Acquire tax smarts Contrary to popular belief, the Canada Revenue Agency, or the CRA, does not create tax law, nor are they the final and absolute word when it comes to the interpretation of any given tax statute. Rather the…
In Canada, employees receive various types of benefits as part of their compensation package. These benefits can be taxable or non-taxable, depending on the type of benefit and the circumstances of the employee. Taxable benefits are those that are subject…
The MacDonald case has left its mark on the risks associated with a pipeline transaction and the interpretation of the text of section 84(2) of the Act. Section 84(2) S 84(2) of the Act discusses the dividend treatment of funds…
A personal directive is a legal document that allows individuals to plan ahead and make decisions about their healthcare, personal care, and financial affairs in the event they become unable to make these decisions for themselves due to illness or…
Section 86 of the Canadian Income Tax Act deals with the tax consequences of certain types of corporate reorganizations, specifically, when a shareholder exchanges shares of one corporation for shares of another corporation, or when a corporation transfers its assts…
A business valuation is often required to determine the value of individual assets or an entire business. The approach used to value a business will depend on what is being valued. The most common reasons for business valuation are to…
Caring for someone with a physical or mental impairment who is dependent on you is challenging. The caregiver credit provides some support if you find yourself in this situation. Who Can Make the Claim? This claim is for individuals who…
Separation and divorce are a challenging process and can be convoluted when it involves costs for child and spousal support. Understanding the tax treatment of how funds are distributed may have an impact on your decisions. Qualified Support Payments A…
Buying your first home is an exciting milestone. While some of the financial aspects could be daunting, there is a simple credit that should be considered when filing your personal tax this year. Qualifying for the Credit The following conditions…
“There are those… who enter the world in such poverty that they are deprived of both the means and the motivation to improve their lot. Unless these unfortunates can be touched with the spark which ignites the spirit of individual…