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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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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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Aggressive tax proposals (“AT proposals”) draft legislation released by the Department of Finance

On August 27, 2010, the Department of Finance released the draft legislation for the AT proposals that were first announced in the Federal Budget of March 4, 2010 which our firm commented on in our March 5, 2010 blog.  Various organizations such as the Society of Trust and Estate Practitioners (“STEP”) and the Canadian Tax Foundation have also since commented on the AT proposals.

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Changeover from Canadian Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS) and/or private enterprise GAAP and its impact on taxable income

As you know, Canadian GAAP is being replaced as the required accounting standard for financial reporting in Canada. Effective January 1, 2011 IFRS will now be the new accounting standard for public enterprises.  The Canadian Institute of Chartered Accountants (“CICA”) has created a useful guide for users of financial reports in order to assist in interpreting the consequences as a result of the IFRS convergence.

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Government releases revised income tax technical proposals

On July 16, 2010, the Department of Finance released a significant package of income tax technical amendments and explanatory notes.  As I am writing this blog, I have a binder of material in front of me that contains all of the material released by the Department of Finance and it is approximately 2 ½ inches thick.  Oh joy!  Great summer time reading!!

In all seriousness, though, this material is very welcome news given that it contains significant provisions some of which have been outstanding for approximately 8 years.  Let’s hope this package gets passed into law soon.

One of the significant amendments included in the income tax technical package are the restrictive covenant proposals.  Such provisions are horrifically complex.  Our firm wrote a paper on the restrictive covenant draft proposals in 2008.  For those interested in an exercise in complexity, feel free to read the paper.  Such provisions are wide sweeping and will change how most purchase and sale agreements are handled from a taxation perspective.  For further information, take a look at our blog of April 10, 2008.

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Snowbirds beware!

 

For Canadian residents spending time in the United States (“US”), it is important to ensure that the heat you receive next time you venture south is only felt from the sun, and not the Internal Revenue Service (“IRS”). 

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CRA national project regarding domestic trusts

The past six weeks have been very busy with attending and speaking at various conferences.  At three of the conferences (Institute of Chartered Accountants of Alberta Tax Roundtable, Canadian Tax Foundation Prairie Provinces Conference and the STEP National Conference) the CRA was in attendance answering various questions posed by practitioners.  The topic of domestic trusts was high on the agenda for questions posed by practitioners. 

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GAAR: Keeping us off-balance?

In an episode of Corner Gas, the main character, Brent, (who is single, has no children and is 40 years old) finds himself overwhelmed by a hot-wheels-tossing 6 year old boy and besieged under a kitchen table while babysitting for a friend.  Brent enlists the help of his mother, Emma, who quickly gains control of the situation and explains her two-pronged philosophy for disciplining kids:

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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