July 30, 2018
by
Bob Boser
On July 18, 2017 the Federal Finance Minister announced proposals to change the tax rules related to income splitting using private corporations. The original proposals were subsequently withdrawn in October, re-released in December and after further changes the proposed legislation was included in Bill C-74 in March 2018. Bill C-74 received Royal Assent on June 21, 2018 and the new tax on split income (TOSI) rules are now in effect as of the beginning of 2018.
September 27, 2017
by
Ralph Neate
From an investment perspective, mutual funds and exchange-traded funds (ETFs) make sense for many Canadians. They allow them to reduce investment risk by diversifying their holdings through exposure to multiple industries and sectors of the economy, without the need to hold many individual stocks and bonds.
September 27, 2017
by
Jonathan Gehrts
U.S. persons (U.S. citizens or green card holders) living in Canada or abroad who have investments outside the U.S. should be aware of the potentially onerous tax filing requirements imposed by the IRS, and how those rules will apply to their investments. IRS rules can be particularly complex when investments in foreign companies or funds earning passive income are involved.
This article expands upon the discussion in the companion piece, “U.S. tax pain: Canadian mutual funds and ETFs,” in this U.S. Tax Alert. This article digs deeper into the intricacies of the definitions and the filing requirements for PFICs and CFCs.
July 20, 2017
by
Rainer Vietze
On July 18, the Department of Finance released a consultation paper outlining a number of measures designed to close down various tax planning strategies currently available to owners of private corporations in Canada with hopes to halt “unfair advantages.” The paper was accompanied by draft legislation and explanatory notes for some of the proposed measures. The Government had previously signaled its intent to change how Canadian-controlled private corporations (“CCPCs”) were taxed in its March 2017 budget.
October 11, 2016
by
Julie Chrétien, Dan Gauthier
Fraud – it’s everyone’s business. That dreaded F word is a prevalent crime we can’t afford to ignore. With one in every five businesses victimized in the past year, fraud has become a big threat and a serious ongoing challenge for Canada’s economy.
