Feigenbaum Law

tax planning

Corporate taxes

Corporate Tax Planning

Auditor General: CRA Not Treating All Taxpayers Equally in Audits and Reviews

According to a new report by the federal Auditor General, the Canada Revenue Agency (CRA) is not treating all taxpayers equally when it comes to auditing or reviewing tax files. Taxpayer Bill of Rights The Canada Revenue Agency has a Taxpayer Bill of Rights which is intended to build on the CRA’s corporate values of professionalism, respect, integrity, and collaboration and further, is intended to protect taxpayers from inappropriate treatment and to protect… 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

Tax changes

Personal Tax Planning

Canadian Business Owners Outraged by Ottawa’s Proposed Tax Changes

In July, the Finance Minister announced proposed tax changes that, if passed, will affect private corporations.  The stated purpose of the changes is to crack down on individuals using corporations to pay less taxes. Following the announcement, the Minister launched a 75-day consultation period on three proposed changes: Restrictions on “income splitting” (i.e. business owners shifting a portion of income to family members through salary or dividends); Curtailing “passive investment income” (i.e. Read More