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Blog Farming and agriculture
New tax savings for farmers buying capital assets
Farmers who are thinking of buying a major capital asset like machinery or equipment may soon see significant tax savings. In the 2021 federal budget, important changes were proposed to the capital cost allowance rules.
Jun 28, 2021
Business advisory services Restructuring and recovery services Private enterprise
Easing the transition
The Canada Emergency Wage Subsidy (CEWS) has been an important program for businesses struggling with the economic fallout of the pandemic. This program (which began on March 15, 2020) was designed to keep employees on the payroll during a time when businesses were experiencing unprecedented disruption in revenue. The federal government is phasing out this program by reducing the subsidy rate over the remaining four periods, from June 6 to Sept. 25, 2021.
Jun 23, 2021
Restructuring and recovery services Succession and estate planning
How to attract and retain talent in the new labour market
As society advances through the pandemic, 2021 could see the highest number of people (re)entering the workforce and changing jobs in recorded history.
Jun 22, 2021
Blog Farming and agriculture
The drawbacks of deferring taxes
Most businesses must pay taxes on all income, including accounts receivable and inventory in the year they are created. However, farm businesses are one of the few exceptions, as they are permitted to pay taxes on a cash basis.
Jun 17, 2021
Transaction services Private enterprise Cross border and international Succession and estate planning
A hot housing market and a change in use equals tax with no cash. But there is a solution.
Most Canadians know that selling their home normally will not result in income tax thanks to the principal residence exemption (PRE). Unfortunately, people tend to extend this "knowledge" into a feeling that they need <em>never</em> worry about tax when dealing with their principal residence.
Eric Gagnon Jun 7, 2021
Audit and accounting Private enterprise Indirect tax Tax advisory
2021 Newfoundland and Labrador provincial budget tax highlights
On May 31, 2021, the NL government released its 2021 budget. The following are highlights of the key tax measures.
Jun 4, 2021
Audit and accounting Private enterprise Cross border and international Succession and estate planning
Who is more GILTI, Biden or Trump?
The Biden administration’s “Made in America Tax Plan” and what it could mean for U.S. citizens residing in Canada
Todd King Connor MacKenzie May 28, 2021
Audit and accounting Private enterprise Tax advisory
New business registry created for all Ontario businesses
<strong><em>Updated May 13, 2021 (see below)</em></strong> The Canada Revenue Agency (CRA) and Service Ontario announced they are severing ties as of May 15, 2021 regarding the agreement to submit Ontario corporate annual information returns through the CRA’s tax filing system.
May 13, 2021
Grants and incentives Tax advisory
BC Production Services Tax Credit pre-certification process
If a production company is planning to apply for the Production Services Tax Credit in B.C., here is some essential information about the recent changes from Creative BC.
May 12, 2021
Tax advisory
What is a Reasonable Error?
The Canada Revenue Agency (“CRA”) does have the discretion to waive tax penalties on excess (or deemed to be excess) contributions to Tax Free Savings Accounts (“TFSAs) and Registered Retirement Savings Plans (“RRSP”)
Steven Frye May 11, 2021
Business advisory services Private enterprise
Leadership: agility in the face of fragility
<div> <em>This article first appeared in the ABA’s Law Practice November/December 2020 (<a href="http://www.lawpractice.org" target="_blank">www.lawpractice.org</a>). It is reproduced here with permission.</em> </div> Leaders are aware of the imperative to be agile right now. However, many may have a blind spot and are not conscious of or sensitive to the fact that their constituencies are particularly stressed and fragile.
May 5, 2021
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