Clarifying the New GST/HST Exemption for Psychotherapy and Counselling Therapy Services: What Family-Owned Enterprises Need to Know https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/clarifying-new-gsthst-exemption-psychotherapy-counselling-therapy-services.html As of June 20, 2024, a significant change has taken place in the realm of healthcare services in Canada, specifically concerning the…
The U.S. presidential campaign trail is no stranger to bold tax proposals, but one that has recently caught the public’s attention is the idea of eliminating taxes on tips. At first glance, it seems like a compassionate move—a way to…
As Canada’s housing affordability crisis deepens, homeowners, prospective buyers, and businesses are facing a trifecta of challenges: skyrocketing property taxes, persistently high interest rates, and increased capital gains inclusion rates on business properties. These financial pressures are not just numbers…
Navigating the intricate world of tax law often feels like piecing together a complex puzzle. Among the myriad elements, the residency of a trust stands out as a cornerstone for tax planning and compliance. Whether you are a family-owned business…
In the case of Stubart Investments Ltd. v. The Queen, the Supreme Court of Canada decided that a company could legally reduce its taxes by transferring profits to a sister company with past financial losses. This was because the tax…
In the case of Loblaw Financial Holdings Inc. v. Canada (2020), the Federal Court of Appeal dealt with whether income earned by Loblaw's Barbados-based subsidiary, Glenhuron Bank, should be taxed in Canada. The government argued that this income should be…
Effective tax loss planning is a game-changer for family-owned enterprises. It’s not just about reducing your tax bill; it’s about ensuring the long-term financial health and sustainability of your business. In today’s competitive landscape, leveraging tax losses can mean the…
Debt forgiveness can be a lifeline for businesses, providing essential financial relief during challenging times. For family-owned enterprises, understanding the intricacies of debt forgiveness isn't just beneficial—it's crucial. Properly navigating these rules can mean the difference between sustaining your business…
Business takeover planning is not just a strategy—it's a pathway to safeguarding your family's legacy, ensuring operational continuity, and achieving financial prosperity. In the world of family-owned enterprises, the legacy you build today can shape the future for generations to…
Selling a business is more than just a transaction; it's a pivotal moment that can shape your financial future and legacy. Understanding the tax implications involved is crucial to maximizing your returns and ensuring a smooth transition. Whether you're a…