What the CRA Said
Lower-income renters in Canada can now apply for a one-time $500 top-up to the Canada Housing Benefit Canadians must meet all the following conditions to be eligible for the new benefit: have filed a 2021 tax return; be at least…
Navigating the New Tax Landscape on Bill C-59: A Boost for Family Business Transitions
The recent developments in Canadian tax legislation, specifically under Bill C-59, mark a pivotal shift in the way family-owned enterprises can plan for intergenerational business transfers. This legislative change, while initially not supported by the minority liberal government and originating…
Tax in the News – KPMG’s Tax Sham Case and the Need for Transparency in Court Proceedings
The recent news about KPMG's tax sham case, involving the Canada Revenue Agency (CRA) and Gold Line Telemanagement, has raised several eyebrows in the Canadian financial and legal sectors. As a CPA and Tax Law expert, I am particularly curious…
Tax in the News – Rethinking the Tax Approach to Short-term Rentals
The recent proposal by the federal government targeting short-term rental owners is raising significant concerns, especially among family-owned enterprises that have relied on this market to supplement their retirement income. As a CPA and Tax Law expert, I find this…
Tax in the News – Carbon Tax Inflation
Carbon Tax has been a hot topic in Canada lately, stirring debates and concerns, especially among family-owned businesses. While the intent behind the Carbon Tax is to encourage a shift to cleaner energy, its current implementation raises questions about its…
Tax in the News – Calgary City Council’s 2024 Tax Hike
As a CPA and Tax Law expert, I've been closely monitoring the recent decision by the Calgary City Council to approve a 7.8% tax hike for 2024. While shifting a greater portion of the tax burden from businesses to residential…
The Impact of the Revised AMT on Family-Owned Businesses and Charitable Giving: A CPA and Tax Law Perspective
The Alternative Minimum Tax (AMT) is a parallel tax calculation that allows fewer deductions, exemptions, and tax credits than under the ordinary income tax rules. As a CPA and Tax Law expert, I've closely analyzed the proposed amendments to the…
Navigating the Tax-Free First Home Savings Account: A Perspective for Wealthier Canadians and Family-Owned Businesses
The introduction of the Tax-Free First Home Savings Account by the Canadian government is a notable development, particularly advantageous for wealthier Canadians and family-owned businesses. As a CPA and tax law expert, I perceive this initiative not just as a…
Case Summary of The Duke of Westminster
The Commissioners of Inland Revenue v. His Grace The Duke of Westminster is a 1936 case that has become infamous for the orbiter often quoted from the appeal court justice Lord Tomlin who famously said “every man is entitled, if…