Tax Minute – Renewed CRA Focus: Personal Services Business
This Tax Minute is devoted to reminding our clients what circumstances might trigger the PSB provisions and the effects if those provisions are triggered.
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Tax Minute – Underused Housing Tax Act
On June 9, 2022 Bill C-8 received Royal Assent making the Underused Housing Tax Act (“UHTA”) law, requiring certain owners of residential property in Canada to file returns annually.
Read MoreTax Minute – Cryptocurrency and Your Business
Did you know that only coins and notes issued by the Royal Canadian Mint are legal tender in Canada? That means that cryptocurrencies are not legal tender but are instead treated as a commodity. Knowing this, you might now ask: How can businesses accept cryptocurrency as payment for good and services, and what are the tax implications?
Read MoreTax Minute – Is It Time For A Prescribed Rate Loan?
A prescribed rate loan is a loan made from a higher income earning spouse to a lower income earning spouse, adult family member, minor child or family trust at the “prescribed rate of interest”. The use of such a loan can transfer income from a higher income earner to a lower income earner, tax the income at lower tax rates and reduce the family’s overall tax burden.
Read MoreTax Minute – Federal Budget 2021
With less than two weeks’ notice before the Federal Budget, there was speculation and apprehension as to what was going to be delivered on April 7th. Some of the apprehension stemmed from the historic spending of the government in the preceding few years, plus there was uncertainty as to what, if any, impact the confidence-and-supply […]
Read MoreTax Minute – New Reporting Requirements – Bare Trust
In the past, bare trusts typically did not have any reporting requirements and were disregarded for income tax purposes. The draft legislation, if passed as drafted, imposes new reporting requirements on bare trusts requiring them to file income tax returns.
Read MoreTax Minute – Excerpts From a Letter to the Minister of Finance
One of the most common questions put to tax professionals is: What’s coming next? Usually, this question is answered by a quip about crystal balls or some general theorizing about the current Government’s goals and the tools it may invoke to achieve them. However, on December 16, 2021, Prime Minister Justin Trudeau helpfully laid out […]
Read MoreTax Minute – Transparency in Tax
In the words of the OECD: “Tax transparency is about putting an end to bank secrecy and tax evasion through global tax co-operation”. All us accounting geeks out there know that the CPA profession has publicly stated that it supports transparency of the beneficial ownership of corporations to create a national framework for whistleblowing and […]
Read MoreTax Minute – The 2021 Federal Budget
It used to be every year the federal government would deliver a budget, until last year. Yes, on April 19th, for those of you that missed it, the Federal government delivered their first budget in over two years.
Read MoreTax Minute – British Columbia’s LOTA
In December, we looked at the new Federal trust filing and disclosure requirements that are being rolled out this year. In a similar vein, some provinces are seeking to implement additional disclosure requirements with a view to increasing taxpayer transparency. This month, we will be taking a look at British Columbia’s newly enacted Land Owner […]
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