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 […]
The 2023 Tax Changes Canadians Need to Know
Each year, there are changes to Canadian tax laws that may affect the credits and deductions which apply to individual taxpayers. Understanding these changes is essential to ensure that you file your taxes correctly and take advantage of all the tax benefits you are eligible for under the law. If you have any questions about […]
Empty Homes Tax in Canada
On January 1, 2022, the Underused Housing Tax took effect. Commonly referred to as the “Empty Homes Tax,” this 1% applies to vacant or underused housing throughout Canada. The Government of Canada states that most of the time, this tax only applies to non-resident, non-Canadian property owners. However, that is not always the case. Canadians […]
Taxpayers Feeling Mistreated By the CRA?
The Canada Revenue Agency (CRA) has the power to conduct audits, investigate potential tax fraud and collect taxes owed from taxpayers. However, these powers are not unlimited. If the CRA oversteps its powers, taxpayers have options to push back. Experienced Canadian tax lawyers like Jeremy Scott may be able to help with defending the mistreatment […]
GST/HST Input Tax Credit Claims
Businesses registered for Canada’s Goods and Services Tax/Harmonized Sales Tax (‘GST/HST’) can recover the tax paid on purchases connected to their commercial activity by claiming an input tax credit. These GST/HST input tax credit claims must be for purchases involving the consumption, use, or supply in the commercial activities of the business. Even if the […]