What the CRA Said
Lower-income renters in Canada can now apply for a one-time $500 top-up to the Canada Housing Benefit Canadians must meet all the following conditions to be eligible for the new benefit: have filed a 2021 tax return; be at least…
Navigating the New Tax Landscape on Bill C-59: A Boost for Family Business Transitions
The recent developments in Canadian tax legislation, specifically under Bill C-59, mark a pivotal shift in the way family-owned enterprises can plan for intergenerational business transfers. This legislative change, while initially not supported by the minority liberal government and originating…
Tax in the News – Carbon Tax Inflation
Carbon Tax has been a hot topic in Canada lately, stirring debates and concerns, especially among family-owned businesses. While the intent behind the Carbon Tax is to encourage a shift to cleaner energy, its current implementation raises questions about its…
The Impact of the Revised AMT on Family-Owned Businesses and Charitable Giving: A CPA and Tax Law Perspective
The Alternative Minimum Tax (AMT) is a parallel tax calculation that allows fewer deductions, exemptions, and tax credits than under the ordinary income tax rules. As a CPA and Tax Law expert, I've closely analyzed the proposed amendments to the…
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…