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The grass is getting greener on the other side of the border: Taking your business southward is a no-brainer

At the end of 2016, I published a short article aimed at Canadian businesses and entrepreneurs who are considering expanding into the US. In that article, I summarized the current US tax landscape and highlighted the potential impacts of then President-elect Trump’s tax reform plan. At that time, it was clear that the United States […]

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The Liberals came up with a solution. Now they are desperate to find a problem for it:

The latest chapter in the ongoing battle against Ottawa’s proposed changes to private company taxation unfolded this week. At the request of the Department of Finance, the Canadian Tax Foundation brought together practitioners and academics to provide input into the proposed changes which were described in our July 18, 2017 blogs. The presenters included a […]

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Our firm’s correspondence to the Minister of Finance: Round 2

Ever since the release of the July 18, 2017 private corporation tax proposals by the Canadian government, our firm has been very active in studying the proposals and informing the public of the consequences to the extent that they become implemented into law. In Advance of September 5-7, 2017 Kelowna, BC Caucus Meetings, our firm sent an email correspondence to the Liberal MPs.

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The Liberals want to wipe out the family farm!?

I don’t write as many blogs as other members of my firm, however, today my concern rose enough to put fingers to keyboard. On the September 7, 2017 edition of the CBC Alberta @Noon show (the portion that you’ll be interested in starts at about 39:25 and ends at about 42:45), Liberal advisor Michael Wolfson, a University of Ottawa economist, admitted to some of the consequences that the private corporation tax proposals may have for family farms.

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Our firm’s correspondence to the Minister of Finance

Ever since the release of the July 18, 2017 private corporation tax proposals by the Canadian government, our firm has been very active in studying the proposals and informing the public of the consequences to the extent that they become implemented into law. In Advance of September 5-7, 2017 Kelowna, BC Caucus Meetings, our firm sent an email correspondence to the Liberal MPs.

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Private corporation tax proposals unquestionably harm “middle-class” business owners

On July 18, 2017, the Liberal Government announced a significant set of tax proposals purported to close “tax loopholes” and “strategies that can result in high-income individuals gaining tax advantages that are not available to most Canadians.” We have previously written on the misguided rhetoric contained in these proposals and the integrity of the purported “consultation” period. As we have stated many times, these proposals are clearly an attack on all entrepreneurs – large and small.

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The demonization of small business and their advisors

On July 18, 2017, the Department of Finance released its private corporation tax “consultation” proposals with comments due no later than October 2, 2017; a mere 75 days later. When the proposals were released, I was on holidays with my family at Niagara-on-the Lake. That day, and most of my summer since, have been anything but a vacation.  

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Income splitting: Is it time to re-visit a 1966 Canadian tax reform idea?

On July 18, 2017, a blockbuster package of proposed tax law changes (the “proposals”) aimed at private corporations and their shareholders, was released by the Department of Finance. The proposed changes target common tax management practices available to private business owners, such as income splitting amongst family members, investing in passive assets with corporate funds, and repatriation of corporate earnings as capital gains rather than dividends.

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The “Super” reason Australians are renouncing their US citizenship

US citizens living in Australia and around the world are finding themselves facing the very difficult decision of whether to keep or renounce their US citizenship. A decade ago, the idea of renouncing one’s US citizenship was, for most, unthinkable. Fast-forward 10 years and wait times to book renunciation appointments at US consulates and embassies worldwide have exploded, with record numbers of quarterly and annual departures documented. So why is this article dialed in on our Aussie friends when US renunciation appears to be a global movement? The reason is Australia’s popular retirement vehicle known as a Superannuation fund (commonly referred to as a “Super”), something that can have negative cross-border US tax implications. The Super problem for US citizens in Australia is fueling a heighted desire to give up US citizenship.

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Meeting your US filing obligations in 6 steps:

Are you a US citizen living abroad? Did you know that the US taxes on both citizenship and residency? If you’re a US citizen, you are required to file yearly tax returns with the IRS – even if you don’t live on US soil.

Understanding and complying to US tax law requirements can be daunting. Here’s a useful infographic that will point you in the right direction.

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More proposed reforms to small business taxation announced

The federal government continues to implement its agenda in respect of tax changes for small and medium sized private businesses, announcing further measures to increase taxation of this vital sector of the Canadian economy. These proposals come on the heels of other measures, for example the limitations to the small business deduction, which have already increased tax complexity and compliance costs for many small business owners. These new proposals are clearly an attack on entrepreneurs. Not good.

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