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How will changes to the Alternative Minimum Tax (AMT) affect my family trust?

Thursday June 13, 2024

QUESTION: How will the recently announced changes to the Alternative Minimum Tax (AMT) affect my family trust? ANSWER: A number of our clients have made prescribed rate loans to a family trust and are wondering if and how the changes to the AMT [...]

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Cybersecurity Essentials

Tuesday May 7, 2024

Several high-profile breaches have demonstrated the growing threat of cyberattacks and the importance of robust cybersecurity measures for businesses of all sizes. In the current digital landscape, effective cybersecurity is crucial to protect sensitive data, maintain business operations, create and retain customer trust, [...]

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Bill S-211: What you need to know about Canada’s Anti-Forced Labour Legislation

Saturday April 27, 2024

Bill S-211 received royal assent on May 11, 2023 and came into effect on January 1, 2024. The Bill requires affected companies operating in Canada (including non-resident importers) to report on forced and child labour within their organization or supply chain. There are [...]

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Is Your Canadian Corporation Subject to New U.S. Beneficial Ownership Information Reporting?

Sunday March 24, 2024

New beneficial ownership information reporting requirements came into effect on January 1, 2024 under the United States Corporate Transparency Act (CTA). The Act requires certain U.S. and foreign reporting companies to provide certain identification information on beneficial owners (BOI) to the Financial Crimes [...]

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2023 Personal Income Tax Updates

Tuesday February 27, 2024

The 2023 personal income tax filing deadline is April 30th 2024. The filing deadline for self-employed individuals and their spouses (including HST returns) is June 17th (as June 15th is a Saturday). All outstanding income tax and HST payments are due on or [...]

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Overview of Ontario’s Proposed ‘Working for Workers Four Act’

Friday February 16, 2024

In November 2023, the Ontario government proposed Bill 149, the ‘Working for Workers Four Act’, which if passed, would have direct consequences for pay transparency, AI disclosures, Canadian work experience requirements, WSIB benefits, and wage protections for restaurant and hospitality workers. This legislation [...]

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New CRA Payment Requirements

Thursday February 8, 2024

Please note that as of January 1, 2024, taxpayers are required to remit any payment to the Canada Revenue Agency (CRA) over $10,000 electronically. These payments include, but are not limited to, personal tax, corporate tax, payroll, Goods and Service tax, Harmonized Sales tax, [...]

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Important U.S. Tax Considerations for Snowbirds

Friday January 26, 2024

As a Canadian resident who winters in the U.S., you may be considered a ‘U.S. person’ and technically subject to U.S. income tax on your worldwide income if you spend a certain number of days in the United States over a three year [...]

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New Trust Reporting Rules

Wednesday January 17, 2024

New trust reporting rules that were initially proposed in the 2018 federal budget are now being implemented for all trusts with taxation years ending after December 30, 2023. These new trust reporting rules are quite complicated. This Insight provides an overview of the [...]

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