Clamping Down On Small Business Deductions (Infographic)

The Canada Revenue Agency has confirmed that tax audits can be settled before completion, but significant cases require multiple layers of internal review and approval. Understanding CRA's internal settlement processes, including the role of the Audit File Resolution Committee, can help businesses develop effective strategies for resolving disputes efficiently and avoiding costly objections.

Canada's Prime Minister Mark Carney has unveiled the "Productivity Mega Deduction," a permanent tax measure providing immediate 100% write-offs for approximately 65% of business assets, positioning Canada's marginal effective tax rate on new business investment at 6.4% - the lowest among major economies. Alongside this initiative, the Canada Revenue Agency will now prioritize advance income tax rulings for investments exceeding $1 billion, aiming to deliver decisions within 90 business days to accelerate ma

Canada's new Productivity Mega Deduction promises to slash the marginal effective tax rate on business investment to just 6.4%, positioning the country as the most competitive G7 nation for capital deployment. This permanent tax incentive extends immediate expensing to roughly 65% of capital assets, fundamentally reshaping the economics of investing in Canadian operations across manufacturing, energy, technology, and resource sectors.

The Canada Revenue Agency has announced a new priority system for advance income tax ruling requests, targeting investments of at least $1 billion in Canada. This initiative aims to accelerate the tax certainty process for major investors by reducing processing times and providing binding guidance on how specific Income Tax Act provisions apply to proposed transactions.

Canada's new Productivity Mega Deduction permanently provides immediate expensing for a wide range of depreciable property and Canadian development expenses, dramatically expanding the scope beyond the previously announced Productivity Super Deduction. The measure aims to reduce Canada's marginal effective tax rate on new business investment to 6.4%, positioning it as the lowest among major economies and less than half the U.S. rate.

Le paysage fiscal canadien connaît des transformations majeures avec l'élargissement des pouvoirs de vérification de l'ARC, l'utilisation accrue de l'intelligence artificielle dans l'administration fiscale, et la mise en œuvre d'un nouveau régime de prix de transfert. Les entreprises doivent également naviguer les implications fiscales complexes des tarifs douaniers canado-américains et comprendre les récentes décisions judiciaires qui façonnent l'interpr

When the holiday season approaches and the calendar year nears its end, many Canadians look to support the causes they care about while also managing their tax position.

Pleading guilty to a tax fraud charge is rarely the end of a taxpayer’s troubles. In Bernier v The King, a taxpayer who pleaded guilty to Income Tax Act and Excise Tax Act offences in 2022 tried, more than three years later, to reopen his case.

Canadian business owners increasingly ask whether Bitcoin, Ethereum, stablecoins and other crypto-assets should be purchased personally or through a corporation. The question commonly arises where an operating company has accumulated retained earnings and the owner-manager does not need to withdraw all of those funds for personal spending.

If you have held or traded cryptocurrency or NFTs through a Canadian platform in the past several years, the Canada Revenue Agency may already have your account details, and you may not know it yet.