Tax

Seeking legal counsel, fiduciary accountant shouldn’t be an afterthought

It’s important for those acting as a guardian or a trustee during litigation to seek both experienced legal advice and fiduciary accounting expertise at the outset before challenges can arise, says Avi Dahary , founder of AccounTrust. Read more

Voluntary disclosure window closing for unreported Swiss accounts

Canadian taxpayers who have not reported their Swiss bank accounts to the Canada Revenue Agency (CRA) may be running out of time to file a voluntary disclosure, in order to avoid financial penalties or possible criminal prosecution, Toronto tax litigation lawyer David J. Rotfleisch writes on Mondaq.com. Read more

Year-end brings key opportunities for tax planning

The end of the year brings a number of opportunities to reduce your 2015 taxes — and many taxpayers may already be engaging in tax planning without realizing it, Toronto tax litigation lawyer David J. Rotfleisch writes on Mondaq.com. Read more

Americans in Canada should seek tax advice on new FATCA rules

With a legal challenge denied and a new cross-border tax agreement to exchange financial information now in place, American citizens resident in Canada should be sure to seek tax advice before the 2016 filing deadline, says Toronto tax litigation lawyer David J. Rotfleisch. Read more

Resist pressure to take on all files when starting law firm

When starting your own law practice, it can be tempting to take on any work that comes your way — but it is a better idea to stick to your guns and not try to be all things to all people, Toronto tax litigation lawyer David J. Rotfleisch tells Lawyers Weekly . “When I went out on my own, people said, ‘you won’t get to do what you want to do. You’ll do whatever work comes in the door.’ I said, ‘no I won’t,’” says Rotfleisch, founding tax lawyer at Rotfleisch & Samulovitch Professional Corporation , which now employs seven people. While Rotfleisch tells Lawyers Weekly that he certainly felt the financial pressure when starting out, he didn’t give in when a real estate transaction came his way. He referred it out, and says he is glad he did. “On the face of it, it looked like a simple transaction but it was a problem deal. If I had done it on my own, I probably would have gotten into trouble and could have been sued. I certainly would have needed assistance. It had the potential of leading to malpractice and negligence,” he says in the article. Read more

Charities: file returns or face losing charitable status

News that the Canada Revenue Agency (CRA) has revoked the charitable status of a New Brunswick non-profit underscores how vital it is for charities to file annual information returns with the agency, says Toronto tax litigation lawyer David J. Rotfleisch. Read more

After the estate trustee is no longer accountable to the OCL

Although trustees are no longer legally compelled to submit estate accounts to the Office of the Children’s Lawyer after a beneficiary reaches 18 years of age, they still have a legal duty as a person in a fiduciary position to provide an accounting to the beneficiary, says Avi Dahary , founder of AccounTrust. Read more

Taxpayers may be unaware of extent of CRA collection powers

Taxpayers who have had their file forwarded to a Canada Revenue Agency collections officer may be surprised to learn that these employees have the power to seize bank accounts and take money without a court order, Toronto tax litigation lawyer David J. Rotfleisch writes on Mondaq.com. Read more

New CRA priorities positive for taxpayers

Priorities set out by the new government that aim to increase the Canada Revenue Agency’s (CRA) focus on clients and improve communication will be very welcome changes for taxpayers if they are implemented, says Toronto tax litigation lawyer David J. Rotfleisch . Read more

Earning income via corporation means tax deferral, not reduction

Although some believe that small businesses are a vehicle used by the wealthy to avoid tax, earning income this way merely defers taxes on active business income until dividends are paid out to shareholders, Toronto tax litigation lawyer David J. Rotfleisch writes on Mondaq.com. Read more

Using corporation for income not always a tax advantage

While there is a benefit to using a corporation for active income in some circumstances, it is important to realize that this does not result in an absolute tax savings, Toronto tax litigation lawyer David J. Rotfleisch tells Newstalk 1010’s The Night Side. Read more

Trust taxation changes a 'headache' for taxpayers

When changes to the taxation of testamentary trusts take effect on Jan. 1, the additional cost for taxpayers is likely to be in the tens of thousands of dollars per year for each trust, Toronto tax litigation lawyer David J. Rotfleisch tells Canadian Lawyer . Read more

Only legal non-residents exempt from paying CRA

While there is nothing unusual about parents buying real estate for their student children in Canada, offshore-based property buyers should make sure they are considered non-residents in order to avoid running into problems with the Canada Revenue Agency (CRA), says Toronto tax litigation lawyer David J. Rotfleisch. Read more

The case for preparing annual estate accounts

It’s prudent for executors and trustees to hire an expert to prepare the estate accounts and the trust tax return at the same time, says Avi Dahary , founder of AccounTrust. Read more

Breaches of confidentiality expose taxpayers to damages

News that most of the privacy breaches reported by the Canada Revenue Agency (CRA) in 2014 were committed by the agency’s employees highlights the need for tougher sanctions against those responsible, says Toronto tax litigation lawyer David J. Rotfleisch. Read more