Tax

Drilling down on the deductibility of paid executor compensation

By Avi Dahary . The uncertainty surrounding whether compensation paid to an estate executor is deductible and if so, how much of it is deductible, has meant that most tax treatments of this issue are to the extremes — either deduct the full amount of paid compensation or none at all. Needless to say, both treatments are often unsatisfactory. Read more

Deducting losses essential part of tax system for business

Although reports claim that Republican presidential candidate Donald Trump and other real estate investors may have used previously incurred losses to reduce future taxes, this type of strategy is not a ‘loophole,’ but rather an essential part of the tax system related to business income, Toronto tax litigation lawyer David J. Rotfleisch tells AdvocateDaily.com. Read more

Quick action key when dealing with tax debt, appeal

For taxpayers who feel they may have received an incorrect or unfair tax assessment, it is vital to contact the Canada Revenue Agency (CRA) about your concerns without delay — as the clock is ticking on the appeal period, Toronto tax litigation lawyer David J. Rotfleisch tells The Globe and Mail’s Rob Carrick. Read more

CRA likely to seek bank client details after new offshore leak

With newly leaked documents showing a link between several of Canada’s banks and an island tax haven, there is a strong likelihood that the Canada Revenue Agency (CRA) will again head to court to ask for the release of client information, Toronto tax litigation lawyer David J. Rotfleisch tells AdvocateDaily.com. Read more

Webinar provides practical guide to tax audit

Toronto tax litigation lawyer David J. Rotfleisch is hosting a webinar via CPDonline.ca, where he will share practical information on how to deal with tax audit issues for clients. Read more

Revenue minister asks CRA to investigate B.C. real estate speculators

OTTAWA — National Revenue Minister Diane Lebouthillier has asked the Canada Revenue Agency to look into the actions of real estate speculators in B.C. following a newspaper investigation. Read more

Lifestyle, income mismatch not proof of tax evasion

The Canada Revenue Agency’s (CRA) reported investigation into Vancouver’s real estate market and the lifestyles of those who own the costly properties will likely prove challenging for auditors, as not everyone living in an expensive house and claiming a low income is evading taxes, Toronto tax litigation lawyer David J. Rotfleisch tells Newstalk 1010’s The Night Side. Read more

EU rules Apple must pay up to 13B euros in back taxes

BRUSSELS — The European Union says Ireland has given illegal tax benefits worth up to 13 billion euros ($14.5 billion) to Apple Inc. and must now recover the unpaid back taxes from the U.S. technology company, plus interest. EU Competition Commissioner Margrethe Vestager said Tuesday: “Member states cannot give tax benefits to selected companies - this is illegal under EU state aid rules.'' She said a three-year investigation found Ireland granted such lavish tax breaks to Apple over many years that the multinational's effective corporate tax rate on its European profits dropped from 1 per cent in 2003 to a mere 0.0005 per cent in 2014. The Commission said “Ireland must now recover the unpaid taxes in Ireland from Apple for the years 2003 to 2014 of up to 13 billion euros ($14.5 billion), plus interest.'' The Irish government denied granting favourable fiscal treatment to the maker of the iPhone and other consumer electronics products, computer software and online services. “Ireland's position remains that the full amount of tax was paid in this case and no state aid was provided,'' the Irish statement said. “Ireland does not do deals with taxpayers.'' Read more

Voluntary disclosure best option for coming clean with CRA

For Canadians who may be wondering how to go about disclosing their unreported income to the Canada Revenue Agency (CRA), the good news is that the taxman has a specific program designed to get you to come in out of the cold, Toronto tax litigation lawyer David J. Rotfleisch tells The Globe and Mail’ s Rob Carrick. Read more

Woodyard to speak at Law Society taxation program

Toronto tax litigator Adrienne Woodyard will share her insights on advising clients with tax compliance problems at the upcoming ‘Taxation for General Practitioners 2016’ program, presented by the Law Society of Upper Canada. Read more

CRA search for offshore tax evasion aided by database, bank info

Although the searchable database at the centre of the Panama Papers data leak may have made it easier for authorities to crack down on unreported offshore accounts, it is likely that the taxman will increasingly look to the banks for this information, Toronto tax litigation lawyer David J. Rotfleisch tells AdvocateDaily.com. Read more

CRA taking novel approach to underground economy crackdown

The Canada Revenue Agency (CRA) is setting its sights on the underground economy — and taking innovative approaches to find unpaid taxes in the construction, retail sales and food services sectors in particular, Toronto tax attorney David J. Rotfleisch tells Newstalk 1010’s The Night Side. Read more

Most taxpayers would 'suffer' in CRA strike situation

Thousands of Canada Revenue Agency (CRA) employees could be in a position to strike after recently rejecting their employer’s latest contract offer — a move that would likely cause more problems than advantages for taxpayers, Toronto tax attorney David J. Rotfleisch tells AdvocateDaily.com. Read more

CRA's swift action shows priority of Panama Papers files

The Canada Revenue Agency’s (CRA) rapid and public response to the recent ‘Panama Papers’ information leak shows just how much importance the taxman is placing on this file — and on recovering unreported offshore income in general, Toronto tax attorney David J. Rotfleisch tells AdvocateDaily.com. Read more

Filing tax returns crucial — even for part-time earners

A student’s part-time earnings may seem too insignificant to file on a tax return, but there are potential advantages to doing so, including the ability to claim credits and build up RRSP contribution limits, Toronto tax attorney David J. Rotfleisch tells Newstalk 1010’s The Night Side. Read more