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Tax advisory
Keeping advantages afloat: A tax break guide for small business owners
Canadian-controlled private corporations (CCPCs) earning business income can enjoy significant tax advantages. The federal and provincial governments have incentives for small business owners to reinvest profits for expansion, job creation and investment. Read on to discover the tax advantages benefitting small businesses to minimize your tax burden. 
Mar 31, 2015
Tax advisory
The Testamentary Trust Amendments
Despite many concerns and questions raised by the tax community, the revisions to the testamentary trust legislation received royal assent on December 16, 2014. As indicated in the November 25, 2014, <em>Tax Alert</em> “Tax Changes for Testamentary Trusts,” testamentary trusts are now subject to top marginal tax rates unless they qualify as either a graduated rate estate (GRE) or a qualified disability trust (QDT).
Sarah Netley Mar 17, 2015
Tax advisory
Ontario Interactive Digital Media Tax Credit: Changes and Considerations
The Ontario government announced this fall that the Ontario Interactive Digital Media Tax Credit (OIDMTC) program is under review as the program has seen a rapid increase in the number of claims in recent years, with a 40 percent annual growth rate in support claims processed.
Dec 22, 2014
Tax advisory
2014 Year-End Tax Planner: Looking Back to 2014 and Forward to 2015
It’s the most wonderful time of the year! That’s right, time to start your year-end tax planning so any strategies that need to be implemented before key dates in order to be effective can be successfully launched.
Dec 1, 2014
Tax advisory
Form W-8
On July 1, 2014, a Canada/U.S. intergovernmental agreement (IA) came into effect requiring financial institutions in Canada to begin identifying “U.S. person” account holders (for example, U.S. citizens and U.S. residents) for the purposes of disclosing specific information to the U.S. Internal Revenue Service.
Nov 27, 2014
Indirect tax
Nil Consideration Election – Then and Now
The nil consideration election found in section 156 of the <em>Excise Tax Act</em> (ETA), sometimes referred to as the related party election, has recently been updated with changes to be in effect January 1, 2015.
Nov 25, 2014
Indirect tax
Restricted Input Tax Credits
The Harmonized Sales Tax (HST) was introduced in Ontario on July 1, 2010, bringing about changes for many businesses. Most notably, it introduced a requirement that “large businesses” be required to repay or “recapture” the portion of any available input tax credits (ITCs) attributable to the provincial portion of the HST that becomes payable, or is paid without having become payable, in respect of a specified property or service that is acquired.
Rosa Maria Iuliano Oct 23, 2014
Indirect tax
GST/HST Documentary Requirements and Common Audit Issues
We continue to see Canada Revenue Agency (CRA) auditors aggressively challenge GST/HST registrants with the documentary requirements under subsection 169(4) of the <em>Excise Tax Act</em> (ETA).
Cathie Brogan Oct 23, 2014
Tax advisory
Streamlined and OVDP Update
U.S. persons looking to catch up on required U.S. income tax filings may now be able to take advantage of an updated set of “taxpayer friendly” rules introduced in June 2014: the Streamlined Filing Compliance Procedures (Streamlined Program), and the Offshore Voluntary Disclosure Program (OVDP). These programs are integral parts of the ongoing Internal Revenue Service initiative to encourage U.S. taxpayers, particularly those located outside the U.S., to become compliant.
Sep 9, 2014
Tax advisory
The Testamentary Trust Amendments: No Fairness for Most Disabled Canadians
Despite the objections of The Canadian Bar Association (CBA), the Chartered Professional Accountants of Canada (CPAC) and the Society of Trust and Estate Practitioners (STEP), the 2014 Federal Budget introduced legislation to eliminate the graduated rate of taxation for testamentary trusts.
Sep 5, 2014
Tax advisory
Income Tax Considerations in Structuring Real Estate Transactions with Life Interest
A life interest in real estate provides an exclusive right to use a property during the lifetime of the holder of the interest. Often, an individual will incorporate a life interest on a transfer of a property by way of gift to a relative in order to ensure that the individual has use of the property during their lifetime, to know for certain who will own the property when they die, and to avoid probate fees upon death.
Aug 11, 2014
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