- RESOURCES & PUBLICATIONS -

2024 YEAR-END TAX PLANNING FOR CANADIAN BUSINESSES AND INDIVIDUALS WITH OPERATIONS AND FILINGS IN THE U.S.

As the year-end approaches, it offers a strategic opportunity for businesses to review their tax planning strategies........

2024 YEAR-END TAX PLANNING

As the end of 2024 approaches, this TaxTalk is a reminder to evaluate your finances and contemplate ways to improve your tax position........

PENDING CHANGES TO THE CAPITAL GAINS TAX RATE

On April 18, 2024 we issued a TaxTalk which outlined the major proposals in the 2024 Federal Budget. The most critical component of the budget........

2024 FEDERAL BUDGET HIGHLIGHTS

On April 16, 2024, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2024........

NEW TRUST REPORTING RULES FOR 2023

The Government of Canada has introduced new reporting requirements for trusts with taxation years ending after December 30, 2023........

2023 YEAR-END TAX PLANNING FOR CANADIAN BUSINESSES AND INDIVIDUALS WITH OPERATIONS AND FILINGS IN THE U.S.

As the year-end approaches, it offers a strategic opportunity for businesses to review their tax planning strategies.......

2023 YEAR-END TAX PLANNING

As the end of 2023 approaches, this TaxTalk is a reminder to evaluate your finances and contemplate ways to improve your tax position......

CHANGES TO IMMEDIATE EXPENSING RULES

The immediate expensing rules were originally announced on April 19, 2021 to allow 100% write off in the year of purchase......

2023 FEDERAL BUDGET HIGHLIGHTS

On March 28, 2023, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented the 2023 Federal Budget......

UNDERUSED HOUSING TAX (UHT)

The UHT will apply to underused housing in Canada owned directly or indirectly by non-resident, non-Canadians, whether in whole or in part......

TAX CONSEQUENCES FOR NON-RESIDENTS IN CANADA

A non-resident of Canada is liable for Canadian income tax for a taxation year under the Income Tax Act (Canada) if the non-resident, at any time in that year......

2022 YEAR-END TAX PLANNING

As the end of 2022 approaches, this TaxTalk is a reminder to evaluate your finances and contemplate ways to improve your tax position. Personal tax planning is important to the management of your financial affairs and should be considered throughout the year - not just late in the year. However, we issue this TaxTalk towards the end of every year to help remind you on the potential tax planning opportunities that exist......

2022 YEAR-END TAX PLANNING FOR CANADIAN BUSINESSES AND INDIVIDUALS WITH OPERATIONS AND FILINGS IN THE U.S.

Tax planning is probably the last thing on most business owner’s mind as they deal with supply chain issues due to COVID-19, high inflation and rapidly raising interest rate worries. These are not only business concerns, but also tax planning challenges. However, to take advantage of all available tax breaks, you need to be aware of tax changes in the recent U.S. Inflation Reduction Act and provisions of the Tax Cuts and Jobs Act (TCJA) that went into effect in 2018 but still impacts current tax planning......

RESIDENTIAL PROPERTY FLIPPING RULE

A residential property flipping rule was announced in the 2022 Federal budget. This rule will require anyone who sells a residential property that they have held for less than 12 months to be fully taxed on their profits as business income rather than taxed at 50% as a capital gain......

TAX-FREE FIRST HOME SAVINGS ACCOUNT (FHSA)

The draft legislation for a new registered plan for prospective first-time homebuyers was introduced on August 9, 2022. The plan will be known as the Tax-Free First Home Saving Account (FHSA) and it will provide first time home buyer an ability to save up to $40,000 on a taxfree basis towards the purchase of a first home in Canada......

UNDERUSED HOUSING TAX (UHT)

On June 9, 2022, the Underused Housing Tax (UHT) Act received Royal Assent and is now law and applies on a calendar basis beginning in 2022......

