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…
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…
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…
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…
