Tax Law Tips & Guidance

A 2024 judgment from the Tax Court of Canada clarified the interpretation of the Excise Tax Act for the purposes of assessing Goods and Services Tax GST on sale of items of real property, such as condominiums, in use for short-term rentals at or just prior to the time of sale.

Countries worldwide have introduced various initiatives to tackle the challenges presented by climate change while fostering economic growth. A key initiative in Canada was the introduction of the Greenhouse Gas Pollution Pricing Act in 2019, establishing the federal pollution pricing framework. Per the Canada Revenue Agency (CRA), carbon pricing pollution

Exploring the intricate landscape of Indigenous business taxation in Canada reveals a unique set of challenges and opportunities. Understanding the tax implications for Indigenous Peoples’ communities and businesses is crucial in navigating the complex tax environment. From personal to corporate tax measures, there are specific considerations that impact Indigenous-owned ventures

In 2019, the Canadian Craft Brewers Association announced that 1,000 craft breweries were operating in the True North, including 269 in Ontario alone. According to Statistics Canada, beer is the most popular drink in the nation – accounting for almost 35% of all alcoholic beverage sales. Although the 2 billion

From the robust banking centers of the Cayman Islands to the boutique services of the Turks and Caicos Islands, there are diverse options available for offshore banking. Canadian businesses can benefit from minimal income tax, bank secrecy, and skilled trustees in offshore tax havens (which are not the same as

The sprawling expanse of Canada comes with a similarly vast mosaic of tax laws. Business owners need to be mindful of Canadian provincial taxes and how they could affect business operations, particularly for businesses operating in more than one province. Each province in Canada maintains the right to levy its

Companies facing financial difficulties often have to make tough decisions about what actions to take to save their business. These decisions can have a significant impact not only on the business itself but also on the taxes involved. If you are a Canadian business facing company insolvency or restructuring and

According to the Canada Revenue Agency (CRA), royalties are payments received in compensation for allowing someone to utilize a patent, trademark, copyright, secret process, or formula. They can also include investment or business income, as well as payments linked to television or film. The source and type of a royalty

Canadian business owners who have achieved financial success often develop comprehensive estate plans to transfer their wealth, including their business and its associated assets. Tax matters should be an integral component of such plans. With the right tax planning strategies, Canadians can minimize their business tax liabilities and maximize the

Many employers utilize stock options as a method of rewarding or attracting employees. Because they enable staff members to benefit from an organization’s future growth, they can be a useful incentive that helps to align an employee’s goals with those of a business, as both parties profit when the price

For many workers, retirement is an exciting prospect. They look forward to leaving the workforce and begin to enjoy simply living their lives. Supported by a variety of income sources, including Old Age Security (OAS) and the Canada Pension Plan (CPP), retired Canadians may choose to enjoy quiet days in

The sheer complexity of Canadian tax laws can make compliance a challenge. Canadian employers, therefore, must carefully navigate fringe benefit tax rules to ensure full compliance with those tax laws. With help, you can chart a course through even the most complex tax issues and diligently leverage tax laws to

Running a successful business in Canada is about strategic operations and savvy financial planning. Understanding the Canada Revenue Agency’s available tax write-offs and optimizing charitable donations can significantly impact a company’s bottom line. Canadian business owners should know the strategies and best practices to maximize business tax deductions and bolster