U.S. State Tax Considerations for Canadian Businesses

The U.S. market represents a huge opportunity for Canadian businesses to sell their products and/or to expand their business operations. Entering the U.S. market brings with it many U.S. federal and state tax issues, filings and tax obligations. U.S. State tax rules are complex and hard to keep on top of because each state has its own rules and operates differently for each type of tax......

COMMENTARY ON THE FEDERAL BUDGET 2022

On April 7, 2022, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, to the House of Commons......

NEW GST/HST RULES FOR E-COMMERCE SALES

Foreign companies that sell goods and services online in Canada should have registered for the simplified GST/HST e-commerce registration effective July 1, 2021......

2021 YEAR END TAX PLANNING FOR CANADIAN BUSINESSES AND INDIVIDUALS WITH OPERATIONS AND FILINGS IN THE U.S.

This year proved to be challenging in the U.S. as practitioners continue to work through the various stimulus programs and changes in the tax rules and tax deadlines for federal and state returns......

2021 YEAR END TAX PLANNING

As the end of 2021 fast approaches, this TaxTalk is a reminder to evaluate your finances and contemplate ways to improve your tax position. Personal tax planning......

CANADIAN TAX CONSIDERATIONS FOR NON-RESIDENTS OWNING CANADIAN REAL ESTATE

Many individuals living outside of Canada, including former Canadian residents and others who have never lived in Canada will purchase Canadian real estate including......

Bill C-208 – Tax Relief for Intergenerational Transfers of Small Businesses

Bill C-208, which received Royal Assent recently and is now law, has been looked at as a win for owners of small businesses across Canada. It was introduced......

2021 FEDERAL BUDGET HIGHLIGHTS

On April 19, 2021, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented......

HOME OFFICE EXPENSES FOR THE 2020 TAX YEAR

As an employee, there are certain circumstances where you may be able to claim a deduction for home office expenses on......

ONTARIO PERSONAL REAL ESTATE CORPORATIONS (“PRECS”) RULES

On October 1st, 2020, the Provincial government brought forward Ontario’s new rules for forming Personal Real Estate Corporations (“PRECs”)......

THE BIDEN TAX PROPOSALS AND THEIR IMPACT ON CANADIAN RESIDENTS WITH OPERATIONS AND FILINGS IN THE U.S.

The U.S. federal elections are finally over and Joe Biden has been inaugurated as President. Democrats also kept the majority in Congress.....

NEW T4 PAYROLL REPORTING REQUIREMENTS FOR EMPLOYERS

For the 2020 tax year, the Canada Revenue Agency (CRA) introduced additional reporting requirements for the T4 slip, Statement of Remuneration.....

2020 YEAR END TAX PLANNING

As the end of 2020 fast approaches, this TaxTalk is a reminder to evaluate your finances and contemplate ways to improve your tax position.....

2020 U.S. YEAR END TAX PLANNING FOR CANADIAN BUSINESSES

Tax planning is probably the last thing on most business owners’ mind as they deal with the financial and operational challenges of the COVID-19....

TaxTalk 2020 - U.S. FEDERAL TAX CONSEQUENCES

Canadian businesses are expanding their operations into the United States for many reasons, some of which include, lower corporate tax....

RRSP Home Buyers’ Plan (“HBP”)

If you are a Canadian resident “first-time” home buyer1,consider using the HBP in order to help with the down payment on a new home. The HBP....

TaxTalk 2019 - 2019 YEAR END TAX PLANNING

The aim of tax planning is straightforward: to minimize your tax burden or to defer taxes to a later tax year. Tax planning can also prevent certain ....

TaxTalk 2019 - 2019 Year-End tax planning for Canadian Businesses Doing Business in the U.S.

This summary addresses common year-end 2019 federal tax issues for Canadian businesses with U.S. operations.

TAX SCAMS AND FRAUDS

Impostors are going after Canadian taxpayers by pretending to be agents from the Canada Revenue Agency (CRA). These fraudulent ....

