Feigenbaum Law

Personal Tax Planning

Personal Tax Planning

Taxpayer Fights Penalty Imposed For False Statements

People typically don’t like paying tax, at least certainly not more than they are supposed to pay. It’s not uncommon for people to make claims of expenses or losses in order to reduce their tax burden. Of course, it’s also illegal to file tax returns that are not accurate. On occasion, people may hire third parties to prepare their taxes for them. What happens when a taxpayer hires a company who makes false statements on… Read More

Personal Tax Planning

House of Commons Re-Opens Probe Into Tax Sham

The Canadian government recently announced plans to pursue the collection of taxes from ultra-wealthy Canadians who may be hiding assets in shell companies located in the Isle of Man in order to avoid paying taxes or alternatively to shelter them from creditors, such as former spouses. A story recently published by the CBC states that a long-dormant parliamentary probe into the tax shelters, involving the accounting firm KPMG, is going to be… 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

Personal Tax Planning

No Extension Planned For Canadian Tax Returns

Close to a month ago, we wrote about the United States Internal Revenue Service’s decision to extend the filing deadline for Americans. We told our readers at that time that we would let them know if a similar extension would be offered to Canadians. A story published today by the CBC states that the Canada Revenue Agency has announced it will not extend the tax filing date for Canadians. Accountants ask… Read More

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