News and resources for Canada's top financial advisors
Est. 1998
Tax News
The IRS says it will go after deliberate tax evaders overseas.
By Terry Ritchie and Brian Wruk |August 27, 2012
2 min read
The HBP allows first-time home buyers to withdraw up to $25,000 from their RRSPs to assist them with buying a home. The funds need to be paid back over a 15-year period. If payment is missed in a particular year, the amount not repaid must be included in the participant’s income for that year.
By Jamie Golombek |August 8, 2012
3 min read
Don’t let your clients get caught up in the CRA's related party initiative dragnet. If one or more of the following questions apply to them, suggest they call a tax lawyer.
By John Lorinc |July 23, 2012
1 min read
Estate Planning
It's difficult to distinguish an estate from other trusts
By Jamie Golombek |May 18, 2012
Market Insights
“Tax audit” is a phrase that ranks with root canal and blind date to cause panic and stress
By Lisa MacColl |March 21, 2012
4 min read
This past fall saw the release of six Federal Court of Appeal decisions (Stemijon Investments Limited v. A.G. Canada, 2011 FCA 299), involving the Asper Group of companies and their ongoing tiff with the Canada Revenue Agency over egregious penalties charged for the late filing of Form T1135, the “Foreign Income Verification Statement.”
By Jamie Golombek |January 1, 2012
Donating frequent flyer miles can have unintended tax consequences.
September 1, 2011
Industry
A growing numbers of mass market schemes designed for aggressive tax planning are being targeted aggressively by the Canada Revenue Agency.
By Vikram Barhat |August 24, 2011
In 1991, the federal government introduced fairness legislation, this legislation gives the CRA the discretion to cancel or waive either all or a portion of any interest or penalties (but not the actual tax) payable.
August 1, 2011
More and more, the Canada Revenue Agency is taking a keen interest in how companies, both small and large, structure their tax planning. And it is asking increasingly intrusive questions—not quite audits, but compelling questionnaires. All of this is the name of the GAAR: the General Anti-Avoidance Rule promulgated some 20 years ago. Still, while […]
By Scot Blythe |June 9, 2011
5 min read
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