TaxTalk 2019 – Federal Budget Highlights

The Federal Government’s 2019 Budget did not contain any changes to the personal and business tax rates but does include some additional tax credits and other incentives and enhancing existing ones, giving the Canada Revenue Agency....

TaxTalk 2018 - 2018 Year-End tax planning for Canadian Businesses Doing Business in the U.S.

The 2017 U.S. Tax Reform brought many changes for businesses. Highlighted below are five changes to U.S. corporate tax law that ....

TaxTalk 2018 - 2018 Year-End tax planning for U.S. individuals

This summary addresses common year-end 2018 federal tax issues for Canadian businesses with U.S. operations. ....

TaxTalk 2018 - New WIP Rules For Professionals

Members of designated professions (accountants, dentists, lawyers, medical doctors, veterinarians, and chiropractors) may elect to exclude the value of their work in progress (WIP) in ....

TaxTalk 2018 - 2018 Year-End Tax Planning

As the end of 2018 approaches, this TaxTalk is a reminder to evaluate your finances and contemplate ways to improve your tax position. Personal tax planning is important ....

TaxTalk 2018 - Keeping Your Records Straight

Consider the case of the following Ontario businessperson. In 2009, he was charged with failing to keep proper books and records as required under tax legislation. He pleaded guilty in court, and ....

TaxTalk 2018 - 2018 Fall Economic Statement

On November 21, 2018, Canada’s Finance Minister Bill Morneau presented the federal government’s Fall Economic Statement. The Fall Economic ....

TaxTalk 2018 - US Supreme Court Ruling

On June 21, 2018, the U.S. Supreme Court overruled a longstanding court precedent that applied to the collection of sales tax from online and other remote retailers. In South ....

TaxTalk 2018 - Federal Budget Highlights

Federal Finance Minister Bill Morneau presented the 2018 Federal Budget on February 27, 2018 and included a number of tax measures that will impact Canadian taxpayers ....

TaxTalk 2017 – Update to Income Sprinkling Rules Announced on December 13, 2017

Finance Minister Bill Morneau released what he referred to as clarified rules around income sprinkling. As previously expected, these new income sprinkling rules are set to take effect on January 1, 2018....

TaxTalk 2017 – Additional Update on Proposed Tax Changes - October 2017

On October 18th and 19th the Federal Government announced additional steps in its plan to move forward on changes to the tax system limiting the tax deferral opportunities related to passive investments held in private corporations....

TaxTalk 2017 – Update on Proposed Tax Changes - October 2017

On October 16th the Federal Government announced its plans to reduce the federal small business tax rate from 10.5% to 9% by 2019, however, they also indicated they will continue to take steps to ensure that Canadian-controlled private corporation status is not used to reduce personal income tax obligations for high-income earners rather than supporting small businesses....

TaxTalk 2017 – US Tax Reform - The Long-Awaited Tax Proposal: “Unified Framework for Fixing our Broken Tax Code” - October 2017

On September 27, 2017, the Trump Administration and Republican leaders released their framework for tax reform that would make changes to both individual and business taxation, including a series of tax cuts that the Republican Party hopes to pass this year....

TaxTalk 2017 – Overview of the Proposed Tax Rule Changes Released by the Department of Finance on July 28, 2017

Some of the proposed measures being introduced by Finance target income splitting using private corporations between family members....

TaxTalk 2017 – Federal Budget

The Federal Government’s 2017–18 Budget gives Canadians a taste of what they might expect over the next couple of years: attempted efficiencies, closed tax loopholes, steady deficits, and a touch of caution....

TaxTalk 2016 – Federal Budget Highlights

The major changes contained in the budget include the elimination of certain tax credits such as income splitting for couples with children, the Child Fitness Tax Credit, the Children’s Art Credit and the Education Tax Credit and Textbook Tax Credit....

