Imagine building a lifetime of wealth, growing a family business, and creating a legacy—all with the hope that it will provide security and prosperity for generations to come. Personal estate planning is the key to turning that hope into a…
Canada’s Extraordinary Revenue Acceleration Loan: A Cautionary Tale of Overreach and Economic Risk https://www.canada.ca/en/department-finance/news/2024/10/statement-by-the-deputy-prime-minister-and-minister-of-finance-on-the-extraordinary-revenue-acceleration-loan-mechanism-and-russian-sovereign-assets.html In a recent announcement, the Deputy Prime Minister and Minister of Finance outlined the Canadian government’s new Extraordinary Revenue Acceleration Loan Mechanism—a financial strategy designed to…
Enhancing CRA Services https://www.canada.ca/en/revenue-agency/news/2024/09/the-cra-invites-taxpayers-to-share-ideas-for-service-improvements.html The CRA’s Initiative: A Brief Overview On September 2024, the CRA issued a press release inviting taxpayers, tax professionals, and businesses to share their ideas on improving its services. This initiative underscores the CRA’s commitment to…
As Canadian family-owned businesses increasingly expand into global markets, tax rules are evolving to keep up with their growth. With the rise of international operations, governments around the world are tightening tax treaties to prevent companies from shifting profits to…
Navigating the complexities of tax laws can feel overwhelming, but what if there was a way to save your family business from unnecessary tax burdens during a restructuring or transfer? Enter the 88(1)(d) bump—a key provision in the Income Tax…
Managing taxes within a family-owned enterprise that operates through multiple corporations can feel like navigating a maze. Each entity within the group may have different levels of income, expenses, and tax liabilities, and without careful planning, you could end up…
When it comes to managing the financial health of a family-owned business, how you fund your operations can have a big impact on your taxes. One area that often gets overlooked is the thin capitalization (thin cap) rules—a set of…
The Excessive Interest and Financing Expense Limitation (EIFEL) rules, which were enacted in June 2024 and are effective for tax years beginning on or after October 1, 2023, introduce important new constraints on the deductibility of interest and financing expenses…
Part IV Tax may not be a term that business owners hear every day, but for family-owned enterprises in Canada, understanding it can make a big difference in managing tax liabilities. If your business holds shares in private corporations or…
When it comes to growing and preserving family wealth, avoiding unnecessary tax burdens can make all the difference. This is especially true when transferring ownership of a business or restructuring the way a company is organized. That’s where Section 51…