As a Canadian taxpayer, it's important to know the different types of business expenses that you can claim to reduce your taxable income. Claiming these expenses can help to minimize your tax burden and increase your profits. In this post, we'll list the main categories of business expenses that can be claimed in Canada, and provide some description of what...
The Canadian federal government recently released its 2023 budget, which includes changes to the Alternative Minimum Tax (AMT) that will impact high-income earners. This post will cover the changes made to the AMT and how it may affect wealthy philanthropists.
In an effort to promote domestic travel and support local tourism, the government of Ontario has announced a Staycation Tax Credit for Ontarians. The credit encourages Ontarians to explore the province's diverse tourism offerings while supporting local businesses hit hard by the pandemic. Here's everything you need to know about the Ontario Staycation Tax Credit.
Let’s say you’ve decided to stop wasting time trying to “beat the market”. You’ve learned over time that simply using a passive indexing strategy will outperform most of the time. So, now that you don’t have to waste anytime pick stocks, how else can you improve your financial life? If investors can't benefit from active management, what other financial tasks should...
In the Canadian context, tax integration refers to the concept of ensuring that the combined tax burden on corporations and their shareholders is roughly equivalent to the tax burden that would be paid if the corporation's income was earned directly by the shareholders. The goal of tax integration is to eliminate or minimize the "double taxation" that can occur when a...
The US-Canada tax treaty, also known as the Canada-United States Income Tax Convention, is an agreement between the governments of Canada and the United States that is designed to prevent double taxation and promote trade and investment between the two countries. The purpose of the treaty is to ensure that individuals and companies who earn income in both Canada and the...
The Canadian government has proposed new reporting requirements for bare trusts, which will be effective starting in 2023. A bare trust is a trust in which the trustee holds legal title to the trust property but has no discretion over the distribution of the trust's income or capital. Under the new rules, bare trusts will be required to report the identity...
Near the end of 2022, the CRA introduced new rules that limit the proportion of interest & financing expense that may be deducted for tax purposes. These new rules may impact family office financing and income splitting arrangements. To provide clarity about how your family office financing arrangements might be influenced, this post will briefly outline what the new rules...
A master limited partnership (“MLP”) is a publicly-traded limited partnership. They payout a high level of cash income investors because of their unique tax structure. Because of this, MLPs are considered “high yield” investments; most suitable for income-oriented investors.
Modern family offices have transitioned away from paper records towards digital record keeping using secure e-mail and cloud storage. The result is increased workflow efficiency and the ease of sharing information with professional advisors. But, the transition to online communication and cloud storage also means family offices need to manage the associated cybersecurity risks carefully. This post describes which cybersecurity risks...