TaxTalk 2016 – Ontario Budget Highlights

On February 25 2016, Finance Minister Charles Sousa delivered Ontario’s 2016 Budget. The budget does not include any changes to Ontario’s personal and corporate tax rates but certain personal and corporate tax credits are being eliminated....

TaxTalk 2016 – Changes to the Principal Residence Exemption Rules

On October 3, 2016, the Department of Finance introduced some significant changes to the principal residence exemption (PRE) rules....

2024 Tax Rate Tables

2024 Tax Table Quick Calculations.

2023 Tax Rate Tables

2023 Tax Table Quick Calculations.

2022 Tax Rate Tables

2022 Tax Table Quick Calculations.

2021 Tax Rate Tables

2021 Tax Table Quick Calculations.

2020 Tax Rate Tables

2020 Tax Table Quick Calculations.

2019 Tax Rate Tables

2019 Tax Table Quick Calculations.

2018 Tax Rate Tables

2018 Tax Table Quick Calculations.

2017 Tax Rate Tables

2017 Tax Table Quick Calculations.

2016 Tax Rate Tables

2016 Tax Table Quick Calculations.

2023 T1 Checklist

The new 15% Ontario non-resident speculation tax

On 20 April 2017, the Province of Ontario announced a new 15% non-resident speculation tax (NRST) on the purchase of residential property located in the Greater Golden Horseshoe (GGH) region by....

Impact of New Principal Residence Exemption Rules on Non-Residents Purchasing Canadian Real Estate

On October 3, 2016, the Canadian Department of Finance introduced some significant changes to the principal residence exemption (PRE) rules....

NEW TARGETED COVID-19 SUPPORT MEASURES – October 21, 2021

On October 21, 2021 Deputy Prime Minister and Minister of Finance, Chrystia Freeland, announced that the government is taking targeted action to....

Updates to COVID-19 Tax Measures – October 23, 2020

On October 9, 2020, the Government of Canada announced intentions to introduce new, targeted supports to help hard-hit businesses....

COVID-19 Guide – Tax Relief Measures (September 21, 2020 Update)

This guide reflects legislation and commentary from the various levels of Government as at September 21, 2020....

COVID-19 Tax Measures – April 8, 2020

On April 8, 2020, Finance Minister Bill Morneau provided further details on the eligibility criteria for businesses to access the....

COVID-19 Tax Measures – April 1, 2020

Today, the Canadian federal government announced some additional details with respect to the 75 percent wage subsidy it....

U.S. $2.2T Coronavirus Stimulus Package Signed into Law

On March 27, 2020, President Trump signed the “Coronavirus Aid, Relief and Economic Recovery Act” (“CARES ACT”) into law.....

COVID-19 Tax Measures – March 30, 2020

On March 30, 2020, the federal government announced updates to their response plan....

IRS EXTENDS THE U.S. FEDERAL INCOME TAX FILING AND PAYMENT OF TAX DUE DATES FROM APRIL 15 TO JULY 15, 2020

On March 20, 2020, the Department of the Treasury and the Internal Revenue Service (“IRS”) issued Notice 2020-18, Relief for Taxpayers....

COVID-19 Tax Measures – March 27, 2020

On March 25, 2020 and March 27, 2020 the federal government announced some additional updates to their response plan. Ontario also recently announced some measures....

COVID-19 Office Closure – March 23, 2020

Effective today, our office will be closed and our staff working from home. All our systems are cloud based....

COVID-19 Tax Measures – March 18, 2020

On Wednesday, March 18, 2020, Federal Finance Minister Bill Morneau made the following announcements....

COVID-19 UPDATE – MARCH 17, 2020

Effective tomorrow, the majority of our staff will be working from home. We will be maintaining a small contingent of people working in the office unless the government mandates....

COVID-19 ANNOUNCMENT

Our Leadership Team has been closely following the ever changing developments surrounding the COVID-19 outbreak.....