2020 • Second Quarter • Issue 130
This edition of Tax, Tips & Traps discusses: Starting a Business and Not Getting Paid, Tips, Real Estate Sales, Contributions of Goods or Services to an NPO, Home Accessibility Renovation Credit, Working from Home During COVID-19, Business Use of the Home, and Uncollectible Accounts.
Customs valuation and tax transfer pricing
Companies importing goods into Canada often face duties, tariffs, and other compliance items driven by the imported goods value.
Indirect tax strategies can improve liquidity and risk during COVID-19
We set out some basic indirect tax strategies, considerations and practices to generate or preserve cash flow during these difficult times.
Should you resort to mutual agreement procedure?
Canada implemented the mutual agreement procedure as an effective tool for resolving economic double taxation issues.
Restrictions on discretionary trust’s dividend allocation powers
If the word ‘discretionary’ means ‘unrestricted’ or ‘unregulated’, does that mean discretionary trusts have unfettered decision-making?
Federal government postpones deadlines for duties and taxes on imports
This change is on top of the announcement from the CBSA on March 19, 2020 which gave importers relief from late accounting penalties.
Tax opportunities in a low-interest rate environment
Lower interest rates may entice taxpayers to borrow to bridge the cash crunch, but is additional debt a good idea in these uncertain times?
COVID-19 and employees’ home office expenses
In this article originally published by the Canadian Tax Foundation, Jiani Qian examines the tax rules surrounding home office expenses.
Understanding the Canada Emergency Wage Subsidy
Can the Canada Emergency Wage Subsidy help people hold on to their jobs and keep business afloat? Our professional shares insights.
Key tax considerations amid COVID-19 concerns
Business owners should evaluate these short, middle and long-term tax considerations to address the numerous challenges posed by COVID-19.
Federal carbon levy ruled unconstitutional by Alberta Court of Appeal
Alberta becomes first province rule that the Greenhouse Gas Pollution Pricing Act is outside the federal government’s legislative scope.
Canada becomes third country to ratify new NAFTA agreement
With the CUSMA trade agreement changes coming into effect soon, importers should take this opportunity to review their import process.
Treatment of foreign exchange gains on refund of income tax
The Canada Revenue Agency stated that a functional currency filer’s FX gain on refund are on account of capital.
Departure tax for individuals emigrating from Canada
Without careful tax planning, taxpayers may be caught off guard with a tax obligation that they do not have the resources to pay.
Should safe income on hand include taxes accrued but not yet paid?
Our authors summarize FCA’s decision on the calculation of safe income, specifically, the consideration of taxes accrued but not yet paid.
2020 • First Quarter • Issue 129
This edition of Tax, Tips & Traps discusses: Adoption Expenses, Motor Vehicle Expenses, Employment Expenses, Travel Expenses, CPP/EI Rulings, Tax on Split Income, Mobile Homes, RV Parks, Campgrounds, Federal Carbon Tax, and U.S. Expatriates.
Cross-border debt financing – an overview of Canadian tax implications
Our authors highlight tax rules that businesses often overlook during cross-border debt financing via shareholder loans.
Annulment or rectification – what can taxpayers do to address an error
A recent case signals how opting to annul versus rectify an error may affect the outcome, cost and timeliness of the tax dispute process.
2019 • Fourth Quarter • Issue 128
This edition of Tax, Tips & Traps discusses: Taxable Benefits, Property Flipping, Unclaimed Bank Deposits, Protecting Your Tax Info, Sibling’s Corporation Loans, Employment Expenses, & Trusts for Disabled Beneficiaries.
2019 • Third Quarter • Issue 127
This edition of Tax, Tips & Traps discusses: Special Work Site Allowance, Reimbursement for Work Clothing, Zero-Emission Vehicles, Anxiety, Depression & Phobias, Workers Compensation, Demand For Client Information, and Tracking of Ownership Information Changes.