Resources & Articles
Domestic Tax
GST/HST INPUT TAX CREDITS: Reasonable
Expectation of Profit
A July 28, 2022, Tax Court of Canada case considered whether input tax credits (ITCs) in respect of a farming operation’s expenditures were available. The...
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Estate Freeze Advantages and Considerations
The Canadian Income Tax law states that taxpayers are deemed to dispose of all of their property at fair market value immediately prior to death. ...
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New rules for Canadian corporations earning passive income
(authored by RSM CANADA) A summary of the tax implications of earning passive income through controlled foreign affiliates due to proposed legislation.
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DIRECTOR LIABILITY: Is Asking About Source
Deductions Enough?
Directors can be personally liable for payroll source deductions (CPP, EI, and income tax withholdings) and GST/HST unless they exercise due diligence to prevent the...
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Use of a Professional Corporation on Retirement
For professionals, the use of a Professional Corporation (PC) can provide key benefits in terms of income splitting and income tax deferral. However, professionals often...
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CROWD FUNDING: Taxable or Not?
A June 2, 2022, Technical Interpretation discussed the taxability of funds received through crowdfunding campaigns. CRA first noted that amounts received through a crowdfunding arrangement...
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2022 Ontario fall fiscal update
(authored by RSM CANADA) On Nov. 14, 2022, Ontario's Minister of Finance, Peter Bethlenfalvy, released the 2022 Ontario Economic Outlook and Fiscal Review which serves as an update to Ontario's 2022 Budget.
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TIPS COLLECTED ELECTRONICALLY: Withholding Requirements
Where tips are “paid” by an employer, they are pensionable and insurable. In such cases, the employer must also withhold income tax and report the...
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EXECUTOR: Whether to Accept This Role
Individuals may be asked to take on various roles in respect of loved ones, friends, clients, or others. One role that is particularly riddled with...
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Economic statement 2022
(authored by RSM CANADA) On Nov. 3, 2022, Canada’s Minister of Finance released the Fall Economic Statement, which provides an overview of Canada’s finances and sets out new tax measures.
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