Section 107 of the Income Tax Act is a crucial provision for trustees managing personal trusts, especially in family-owned enterprises. It allows for tax-deferred rollovers of capital property from a trust to its beneficiaries. This means that capital assets such…
Trusts are a cornerstone of wealth management and succession planning for family-owned enterprises in Canada. By using trusts, families can protect their assets, ensure the smooth transfer of wealth between generations, and manage their financial future with greater control. However,…
7.3 Billion Investment by Canada in Grants and Interest Free Loans for Students https://www.canada.ca/en/department-finance/news/2024/09/government-of-canada-helping-students-return-to-school-with-73-billion-in-grants-and-interest-free-loans.html The Department of Finance Canada recently announced a $7.3 billion investment in grants and interest-free loans aimed at supporting students returning to school for the 2024…
Enhancing Tax Literacy for Teachers and Parents – Join the Movement https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/teachers-parents-join-movement-enhance-tax-literacy.html What the CRA Said On September 5, 2024, the Canada Revenue Agency (CRA) launched a new initiative to promote tax literacy among students, teachers, and parents. Tax literacy…
As Saskatchewan gears up for its next provincial election on October 26, 2024, tax policy has emerged as a central issue in the campaign. Both the governing Saskatchewan Party, led by Premier Scott Moe, and the opposition, represented by the…
Tax in the News: Key Developments in Trust Reporting In a significant update for families managing bare trusts, the Canada Revenue Agency (CRA) has clarified that bare trusts will be exempt from the new trust filing requirements set to take…
Expanding your family-owned business across borders can be exciting, but it also comes with complex tax rules that could impact your profits. One of the most important concepts to understand is Permanent Establishment (PE)—a term in international tax law that…
As Canadian family-owned businesses increasingly expand into international markets, they face a growing challenge: new global tax regulations like the OECD’s Base Erosion and Profit Shifting (BEPS) project are reshaping how profits are taxed. These changes aim to ensure that…
The digital economy is transforming how businesses operate worldwide, opening up new opportunities but also bringing complex tax challenges. For Canadian family-owned enterprises, the ability to sell products and services across borders through digital platforms is exciting, but it also…
Running a family-owned business in Canada comes with its unique set of challenges and rewards. Among the most critical—but often overlooked—aspects of managing such a business is understanding the various sales taxes that apply. Whether you’re selling custom furniture across…