Keeping Up with Trust Reporting

Keeping Up with Trust Reporting

New 2021 Trust Reporting Rules to the CRA There are new tax return filing and information reporting requirements for trusts effective for taxation years ending on/after December 31, 2021. Changes include: Requiring a T3 to be filed for certain trusts even if they did not have to before, Requiring reporting of personal information including names […]

When You Can’t Claim Your Fame

Tax Consequences for Canadian Actors Working in the US If you’re a Canadian resident actor working in the US, you could be paying more tax than you should. The tax treatment of actors is completely different in the US compared to Canada. Before you commit to your next job south of the border, make sure you […]

How to Object to a CRA Assessment

How to Object to a CRA Assessment

The ability to object to a Canada Revenue Agency (“CRA”) assessment is an integral part of the Canadian tax system. There are many reasons for filing an objection. Some of the common reasons include the following: Uncertainty whether the CRA will accept a request to adjust an income tax return; and The CRA has changed […]

Taxation of Charitable Donations In-Kind

Taxation of Charitable Donations-In-Kind

While cash gifts are the most common form of charitable donation, it’s also possible to make a “donation in-kind,” which is the transferring of assets. When you make a donation in-kind, you are considered to have disposed of the donated property at its current fair market value. If the current value of the donated property […]

Coming Soon: Taxing the Pandemic

This article is from the quarterly Canadian Overview, a newsletter produced by the Canadian member firms of Moore North America. These articles are meant to pursue our mission of being the best partner in your success by keeping you aware of the latest business news. As reported on CBC.ca:  “The federal government’s latest projection of […]

The Government Significantly Extends and Expands the Canadian Emergency Wage Subsidy (CEWS) to Apply to More Businesses

On July 17th 2020, the Government responded to recent feedback received from public consultation and addressed many of the concerns with the previous iteration of the Canada Emergency Wage Subsidy (CEWS) program (referred to as “CEWS 1.0”) by significantly revising the program (referred to as “CEWS 2.0”) by: Extending the program to December 19th 2020, […]

US Treasury Delays April 15 Tax Deadline by 90 Days

The US Internal Revenue Services (IRS) have provided commentary confirming action items the statement released on March 18th, 2020. Key-points to note: US income tax payment deadlines for individuals, trusts and estates have been automatically extended to July 15, 2020, for up to $1 million of 2019 tax due, For C Corporations, income tax payment […]

Canada’s COVID-19 Economic Response Plan: Additional Resources

Read the follow-up article to this for the most up-to-date information: COVID-19: Economic Response Plan – Legislative Update Key-Points for Business and Individuals: In-Depth onto the March 18th Comments Note: The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a […]