Blog + News

Insight on what’s happening in the world of tax, law and accounting so you can stay ahead.

***CLICK FOR ALL NEWS***

Alexander Marino is quoted in an article titled “Trump bump: U.S. citizenship renunciation inquiries surge in Canada, lawyers say” on CBC News, January 28, 2025.

***CLICK FOR ALL NEWS***

Alexander Marino is quoted in an article titled “‘Scary’: Why US expats are tossing their citizenships – and it’s not just Trump” in The Sydney Morning Herald, November 1, 2024

***CLICK FOR ALL NEWS***

Kenneth Keung is quoted in the Investment Executive article titled “Quirk in capital gains tax rules raises risks for incorporated clients,” published on July 24, 2024.

***CLICK FOR ALL NEWS***

Kenneth Keung is quoted in the Investment Executive article titled “How should trusts flow out capital gains to beneficiaries in 2024?”, July 5, 2024.

***CLICK FOR ALL NEWS***

Kim G C Moody, Kenneth Keung, and Christopher Ellett are quoted in the Investment Executive article titled “When is the latest clients can sell assets prior to June 25?”, published on May 17, 2024.

All
  • All
  • Accounting
  • Alexander Marino JD, LLM (US Tax)
  • Announcements
  • Business Law
  • Canadian Tax
  • Christmas
  • Federal Budget
  • Firm News
  • Flowcharts
  • Immigration & Travel
  • Living Abroad
  • Personal Notes
  • Publications
  • Team Profiles
  • Trust & Estate Law
  • US Citizenship Renunciation
  • US Tax
  • Webinar Recordings

Income splitting: Is it time to re-visit a 1966 Canadian tax reform idea?

On July 18, 2017, a blockbuster package of proposed tax law changes (the “proposals”) aimed at private corporations and their shareholders, was released by the Department of Finance. The proposed changes target common tax management practices available to private business owners, such as income splitting amongst family members, investing in passive assets with corporate funds, and repatriation of corporate earnings as capital gains rather than dividends.

Read More

Meeting your US filing obligations in 6 steps:

Are you a US citizen living abroad? Did you know that the US taxes on both citizenship and residency? If you’re a US citizen, you are required to file yearly tax returns with the IRS – even if you don’t live on US soil.

Understanding and complying to US tax law requirements can be daunting. Here’s a useful infographic that will point you in the right direction.

Read More

More proposed reforms to small business taxation announced

The federal government continues to implement its agenda in respect of tax changes for small and medium sized private businesses, announcing further measures to increase taxation of this vital sector of the Canadian economy. These proposals come on the heels of other measures, for example the limitations to the small business deduction, which have already increased tax complexity and compliance costs for many small business owners. These new proposals are clearly an attack on entrepreneurs. Not good.

Read More

The impact of high personal and corporate tax rates

Recently, I had the honour and pleasure of speaking at one of Canada’s premier tax and estate planning conferences. While listening to some of the sessions, a number of speakers commented on Canada’s high tax rates as well as Alberta’s tax rate increases and compared such resulting top rate (48% on ordinary income) to Ontario’s rate (almost 54% on ordinary income). It was clear from the various updates that there was little sympathy for Albertans who gripe about the large rate increases in such a short period of time given the fact that there are other provinces with higher rates. This theme irritated me for reasons I will explain.

Read More

Could the Canada Revenue Agency ruin your next trip to Vegas?

The Canada Revenue Agency (CRA) has implemented a new policy where “accused” tax evaders are subject to fingerprinting. Although the CRA has fingerprinted some accused tax evaders in the past, this new policy appears to make the practice mandatory. CRA agents will no longer be able to exercise discretion on when to fingerprint persons. The policy requires that fingerprints be submitted to the Canadian Police Information Centre (CPIC).

Read More

Canada Revenue Agency expands relief for Canadian taxpayers with US LLLPs and LLPs

During the Canada Revenue Agency (CRA) roundtable at the International Fiscal Association (IFA) conference in Toronto earlier this week, the CRA announced “administrative grandfathering” for some Canadian taxpayers with investments in US Limited Liability Limited Partnerships (LLLPs) and US Limited Liability Partnerships (LLPs). Practically, this announcement will allow some Canadians who hold investments in US LLLPs and LLPs formed prior to April 26, 2017, to continue to treat these entities as partnerships on a go-forward basis. The CRA indicates that this additional relief resulted from the submissions which have been received by the CRA and the apparent complexities of transitioning from a partnership to a corporation.

Read More

***CLICK FOR ALL NEWS***

Alexander Marino is quoted in an article titled “Trump bump: U.S. citizenship renunciation inquiries surge in Canada, lawyers say” on CBC News, January 28, 2025.

***CLICK FOR ALL NEWS***

Alexander Marino is quoted in an article titled “‘Scary’: Why US expats are tossing their citizenships – and it’s not just Trump” in The Sydney Morning Herald, November 1, 2024

***CLICK FOR ALL NEWS***

Kenneth Keung is quoted in the Investment Executive article titled “Quirk in capital gains tax rules raises risks for incorporated clients,” published on July 24, 2024.

***CLICK FOR ALL NEWS***

Kenneth Keung is quoted in the Investment Executive article titled “How should trusts flow out capital gains to beneficiaries in 2024?”, July 5, 2024.

***CLICK FOR ALL NEWS***

Kim G C Moody, Kenneth Keung, and Christopher Ellett are quoted in the Investment Executive article titled “When is the latest clients can sell assets prior to June 25?”, published on May 17, 2024.