Case Summary of The Duke of Westminster
The Commissioners of Inland Revenue v. His Grace The Duke of Westminster is a 1936 case that has become infamous for the orbiter often quoted from the appeal court justice Lord Tomlin who famously said “every man is entitled, if…
Understanding the New Trust Reporting Requirements: A Guide for Family-Owned Enterprises
As of the taxation year ending after December 30, 2023, Canada’s tax landscape for trusts has undergone significant changes. These modifications, mandated by the Canada Revenue Agency (CRA), affect both the filing of the T3 Trust Income Tax and Information…
Global Minimum Tax Set at 15% Targets Digital Companies
As CPAs and tax experts with an understanding of international tax laws, bolstered by our LLM in Tax Law and membership in Russell Bedford International, we are well-equipped to navigate the complexities of the evolving global tax environment. Our affiliation…
T5018 Statement of Contract Payments
From time to time the government imposes filing requirements on certain industries. The T5018 statement of contract payments is one such requirement placed on the construction and related industries. If you are an individual, trust, partnership, or corporation involved in…
If You Pay Non-Residents for Services in Canada, You May Have to File a T4A-NR
If you pay non-residents for services performed in Canada, other than in employment situations, you may be required to file a T4A-NR. The T4A-NR slip is used to report all amounts you paid to non-resident individuals, partnerships, and corporations for…
T4A – Statement of Pension, Retirement, Annuity and Other Income
Commissioned salespeople are often used to mitigate costs and incentivize sales within an organization. While considered self-employed, if your organization utilizes commissioned salespeople, your organization should be completing a T4A for them. A T4A slip is an information return that…
Navigating New GST/HST Joint Venture Election Proposed Rule Changes: Key Insights for Family-Owned Enterprises
Recent legislative proposals have introduced significant changes to the GST/HST Joint Venture Election rules under the Excise Tax Act. These amendments have crucial implications for family-owned enterprises involved in joint ventures. Summary of the Key Amendments: Definitions and Qualifications: The…
File Your T5 on Time to Maximize Your Return on Investment
Oftentimes, the best investment is in yourself. And the best stock to invest in is your own corporation. If you have already figured out how to invest in your own corporation and now need to paper that dividend payment –…
Protecting the Rights of Family-Owned Enterprises: A Call to Action Following the 2022-2023 Taxpayers’ Ombudsperson Report
As a tax professional, I feel compelled to address the latest Annual Report from Canada’s Taxpayers' Ombudsperson, which paints a concerning picture of the CRA's treatment of taxpayers. While the report identifies some progress, it also highlights significant areas where…