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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The Toronto Vacancy Tax
On December 16, 2020, the City of Toronto approved the implementation of the new tax on vacant Toronto homes. The new tax is expected to generate at least...
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S.45(2) Election and the Changes in Use of Property
Many Canadian taxpayers are aware that the disposition of a property typically triggers a capital gain. In other words, the taxpayer is required to pay a...
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