HomeBlog

That’s a big move: Relocating your healthcare practice to another province

Unfortunately, moving your medical practice requires as much hoop-jumping as setting it up. When relocating, you have several options to choose from, each with different processes and considerations. Let’s dive right in: Option 1: Maintain both corporations Run two practices After moving and incorporating a new medical professional corporation, you can retain your existing ...

The IRS Provides Guidance for Setting Interest Rules on Intercompany Loans

A recent ruling by the Internal Revenue Service (IRS) holds the potential for substantial repercussions for Canadian corporations possessing U.S. subsidiaries. In this blog, our Zeifmans U.S. tax partner, Stanley Abraham breaks down the December 13, 2023 IRS opinion related to a specific taxpayer issue under examination and how it is related to intercompany ...

Navigating Canada’s Latest Trust Reporting Legislation Changes

The government’s new federal trust reporting rules will increase disclosure requirements, affecting a wide range of Canadian trusts. Originally, the federal government introduced significant changes to trust legislation in 2018 to encourage reporting transparency. These rules were amended on Dec. 15, 2022, to help the Canada Revenue Agency (CRA) better assess tax liabilities for ...

How to Avoid and Address Common Pitfalls in the Retail Industry

Retail is akin to war games practiced in the military with traps designed to test your skills and produce failure for the unwary. The challenge is to see them coming and find the safe harbors. Our latest blog delves into insights from our turnaround professional and partner, Allan Rutman at Zeifmans who helps us ...

Get Ready for 2024; It’s Time for Some Belt Tightening

Are you wondering what strategic measures enterprises can undertake to position themselves favorably for 2024? In this blog, we will delve into the prevailing economic landscape in Canada, the United States, and the global arena in which an emphasis is placed on the necessity of exercising heightened financial prudence during these times and to ...

Congratulations Jane Xu!

We are proud to congratulate Jane Xu (Team SIR) on successfully completing the 2023 Common Final Exam (CFE) and continuing her professional journey towards becoming a Chartered Professional Accountant. Congratulations on this significant achievement! All the best!

Tax Insights: 2023 Fall Economic Statement (FES 2023)

On November 21, 2023, Deputy Prime Minister and Minister of Finance Chrystia Freeland introduced the 2023 Fall Economic Statement (FES 2023) on behalf of the federal government. These measures aim to modify the Underused Housing Tax (UHT) to exclude specific individuals, reduce the profitability of short-term rental properties, and enhance the affordability of certain ...

Foundational Elements of a Successful Business Acquisition

Foundational elements of a successful business acquisition (AC Oct 23) final”]In business, there are many ways to grow. At Zeifmans, we’ve spent nearly 60 years assisting our clients in gaining market share and strengthening their business portfolios. We have decades of experience guiding small to mid-sized businesses as they implement our innovative strategies for ...

Ontario’s Fall Economic Outlook Promises Additional Tax Credits During Financial Uncertainty

The Ontario Fall Economic Statement 2023 forecasts a substantial increase in the deficit for the 2023-24 fiscal year of $5.6 billion. This marks a significant departure from the province’s 2023 budget, which had projected a deficit of $1.3 billion. Ontario attributes the expanded deficit to recent interest rate hikes, elevated inflation rates, and lower-than-anticipated ...