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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 “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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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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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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How will past farm losses be treated after the Craig decision?

In Canada v. Craig, 2012 SCC 43, the Supreme Court of Canada modified the combination test for determining whether the restricted farm loss rules in section 31 of the Income Tax Act (the “Act”) apply to farming losses. We discussed this case in our August 2, 2012 blog. This may have an impact on taxpayers whose farming losses, as a result of the Craig decision, are no longer considered to be restricted farming losses and how those losses were applied in the taxation year in which they were incurred.

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Canadian government moves to implement long overdue technical tax amendments

On October 24, 2012, the Minister of Finance tabled a detailed Notice of Ways and Means Motion (“NWMM”) to implement technical tax amendments. Many of the amendments were proposed approximately 10 years ago. We have previously written on how the Government of Canada develops and implements tax legislation in our February 1, 2012 blog . As we noted in that blog, the fact that there has been proposed tax legislation in existence for such a long time has been challenging. The long outstanding proposed legislation appears to be close to being passed into law and is very welcome news.

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Tax in Canada and the US: The differences that really matter

Many people assume that the US and Canadian tax systems for individuals are similar. Not true. There are some important differences. Accordingly, the purpose of this article is to point out some of these important differences that can cause problems for the uninformed. By no means is this article intended to be exhaustive… simply informative.

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***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.

***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.