Feigenbaum Law

personal tax planning

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

Child tax credit scheme

Litigation

Ontario Man Accused of Tax Fraud After Alleged Child Tax Credit Scheme

An Ontario man is facing allegations of tax fraud after allegedly claiming more than $60,000 in child tax credits for more than forty fictitious children. What Happened? The 39-year old man is facing four charges under the Income Tax Act. According to the Canada Revenue Agency, the man unlawfully claimed child tax benefits by “making, participating in, assenting to, or acquiescing in the making of a false or deceptive statement” to obtain Canada Child… 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

Tax fraud

Personal Tax Planning

Parents Involved in Recent College Admissions Bribery Scandal May be Facing Tax Fraud Charges

According to Bloomberg News, parents embroiled in the recent “Varsity Blues” college admissions scandal may now be facing serious tax consequences in addition to criminal charges and potential prison time. The Varsity Blues Scandal- Some Background In a federal indictment spanning multiple jurisdictions, approximately 50 individuals, mostly wealthy parents, were recently charged with conspiracy to commit mail fraud and honest services mail fraud, after it was discovered that they had bribed multiple universities to admit… 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