Understanding CRA's Recent Advisory on Cryptocurrency Risk Indicators J5 issues notices to financial institutions about risk indicators tied to cryptocurrency assets In a significant move to bolster the fight against financial crimes involving cryptocurrencies, the Joint Chiefs of Global Tax…
The recent discussions around a potential home equity tax have sparked significant debate and concern among Canadians. Reports indicate that Prime Minister Justin Trudeau and Finance Minister Chrystia Freeland have been in talks with the government-funded think tank Generation Squeeze…
The recent turmoil surrounding the Canada Revenue Agency's (CRA) bare trust reporting requirement has highlighted significant issues in tax administration and policy implementation. While the CRA's last-minute decision to pause the reporting requirement just days before the deadline has drawn…
Navigating the Income Tax Act (ITA) can be a challenging endeavor, especially for family-owned enterprises, their accountants, and their legal advisors. With its complex provisions and constant amendments, understanding the ITA requires precision, expertise, and a strategic approach. At Shajani…
Overview of the Capital Gains Inclusion Rate Increase Motion Brace yourself, taxpayers: the capital gains tax is about to change dramatically. On June 10, 2024, the federal government introduced a Notice of Ways and Means Motion to the House of…
Imagine receiving a letter stating you owe thousands in pandemic benefit repayments, only to find out months later it was a mistake. This is the reality for thousands of Canadians who initially were told they were ineligible for benefits like…
In a recent video, Prime Minister Justin Trudeau announced a significant increase in capital gains taxes, touting it as a move that targets only the wealthiest Canadians and promises to generate $20 billion in new revenue. But is this really…
Recent events have highlighted a significant issue in the Canadian tax system, which has caused confusion among the public due to inconsistent enforcement and communication by the government. A Tax Court of Canada case involving a Montreal tenant has brought…
Any Canadian Controlled Private Corporation (“CCPC”) in Canada that earns investment income (also referred to as passive income e.g., capital gains, dividends, etc.) is subject to certain tax regulations that will be discussed below: The refundable portion of Part I…
The Federal Budget 2024 has just been released, introducing several new measures that will undoubtedly impact the fiscal landscape for family-owned businesses across Canada. As a tax professional deeply rooted in financial principles, I recognize the importance of cautious and…