Blog + News

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

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Alexander Marino recently appeared on the Global Investment Voice Podcast to discuss the benefits of renouncing US citizenship on March 14, 2024.

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Alexander Marino guested on the Snowbirds US Expats Radio Podcast about the benefits of renouncing your US citizenship on January 17, 2024.

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Kenneth Keung and Evan Crocker are quoted in Investment Executive article titled “CRAʼs 10% interest rate on overdue tax raises risks“, published on November 13, 2023.

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Kenneth Keung quoted in Investment Executive article titled “Window closing on family business transfers using Bill C-208”, published on October 10, 2023.

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Kim G C Moody is quoted in the Tax Notes article titled “Canada’s Supreme Court Upholds GAAR Application in Deans Knight”, May 30, 2023

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FATCA – A Canadian perspective / commentary

As many of you know, our firm has been very active in the “FATCA” space. A quick review of our last 10 blogs or so (which you may read by clicking here) should be obvious of that. Much of our activity has been ensuring that our clients and friends are ready when the July 1, 2014 implementation date arrives. In addition, we have been very active in responding and providing commentary to Canada’s draft legislation, which is necessary to give effect to the inter-governmental agreement (“IGA”) between Canada and the US that was signed by both countries in early February 2014.
However, the purpose of this short blog is not to further analyze the horrendously complex underpinnings of FATCA (which is US law), the IGA, the draft Canadian implementing legislation and the soon-to-be released Canadian guidance notes, but instead comment on some of the criticism that has flooded the “interwebs” regarding FATCA, the various Intergovernmental Agreements (“IGAs”) and specifically, Canada’s legislation.

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It’s high time – provisions should be read narrowly: Lehigh

On April 23, 2014, the Federal Court of Appeal (the “FCA”) released its decision in The Queen v Lehigh Cement Limited (“Lehigh”). The lower Court’s decision employed a broad interpretation of the anti-avoidance rule which surprised many practitioners and may have had wider implication to the interpretation of other specific anti-avoidance rules in the Act. On the appeal, the FCA revisited the issue and found that a narrow reading of the provision at issue was more appropriate. A textual focus in interpreting anti-avoidance provisions will give certainty to tax planners as they design their plans around these specific rules. However, a narrow interpretation of specific anti-avoidance provisions could increase the CRA’s reliance on the GAAR resulting in more GAAR reassessments for taxpayers.

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Staying onside – incorporated contractors & taxes (Part II)

In Are you walking into a tax disaster – Incorporated contractors & taxes, we discussed when an incorporated contractor could be considered to be carrying on a personal services business (“PSB”) and the adverse tax consequences that follow. Part II of this series explores strategies incorporated contractors may consider in order to stay onside within these rules.

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We’re on a Mission!

Back in the day, a T2P (downtown) postal code was essential to our Calgary office’s well-being. But as we’ve grown, and our brand has matured, we’ve become comfortable setting trends and making Strategic changes. And making a change has never felt so right…

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Dividend vs. bonus: How your remuneration strategy may affect interest deductibility

The Federal Court of Appeal (“FCA”) in Swirsky v. R., 2014 FCA 36 recently upheld the Tax Court of Canada (“TCC”)’s decision (2013 TCC 73) to disallow the deduction of interest pursuant to paragraph 20(1)(c) of the Income Tax Act (the “Act”) on money that was borrowed to buy shares of the family’s corporation. Two key factors led to the decision to disallow the interest expense. The first was the trial judge’s finding of fact that the borrower’s subjective intention when obtaining the loans was creditor-proofing. The second was the objective fact that the shares of the family’s corporation had no history at paying dividends; instead the corporation had in the past remunerated its owner-manager by paying a bonus to him and providing advances via his shareholder loan account.

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Are you walking into a tax disaster – Incorporated contractors & taxes (part I)

The Tax Court of Canada (“TCC”) decision in G&J Muirhead Holdings Ltd. v Queen, released on February 13th, 2014, dealt with whether a one-person service company was carrying on a personal services business (“PSB”). Although the decision did not represent any shift in judicial thinking on the subject, it is nonetheless useful in clarifying the role of subjective intention in PSB determination and serves as a stern reminder for incorporated contractors to structure their engagements with eyes wide open.

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***CLICK FOR ALL NEWS***

Alexander Marino recently appeared on the Global Investment Voice Podcast to discuss the benefits of renouncing US citizenship on March 14, 2024.

***CLICK FOR ALL NEWS***

Alexander Marino guested on the Snowbirds US Expats Radio Podcast about the benefits of renouncing your US citizenship on January 17, 2024.

***CLICK FOR ALL NEWS***

Kenneth Keung and Evan Crocker are quoted in Investment Executive article titled “CRAʼs 10% interest rate on overdue tax raises risks“, published on November 13, 2023.

***CLICK FOR ALL NEWS***

Kenneth Keung quoted in Investment Executive article titled “Window closing on family business transfers using Bill C-208”, published on October 10, 2023.

***CLICK FOR ALL NEWS***

Kim G C Moody is quoted in the Tax Notes article titled “Canada’s Supreme Court Upholds GAAR Application in Deans Knight”, May 30, 2023