How To Interpret A Tax Treaty
Many people may benefit from a tax treaty and not even realize it. These treaties often establish a relationship of reciprocity between the participating nations. Typically, this means that for whatever benefits you might receive in one country, a citizen of that country would receive equivalent benefits in your country of origin. However, understanding tax […]
Singh v. Canada: Learning About TFSA Penalties
In Singh v. Canada, Susie Singh placed money from the sale of her home in her tax-free savings account (TFSA) in 2015. In 2018, Singh learned that she owed taxes due to overcontributions to her account and applied for relief from those taxes in 2019 twice. She was denied both times. In 2022, Singh received […]
The Ultimate Guide To PST In Saskatchewan
Provincial Sales Tax (PST) is a sales tax that applies to all taxable goods and services in Saskatchewan. PST applies to both sales that occur within Saskatchewan and goods and services imported and consumed or used in Saskatchewan. This sales tax applies to both new and used goods; it even applies to rental transactions. Although […]
Are Groceries Taxable In Canada? Understanding When GST/HST Applies On Grocery Purchases
GST is short for “Goods and Services Tax.” This tax applies to most goods and services sold or provided throughout Canada. The GST has also been combined with the provincial sales tax in a few areas, including Ontario, Nova Scotia, Labrador, New Brunswick, Newfoundland, and Prince Edward Island. This combined sales tax is called the […]
Understanding The Basics Of The Canada-US Tax Treaty
Income tax treaties are implemented to prevent double taxation of citizens who are living abroad. The United States has income tax treaties with 58 countries, including Canada. While each tax treaty has the same general purpose, the specific provisions of each treaty vary. Canadians earning U.S. income and Americans working in Canada should both understand […]
A Guide To The Taxation On Gambling Winnings In Canada
Taxation on gambling winnings in Canada can be a tricky business. While professional gamblers are subject to taxes appropriate to their line of business, Canadian citizens who gamble as amateurs benefit from an exemption on income earned through gambling. Even amateur gamblers, however, are required to keep track of their gains and pay taxes on […]
A Tax Lawyer’s Guide To Canadian Alcohol Tax And Duties
One of the ways the Canadian federal government controls the consumption of alcohol in this country is through the tax and duties imposed on alcohol purchases. The taxes levied on the purchase of alcoholic beverages make alcohol less affordable for mass consumption. Tourists to Canada may think that they can bring in their own alcohol, […]
Students and Taxes in Canada
Furthering your education is an admirable endeavor. Higher education can open up an array of new possibilities for students, from increased job prospects to finding new interests. However, tuition can be very expensive, even if students obtain scholarships and other tuition aid. In addition, students must also pay taxes on income they earn while working, […]
Conversion Of Real Property From Capital To Inventory (Or Vice Versa)
Businesses have many assets for various reasons. They may use an asset to provide a good or service to clients. They may sell or lease an asset. How the asset is used is one of the biggest factors in determining whether the asset is capital or inventory for tax purposes. What happens when the asset […]
Why All Working Children Should File A Tax Return In Canada
In Canada, it is not uncommon for teenagers to get a summer job, after-school job, or other employment position while they are underage. These jobs can teach responsibility and provide a sense of autonomy. An experienced tax lawyer at Jeremy Scott Law can review the circumstances and explain whether your child should file a tax […]