RRSPs Explained
The Registered Retirement Saving’s Plan, also known as an RRSP, is a retirement account that was introduced by the Government of Canada in 1957. The primary...
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John Scholz and RRSP Advantages
Have you recently received correspondence from the CRA regarding an audit or reassessment of your income tax returns for an alleged “strip” of a registered...
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Am I Earning Business Income or Investment Income?
The COVID-19 pandemic has created novel socioeconomic conditions where many Canadians are in a state of professional flux. The prospect of earning...
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What is Considered Non-Taxable Income in Canada?
Every April Canadians and non-resident taxpayers are forced to once again partake in the self-reporting Canadian taxation regime. Penalties for unreported...
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What are GST/HST Carousel Schemes?
A “missing trader scheme” or “carousel scheme” is a fake supply chain created by a group of GST/HST registrants who work in collusion by repeatedly...
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Are Awards Taxable – A Tax Court of Canada Example
In 2020, the Tax Court of Canada published its decision for Saunders v The Queen (2020 TCC 114). The issue in this case is whether monetary awards received...
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Canada’s 2021 Budget and its Impacts on Taxpayers
On April 19th, 2021, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland presented “Budget 2021”, the first federal budget...
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The Taxation of Trusts in Canada
Trusts receive special tax treatment under Canadian income tax laws. Corporations are taxed as entities separate from the individuals controlling them, and...
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