Feigenbaum Law

corporate tax

Small business

Corporate Tax Planning

Conservatives Ask Federal Government to Abandon Pending Changes to Small-Business Tax

Last year, we blogged about the federal government’s proposed tax changes, which outraged small business owners across the country. Due to the almost immediate backlash, the government subsequently took a cautious step back from some of the most controversial proposals. Now, the issue is back in the news as Conservative Members of Parliament tabled a petition earlier this week containing 45,000 signatures from business owners calling… Read More

Offshore

Litigation

CRA Brings Loblaws to Court Claiming Offshore Corporate Tax-Avoidance

Proceedings between Loblaw Companies Ltd. (Loblaws) and the Canada Revenue Agency (CRA) began earlier this week in Tax Court. The CRA claims that Loblaws’ banking subsidiary has been used as part of a tax avoidance scheme. Depending on the outcome of the case, Loblaws may be liable for more than $400 million. The Details The CRA is alleging that Loblaws established Glenhuron Bank Ltd. (Glenhuron), a “phoney” bank in Barbados, in order to circumvent the… Read More

Budget

Corporate Tax Planning

Ontario’s 2018 Budget: Tax Credits, but no Corporate Tax Cut

Earlier this week, Ontario’s Finance Minister Charles Sousa delivered the provincial Liberal’s final budget prior to June’s pending election. The budget calls for $20.3 billion in spending over the next three years, including more than $900 million for businesses and jobs training under a “Good Jobs and Growth Plan”. The budget projects 2.2% provincial GDP growth in 2018, 1.8% in 2019, and 1.9% in 2020 (growth was an estimated 2.7% in 2017). Read More

U.S Tax Code

Corporate Tax Planning

U.S Senate Passes Overhaul of U.S Tax Code

In a pre-dawn vote 51-49 vote that took place on December 2, the U.S. Senate approved a massive tax overhaul in what is the biggest change to American tax laws in more than 30 years. The new reforms bring the Trump administration closer to its election promises of decreasing corporate taxes and easing tax burdens on the wealthy. President Trump addressed reporters shortly after the Senate vote, praising the body for passing “tremendous tax… Read More

PayPal

Corporate Tax Planning

CRA Plans to Use PayPal to Find Businesses That Underreport Income

The Canada Revenue Agency (CRA) continues to crack down on businesses that are not reporting all their income and is seeking help from mobile payment companies, including PayPal. Earlier this month, PayPal received a Federal Court Order requiring the company to disclose information to the CRA about PayPal Business account holders who have sent or received a payment through their accounts between January 1, 2014 and November 10, 2017. PayPal has 45 days from… Read More