Voluntary disclosure programs are government initiatives allowing taxpayers to voluntarily and proactively correct previous errors with their tax reporting in exchange for penalty, interest and prosecution relief.

Under subsection 152(4) of the Income Tax Act, the normal tax reassessment period rule prevents the CRA from reassessing a Canadian taxpayer for a tax year that is beyond the normal reassessment period ...

The Canadian income tax system is built around determining what a taxpayer's income is for a particular taxation year and then applying the applicable tax rates.

The Tax-Free Savings Account ("TFSA") offers numerous tax benefits. But many Canadiantaxpayers neglect to consider their TFSA when devising an estate plan.

As a principle of corporate law, the debt and liability of the corporation are separate from the debt and liability of the directors of the corporation.

On October 1, 2020, Ontario Regulation 536/200 updated the Real Estate and Business Brokers Act to allow real estate agents to incorporate.

Once a Canadian income tax return has been submitted to CRA it goes through computer and human reviews.

Everyone wants to reduce their income tax burden and the year end offers the last chance for tax planning opportunities to lower taxes for this year.

In Canada, a trust is a legal arrangement where one party, known as the trustee, holds and manages assets for the benefit of another party, called the beneficiary.

Tony and Helen Samaroo (the "Plaintiffs") have been awarded over 1.6 million dollars in damages by the Supreme Court of British Columbia following a successful tort claim against the Canada Revenue Agency for malicious prosecution.

The Internal Revenue Service (IRS) has officially ended the IRS Direct File 2026 program, eliminating one of the few government-run options for free federal e-file.

To assist individuals and businesses weather the economic downturn accompanying the ongoing COVID-19 pandemic, the Canadian government has introduced a number of COVID-19 subsidies and benefits.

A Roth Individual Retirement Arrangement ("Roth IRA") is an individual retirement plan available in the United States.

CFM Insurance, Inc., a microcaptive insurance company, was established to provide insurance coverage to its parent company, Caputo's New Farm Produce, a grocery store chain in Illinois.

For the large majority of Canadians, the concept of the income tax installment payment is simply not on their radar.

Canadian business owners are able to deduct business expenses when calculating their profits for tax purposes.

Although trusts are not considered a separate legal entity like corporations, they are considered separate taxpayers for the purposes of the Canadian Income Tax Act, which allows for a variety of tax planning opportunities...

Resellers may take up reselling as a hobby, side business or even their main source of income.

For many Canadians it has become a common investment to supplement one's income by purchasing real estate and renting those properties to generate rental income.

For Canadians who are planning their retirement by investing their savings, the Tax-Free Savings Account (TFSA) has become an important supplement to the Registered Retirement Savings Plan (RRSP)