For tax geeks like me, the OECD’s BEPS project has been fascinating to watch and participate in the debate. On February 12, 2015, I attended 2015 BEPS Symposium – A Canadian Perspective, jointly presented by the Canadian Tax Foundation and International Fiscal Association Canada. The session was very interesting, exceptionally well presented, and a reminder that it is a great time to be a tax advisor despite (or because of) the crush of new developments.

Our firm has long believed that accountants and lawyers should work together in the delivery of tax services. Both professions bring different skill sets and perspectives to the table when crafting client solutions. To that end, we purposely employ both professions in our tax law firm. It is common when dealing with tax matters that an issue will arise that requires input from both accountants and lawyers, and the subject of this article is a great example. In October 2014, the Accounting Standards Board (“AcSB”) released an Exposure Draft that, if implemented, will have great consequences for many private enterprises when reporting certain common tax planning arrangements.

In Greek mythology, Icarus flew with wings made of feather and wax but he was overly-ambitious. Ignoring his father’s warnings, Icarus flew too close to the sun and the sun melted his wings causing him to fall into the water where he then drowned. Structuring oneself to provide services as an independent contractor comes with many advantages, and incorporating that business may bring additional advantages. However, in some circumstances, incorporating a ‘one-person’ business may be the same as flying too close to the sun.