Feigenbaum Law

corporate 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

Corporate taxes

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

Cryptocurrency

Bitcoin

Canada Revenue Agency Auditing Cryptocurrency Investors

Last year, we wrote about how Bitcoin and other cryptocurrency is treated by the Canada Revenue Agency (CRA) for tax purposes and what impact an investment in crypto might have on a Canadian taxpayer’s taxes.   Now, crypto and the CRA are back in the news as the agency continues to finesse its approach to digital currency and adapt to rapidly changing realities. According to a cryptocurrency journalist writing for Forbes magazine,… Read More

Corporate taxes

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

View of football field from above

Sports & Entertainment

Superbowl LIII Players Face Large Taxes on Winnings

Last week we blogged about the so-called “Jock Tax” which is levied on earnings made by professional athletes depending on which state they play in. As a result of this frequently applied levy, the big earnings made by players of both the Patriots and the Rams in this month’s Superbowl LIII are now subject to tax at various levels. Superbowl Bonuses For playing in this year’s Superbowl, every New England Patriots player will receive… Read More

Close up of men's hockey skates

Sports & Entertainment

Tax Considerations for Professional Athletes in the U.S.

Professional sports are a multi-billion-dollar industry, propelled by major leagues including the NFL, NBA, MLB, MLS, among others, and made popular by players earning millions of dollars a year. It is also an area of tax complexity for athletes for a wide range of reasons. What are the biggest areas of concern for players in the U.S.? The Tax Cuts and Jobs Act We’ve previously blogged about the Trump administration’s Tax Cuts and… Read More

Close up of palm fronds

Corporate Tax Planning

CRA Continuing Investigations into Canadians Linked to Panama Papers and Paradise Papers

We have previously blogged about the Canada Revenue Agency’s (CRA’s) increased crackdowns on the use of offshore tax shelters. Previously, the CRA was focused primarily on Canadian taxpayers who had been implicated in the Panama Papers leak, including search warrants executed as a result of the leak as well as the first Canadian investigated as a result of the now infamous leak of financial information. Now, Canadian news sources are reporting that the… Read More