As of the taxation year ending after December 30, 2023, Canada’s tax landscape for trusts has undergone significant changes. These modifications, mandated by the Canada Revenue Agency (CRA), affect both the filing of the T3 Trust Income Tax and Information…
As CPAs and tax experts with an understanding of international tax laws, bolstered by our LLM in Tax Law and membership in Russell Bedford International, we are well-equipped to navigate the complexities of the evolving global tax environment. Our affiliation…
From time to time the government imposes filing requirements on certain industries. The T5018 statement of contract payments is one such requirement placed on the construction and related industries. If you are an individual, trust, partnership, or corporation involved in…
If you pay non-residents for services performed in Canada, other than in employment situations, you may be required to file a T4A-NR. The T4A-NR slip is used to report all amounts you paid to non-resident individuals, partnerships, and corporations for…
As a tax professional, I'm excited to discuss the recent J5 Cyber Challenge hosted by the Canada Revenue Agency (CRA) in Ottawa. This innovative event united experts from around the world to combat tax fraud and money laundering related to…
Commissioned salespeople are often used to mitigate costs and incentivize sales within an organization. While considered self-employed, if your organization utilizes commissioned salespeople, your organization should be completing a T4A for them. A T4A slip is an information return that…
Recent legislative proposals have introduced significant changes to the GST/HST Joint Venture Election rules under the Excise Tax Act. These amendments have crucial implications for family-owned enterprises involved in joint ventures. Summary of the Key Amendments: Definitions and Qualifications: The…
Oftentimes, the best investment is in yourself. And the best stock to invest in is your own corporation. If you have already figured out how to invest in your own corporation and now need to paper that dividend payment –…
As a tax professional, I feel compelled to address the latest Annual Report from Canada’s Taxpayers' Ombudsperson, which paints a concerning picture of the CRA's treatment of taxpayers. While the report identifies some progress, it also highlights significant areas where…
Businesses are the engine of the Canadian economy as they provide the opportunity for individuals to work. If you have employees in your corporation (including yourself) – you must file a T4 slip by the end of February. With the…