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
Kenneth Keung and Evan Crocker are quoted in the Investment Executive article titled “Tougher minimum tax regime poses planning challenge”, May 8, 2023
Kim G C Moody is quoted in the Tax Notes article titled, “‘We Are on Strike,’ CRA Workers Union Announces”, Tax Notes, April 20, 2023
Kim G C Moody is quoted in The Globe and Mail article titled, “Why snowbirds who spend significant time in the U.S. face major tax repercussions”, The Globe and Mail, April 12, 2023
Doug S. Ewens is quoted in the latest Tax Notes article titled “Tax Court Jurisdiction Row to Be Heard by Canada’s Highest Court”, Tax Notes, February 27, 2023
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Subsection 256(9) – Timing problem with capital gains deduction
A very common tax savings is the capital gains deduction that can, subject to various conditions, be utilized upon the realization of a capital gain on the disposition of qualified small business corporation shares. The deduction can shelter up to a lifetime maximum of $750,000 of capital gains. However, very careful planning must be done in most cases in order to ensure that the deduction can be utilized.
Our first anniversary!
My, how time flies! A year ago, Moodys LLP Tax Advisors opened its doors with great expectations and hoping to start the tax world on fire. Well, it certainly has been an interesting year!
The objective of opening Moodys LLP Tax Advisors was simple: to focus on what we do best – tax advisory services – and delegate the rest to other more qualified advisors. The Income Tax Act and related matters (such as cross-border advisory services, estate planning, investment advisory services, etc.) has become such a specialized area that it is difficult to do all services well. Accordingly, we sensed that clients desired high end specialized income tax advice – especially at the private client level (given that such clients tend to have a hard time finding specialized tax advice).
Real estate inventory – Capital gains vs. income
Our July 9, 2008 blog entry on Capital Gains vs. Income highlighted the challenges that taxpayers face when dealing with dispositions of property and the tax treatment thereof. One of the more difficult issues in this area is whether or not a disposition of real estate property could be considered to be on account of income.
Election call
As many readers know, Stephen Harper and the Conservatives asked the Governor General to dissolve Parliament on September 7, 2008 and a Federal Election was called for October 14, 2008. While the pundits and the media will be working overtime for the next 34 days, what does this mean for income tax purposes?
US tax changes
As most readers know, Canada’s system of taxation is one that will tax based upon residency. To the extent that you are a resident of Canada, you will generally pay Canadian income tax on your worldwide sources of income. To the extent that you are a non-resident of Canada, only certain types of income (such as Canadian source income or dispositions of taxable Canadian property) will be subject to Canadian income tax. Most of the countries in the world have a similar system of taxation as that in Canada where the primary tax basis is that of residency.
Small change to the eligible dividend rules
On July 14, 2008, The Department of Finance released a package of proposals to amend the Income Tax Act for various measures. Included in the package was a small amendment that proposes to tinker with the eligible dividend rules.
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
Kenneth Keung and Evan Crocker are quoted in the Investment Executive article titled “Tougher minimum tax regime poses planning challenge”, May 8, 2023
Kim G C Moody is quoted in the Tax Notes article titled, “‘We Are on Strike,’ CRA Workers Union Announces”, Tax Notes, April 20, 2023
Kim G C Moody is quoted in The Globe and Mail article titled, “Why snowbirds who spend significant time in the U.S. face major tax repercussions”, The Globe and Mail, April 12, 2023
Doug S. Ewens is quoted in the latest Tax Notes article titled “Tax Court Jurisdiction Row to Be Heard by Canada’s Highest Court”, Tax Notes, February 27, 2023
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