Moodys Tax partners with AI firm to offer TOSI tool

Calgary-based tax advisory firm Moodys Tax and Toronto-based AI-powered tech firm Blue J Legal are developing a Tax on Split Income (TOSI) navigator, which is intended to streamline advice regarding TOSI.

In 2018, the Canadian government expanded the category of individuals who could be subject to the TOSI rules, which limit the ability of small business owners to split income with family members or other related individuals. The new rules are highly complex.

The partnership between Moodys Tax and Blue J Legal “marks the first advanced machine learning platform to introduce a feature specifically to handle TOSI and reduce complexities,” the firms indicated in the release.

The interactive TOSI tool incorporates Canada Revenue Agency guidance, provides a dynamic approach to a user’s fact pattern, and responds to a particular fact situation with prompts to ensure relevant exclusions are not missed.

The TOSI navigator will be housed on Blue J Legal’s Canadian Tax Foresight platform.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.