Recent Publications

Recent Publications

March 22, 2023 by John F. Oakey, Rock Lapalme, Brenda Scott

Federal and provincial budget highlights

Baker Tilly Canada is pleased to continue our tradition of providing valuable commentary and analysis of federal and provincial budgets. Click on any flag below to see corresponding 2023 budget highlights ⁠–⁠ from changes to personal and corporate tax measures to indirect tax updates and more. Speak to your Baker Tilly Canada advisor to understand how these policies could affect your business.

March 15, 2023 by Bal Katlai, Rock Lapalme

Federal Court of Appeal reaffirms application of anti‑avoidance rule in Foix decision

In Foix v. The King, 2023 FCA 38, the Federal Court of Appeal (FCA) ruled that a distribution of funds following a hybrid sale was subject to the application of subsection 84(2) of the Income Tax Act (ITA), affirming the Tax Court of Canada (TCC) ruling, Foix v. The Queen, 2021 TCC 52.

March 14, 2023 by John F. Oakey

FBAR penalty – A welcomed decision by the Supreme Court

On Feb. 28, 2023, the U.S. Supreme Court ruled in the case of Bittner v. United States1 that the non‑willful penalty for failure to file the Foreign Bank and Financial Accounts (FBAR) report was on a per report basis, not per account basis.

February 1, 2023 by Ben Berci

UHTA: Corporations, partnerships and trustees beware!

The Underused Housing Tax Act (UHTA) is law1, and the first filing date is only months away.

January 20, 2023 by Bud Arnold

Intergenerational farm rollovers

Family business succession planning involves many components, including family dynamics, leadership training, financial planning, management transition, legal agreements and ⁠–⁠ you guessed it ⁠–⁠ taxes.

January 18, 2023

2023 tax deadline calendar

With so many Canadian and U.S. tax deadlines spread throughout the year, everyone could use an occasional reminder. Our 2023 tax deadline calendar provides a convenient month‑by‑month summary of key dates that could apply to you. You might even notice a few obligations that slipped your mind. If you don’t like getting caught by surprise, you’ll love our tax deadline calendar.

December 20, 2022 by Kale Donald

Rights or things: Farm inventory on a cash basis

When a farmer who operates a farm through a proprietorship ⁠–⁠ that reports income for tax purposes under the cash method ⁠–⁠ passes away, there are a number of options available for how the farm inventory left behind will be treated for tax purposes. It is very important that executors of the estate understand the options available to them. This alert addresses tax planning options that are often overlooked when dealing with the estate of a farmer.

December 13, 2022 by Shelley Smith

Borders without (tax) boundaries – Navigating U.S. returns in a cross‑border setting

United States citizens and Green Card holders are both considered U.S. persons, regardless of where they live. U.S. persons living outside the U.S. (such as in Canada) must continue to file U.S. tax returns annually, even if they have no income from the United States. For such individuals, there are mechanisms to avoid or reduce U.S. tax exposure and, in many cases, end up owing no U.S. tax at all. Still, failure to file returns, related forms and certain foreign information reporting can result in significant penalties.

November 30, 2022 by Mandeep Gaheer

Addressing the proposed EIFEL rules

On Feb. 4, 2022, the Department of Finance (Finance) introduced draft legislation relating to Excessive Interest and Financing Expenses Limitation (EIFEL) rules, which implement the recommendations in Action 4 of the Organisation for Economic Co-operation and Development’s Base Erosion and Profit Shifting (BEPS) project.