planning

Housing Speculation Tax Challenged in B.C.

We’ve regularly blogged about tax issues arising out of real estate transactions, including taxes being levied against foreign buyers in an increasing number of cities across Canada. We’ve also blogged about taxpayers fighting back against such levies. Now, a group of other taxpayers have launched a legal action against B.C’s Speculation and Vacancy Tax a move which appears to be the only major lawsuit to reach trial. Speculation and Vacancy… Read More

Nova Scotia

Personal Tax Planning

Nova Scotia Becoming Hot Market for International Home Buyers

We’ve previously blogged about non-resident home buyers and the impact that they have had on housing markets in some of Canada’s largest cities, including Toronto and Vancouver. We’ve also explored the various measures these jurisdictions have taken to address what many see as an increasing problem in an already overheated market. The ongoing and “intense discussion” around real estate has prompted the Canadian Housing Statistics Program… Read More

Vacancy Tax- Overhead view of suburban street

Personal Tax Planning

Foreign Buyer Challenging $249,000 Vacancy Tax Levied by City of Vancouver

A homeowner in Vancouver has sued the city after being subject to a $249,000 vacancy tax on a property on which she does not reside. The matter has reinvigorated debate and discussion about the impact of foreign buyers and vacant properties on a continually overpriced and hot housing market in Vancouver and other large centers across Canada. The Home at Issue The property at issue, a home located at 4749 Belmont Avenue, was sold for… Read More

Sunset and road seen from interior of a car.

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

Appeal

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

Real estate tax

Personal Tax Planning

CRA Collects More than $1 Billion After Cracking Down on Real Estate Tax Evaders

We’ve often blogged about tax issues pertaining to real estate, including the fact that fewer home buyers are purchasing homes in Toronto, Vancouver and other hot markets after the introduction of Foreign Buyers’ Taxes and other measures, how buying property from a non-resident of Canada can have significant tax implications, as well as the tax consequences of owning a cottage, among others. Now, the Star is reporting that… Read More