The Voluntary Disclosure program (VDP) is a program offered by the Canada Revenue Agency (CRA) that allows taxpayer to come forward and correct errors or omissions on their tax return or to disclose any previously unreported income without facing penalties…
The MacDonald case has left its mark on the risks associated with a pipeline transaction and the interpretation of the text of section 84(2) of the Act. Section 84(2) S 84(2) of the Act discusses the dividend treatment of funds…
As a business owner or a financial officer of a Canadian corporation, understanding the intricacies of the Refundable Dividend Tax on Hand (RDTOH) regime is crucial for tax planning and corporate distributions. Canadian tax law provides for two accounts in…
Introduction: Since the 2018 federal budget, traditional tax planning for businesses utilizing the small business deduction (SBD) has encountered new complexities, especially when it comes to holding investments within a corporation. However, savvy strategies remain available to navigate these changes…
Introduction: As a business owner, it’s crucial to strategize how you compensate yourself. This involves more than just deciding on a salary; it’s about crafting a holistic approach to minimize taxes, maximize after-tax cash, budget effectively, and plan comprehensively for…
Not all dividends are created equal. Dividends from a small or medium-sized corporation have varying tax implications and it is important to note not all dividends are the same. It should also be noted that budget changes over the past…
It is anticipated that many corporations, partnerships, trustees, and individuals are going to be caught off guard and subject to large penalties, simply for failing to file an annual return stating they own residential property in Canada. The Underused Housing…
Understanding the Power of Corporate Reorganization As an entrepreneur of a family-owned enterprise in Canada, navigating the complex world of taxation can often seem daunting. However, with strategic planning, particularly in corporate reorganization, significant tax savings can be achieved. This…
Understanding the precise value of a business or its individual assets is a critical component of strategic tax planning and reorganization. As Chartered Professional Accountants, our expertise in business valuations is essential in guiding corporations through the complexities of tax…
In the realm of corporate taxation, Section 86 of the Canadian Income Tax Act stands as a pivotal regulation, particularly concerning the tax implications of specific corporate reorganizations. This section addresses scenarios where a shareholder exchanges shares from one corporation…