tax planning for private corporations department of finance

Proposed Strategies Aimed at Private Corporation Tax Planning from the Department of Finance

On July 18th, 2017, Finance Minister Bill Morneau announced the next steps the Department of Finance would be taking to improve the fairness in the Canadian tax system. The government’s objective is to address tax strategies used by high-income individuals through private corporations to gain “tax advantages.” The three scenarios specifically addressed in the draft legislation that […]

2017 federal budget highlights, accountants vancouver

2017 Federal Budget Highlights

For our clients, we offer these 2017 Federal Budget Highlights. Finance Minister Bill Morneau released his second Canadian Federal Budget titled “Building a Strong Middle Class” on March 22, 2017 which continues to focus on innovation and skills development and to expand the tax base by taking aim at certain tax loopholes and perceived aggressive […]

New US Section 385 Regulations

US Section 385 Final and Proposed Debt Equity Rules: Some Breathing Room

US Tax Alert: The IRS finalized the proposed regulations issued in April 2016 with Final and Proposed Regulations issued on October 13, 2016, after receiving more than 200 comments and concerned letters from members of Congress.  They backed off some of their harsher, proposed rules, in some cases eliminating parts of the rule, providing additional […]

expatriate tax rules, expatriate tax preparation vancouver bc, expatriate tax services

Thinking of Leaving the US? Know the Expatriation Tax Rules

It’s no secret that many Americans living in Canada are unhappy with their U.S. tax compliance costs and information reporting burdens. For those that are voting with their feet and renouncing their U.S. citizenship(i) or terminating their long-term U.S. residency(ii) (“expatriating”), careful planning should be undertaken prior to expatriating to avoid costly surprises. A few […]

2016 Canadian Personal Income Tax Returns Preparation

2016 Personal Income Tax Return Checklist

Organizing your Personal Income Taxes  Our Personal Tax Return Checklist is designed to help you make this process as easy and efficient as possible. It also assists us in ensuring that we have information that is as complete and accurate as possible to ensure your taxes are minimized and correctly reported. If you have any […]

Donald Trump and Potential US Tax Cuts

Donald Trump and Potential US Tax Cuts

Now that Donald Trump is President-elect, and as Republicans will control both the House and Senate during at least the first two years of Trump’s administration, the prospects for US tax cuts for everyone has never been better. The items below are based on president-elect Trump’s statements and proposals during the campaign. Actual US tax […]

New Back-To-Back Shareholder Loan Rules

Written by: Ken Chong, CPA, CA Mr. Big is a very successful businessman and has accumulated a significant amount of retained earnings in his company, BigCo.  BigCo invests its retained earnings primarily in deposits and investments held by BigCo’s commercial bank, First Bank. Instead of taking money out of his company to buy a new […]