In an economic climate where inflationary pressures are already squeezing margins, Toronto's proposed 10.5% property tax increase adds another layer of complexity for high-net-worth families and family-owned enterprises. Let's unpack the ramifications of this fiscal move and explore strategies to…
Understanding the Power of Corporate Reorganization As an entrepreneur of a family-owned enterprise in Canada, navigating the complex world of taxation can often seem daunting. However, with strategic planning, particularly in corporate reorganization, significant tax savings can be achieved. This…
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…
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…
The introduction of the Tax-Free First Home Savings Account by the Canadian government is a notable development, particularly advantageous for wealthier Canadians and family-owned businesses. As a CPA and tax law expert, I perceive this initiative not just as a…
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…
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…
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…
The Canada Revenue Agency's (CRA) new Mandatory Disclosure Rules add complexities to tax planning and reorganizations. These rules are pivotal for family-owned enterprises and high-net-worth individuals engaged in sophisticated tax planning strategies. Overview of the New Rules: Background: The CRA…
The Canada Revenue Agency's (CRA) latest initiative has focused on Personal Services Businesses (PSBs). This topic is crucial for anyone operating a family-owned enterprise, especially those who engage independent contractors or run a PSB. Understanding the Initiative: The CRA has…