Tax
Michael Ford (post until Oct. 31/18)
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David J. Rotfleisch's media roundup

Canadian tax lawyer   David J. Rotfleisch  is frequently called upon by the media to be a trusted source for their news stories, particularly for his focus on ... Read more

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CRA 'striking gold' in some housing rebate claim cases

News that the Canada Revenue Agency (CRA) has recently imposed millions of dollars in penalties as a result of unpaid taxes in the country's largest real estate sectors comes ... Read more

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Public database not useful for corporate transparency: Rotfleisch

Although several ‘tax haven’ countries are moving forward with public databases for corporate ownership, a similar structure would likely prove to be ineffective in ... Read more

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Ruling confirms ITC claims possible after business wind-up

A recent Federal Court of Appeal (FCA) ruling provides “surer footing” to argue that a corporate registrant that incurs expenses after the windup of its business but ... Read more

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Taxpayers likely face less favourable options after U.S. OVDP closes

The U.S. Internal Revenue Service (IRS) is closing a program later this year that allowed certain taxpayers to come forward to report undisclosed offshore income — which ... Read more

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FATCA: U.S citizens living in Canada – financial asset reporting

By Alexey Manasuev Part III: Asset value threshold for FATCA reporting U.S. citizens who are currently living in Canada or abroad are required to file Form 8938 (FATCA ... Read more

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Failure to tell CRA about sale of home may bring penalties

The Canada Revenue Agency (CRA) may be lenient with taxpayers when it comes to the new requirement to report the sale of their principal residence on a 2017 tax return ... Read more

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Address tax concerns early when owning, investing in U.S. real property

Thousands of Canadians own and invest in U.S. real property, but the issues one couple recently faced when selling their vacation home serve as a cautionary tale on the importance ... Read more

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Large penalties, jail time common in 'tax protest' scheme cases

A recent case where two ‘tax protesters’ were given jail sentences for their role in enabling or advising individuals to evade paying income tax shows that the ... Read more

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$1.7M award for B.C. couple after malicious prosecution by CRA

VICTORIA — A Vancouver Island couple has been awarded nearly $1.7 million in damages after a judge criticized the Canada Revenue Agency for the “ruination'' of their ... Read more

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Selling, trading cryptocurrency a 'taxable event'

Although taxpayers trading bitcoin for another cryptocurrency may think they do not have to report the transaction, they need to be aware that in the eyes of the Canada Revenue ... Read more

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Taxpayer's responsibility to review accountant-prepared return

Although many Canadians hire a professional to prepare their tax return, the courts have generally been unwilling to allow taxpayers to rely entirely on their accountant to ensure ... Read more

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No such thing as materiality in estate accounts

While materiality is an important convention in accounting and auditing relating to the significance of an amount, transaction, or discrepancy, it has no real application in ... Read more

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Director liability for corporate tax debts depends on facts, geography

Because the rules regarding when and how an individual ceases to be a corporate director vary by jurisdiction, those who rely on the two-year rule to escape ... Read more

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U.S. Tax IQ webinar on Tax Cuts and Jobs Act

U.S. tax accountant  Brandon Vucen  and U.S. tax attorney Alexey Manasuev are hosting a free webinar to address key provisions of the Tax Cuts and Jobs Act and ... Read more

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Upcoming changes make CRA's VDP less attractive to taxpayers

Changes to the Voluntary Disclosures Program (VDP) set to take effect March 1 will make the initiative far less attractive to taxpayers and may lead to its effective demise, ... Read more

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Changes to tax reform proposals not beneficial to lawyers

While the federal government recently moved to scale back the tax reforms it proposed for professional corporations last year, the changes that will be the ... Read more

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Proactive tax planning a must for athletes on both sides of the Canada-U.S. border

Professional athletes plying their trade in both the United States and Canada need to get an early start on maximizing the tax efficiency of their ... Read more

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CRA move to obtain PayPal information not yet an enforcement action

Although PayPal has informed certain business account holders that it was recently ordered to release the details of their transactions to the Canada Revenue Agency ... Read more

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Profit on sale of bitcoins reportable to CRA

Even though bitcoin is bought and sold in cyberspace, any gains realized on a digital currency transaction must be reported to the Canada Revenue Agency (CRA),  Canadian ... Read more

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