If you sell property, you are required to report the sale in your tax return. However, if the property you sell is your principal residence, the gain you realize on the sale is not taxable ...

Provinces have legislation that allows for the creation of not-for-profit entities to collect fees from owners of certain real property.

On July 1, 2014, a Canada/U.S. intergovernmental agreement (IA) came into effect requiring financial institutions in Canada to begin identifying "U.S. person" account holders (for example, U.S. citizens and U.S. residents) for the purposes of disclosing specific information to the U.S. Internal Revenue Service.

On November 2, 2017, the Ways and Means Committee of the U.S. House of Representatives released a tax reform bill entitled The Tax Cuts and Jobs Act.

On July 18, 2017 the Federal Finance Minister announced proposals to change the tax rules related to income splitting using private corporations.

With years of experience advising law firms, Collins Barrow Toronto conducted a recent survey that reveals succession as a key law firm priority.

While partnerships have existed for as long as people have been in business, their use in Canada has been relegated largely to certain industries and tax situations.

Most entrepreneurs who plan to sell when exiting their business don't think about it seriously until they are ready to sell.

On April 4, 2016, the U.S. Treasury Department and the IRS issued proposed regulations which govern whether certain related-party debt instruments will be classified as either debt or equity for U.S. federal income tax purposes.

This remains a highly complex area in which there is considerable risk of the CRA disallowing significant ITC claims on the basis that the methods used were, in the CRA's opinion, unfair or unreasonable.

On September 27, 2017 the Republican Party released their long anticipated proposal for U.S. tax reform. The key takeaways of the framework have been summarized below.

Ontario corporations are subject to a general corporate income tax rate of 26.5%

In its Consultation Paper and draft legislation released July 18, 2017, the Department of Finance proposes to restrict the lifetime capital gains exemption (LCGE). The Department of Finance indicates...

The Canadian government is planning to change the way it calculates tax on quota sales beginning January 1, 2017. Many farmers are worried about how this will impact their operations, particularly if they are incorporated.

In Canada, corporations may claim a small business deduction on their corporate tax returns, effectively reducing the corporate tax rate on the first $500,0001 of taxable income from active business income.

On June 9, 2017, the Canada Revenue Agency (CRA) invited public comment on a number of proposed changes to the Voluntary Disclosure Program (VDP).

The Department of Finance released its long-awaited proposed amendments to the tax on split income (TOSI) rules on December 13.

Canadians with business or personal interests in the United States and American citizens living in Canada may want to take a renewed look at the fast-changing tax environment south of the border.

In addition to such penalties, effective May 2017 the CRA will apply a non-compliance hold to reporting institutions that have outstanding GST111 returns.

If you're an entrepreneur, you have a dream – and many priorities to manage along the way. Tax time is never top of mind, but likely always a worry.