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

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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.

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

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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.

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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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The upcoming 2013 Federal Budget

Last year, before the 2012 Federal Budget, I mused in a blog as to what it may contain. Accordingly, in the same vein and perhaps starting a little tradition for our firm, I’ll continue what I called “sport fishing for tax practitioners.”

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Would a pickup truck by any name be as depreciable?

On January 31, 2013, the Tax Court of Canada released Myrdan Investments Inc. v. The Queen and Daniel Halyk v. The Queen. These cases involve a business owner and the various business uses of his truck in the Alberta oil-patch. Automobile audits by the Canada Revenue Agency (“CRA”) are very common. Accordingly, these cases should be of particular interest to business owners who use motor vehicles for work and to their tax advisors.

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Take Note! Mark your 2013 Canadian and US Tax Calendars!

The end of February is upon us and with it marks the beginning of the 2013 tax compliance season. Canadians (and Americans living in Canada) need to take note of the deadlines presented in the tables provided as significant penalties and interest may lurk on the far side of those deadlines.

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Canadians beware! United States limited liability companies may be hazardous to your (tax) health

For Canadians looking to invest, not a day goes by without thinking about whether our neighbors in the United States can provide either a better investment yield or an opportunity to purchase a nicely priced vacation home.

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2013 — The fiscal cliff, Obamacare, and maybe even US tax reform

The fiscal cliff has mostly come and gone. Last minute legislation has prevented the worst-case scenario of sharply higher US taxes on wages, interest, dividends, capital gains, and on estates.

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Capital dividends and anti-avoidance considerations

Most accountants and lawyers who deal with Canadian private corporations know that certain amounts can be received by shareholders tax free. Specifically, tax free capital dividends can be paid to the shareholders of Canadian private corporations pursuant to subsection 83(2) of the Income Tax Act (the “Act”) which states:

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***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.

***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.