With the arrival of cottage season in Canada, cottage owners often inquire about the transfer of the family cottage to the next generation. More than any other family asset, ownership of the family cottage is much discussed amongst families because it often holds significant sentimental value for both the owners and their children. More often ….
Zeifmans can help you navigate through the weeds
Legal sales of cannabis in Canada are expected to reach $6.5 billion per annum by 2020. As this industry reaches new heights, there is ample opportunity for both entrepreneurs, investors and already existing cannabis businesses in the space to grow in this exciting market. Let Zeifmans help you navigate through the weeds. To learn more, reach ….
Zeifmans’ Quarterly 3 – Examining top considerations for non-residents selling a Canadian property
Zeifmans’ Quarterly 3 is back for a second round, where partners Ahmad Aslam and David Posner answer 3 of your real estate sector tax and accounting questions. Today, they explore the following topics: Top 3 considerations for non-residents selling a Canadian property. Have additional questions? Review our post, Dealing with Canadian real estate owned by a ….
Succession planning and tax planning: two of a kind
Small business owners have a lot on their plates. A smaller team means in many cases that the owners have to wear multiple hats, playing several different roles at once. Once the company increases in profitability, the work doesn’t stop; the challenges just change and evolve. Given that small business owners tend to be so ….
Israel becomes major global medical cannabis player after green lighting cannabis exports
After several years of deliberation, last month Israel approved the export of medical cannabis cultivated within its borders. The Israeli Knesset unanimously gave the green light to the law[1], which further positions the Israeli medical cannabis market as a major player in the global industry. The government is projecting exports of $265 million per year, ….
AI accounting – exploring the future of Artificial Intelligence
By now, you’ve likely heard the buzz about Artificial Intelligence (AI) and the profound impact it’s predicted to make on just about every industry across the globe. In the one-year period between 2016 and 2017 alone, adoption of AI technology increased by more than 60%[1], with the majority of businesses now saying that they have ….
Increased compliance burden for US expatriates who own CFCs
The IRS has released new forms required for US citizens who own foreign (e.g. Canadian) corporations which are treated as Controlled Foreign Corporations (“CFCs”) for US tax purposes. The penalties for failure to complete these forms could be significant, beginning at USD $10,000 per year for each corporation. Therefore, US taxpayers are advised to take ….
Are you thinking of selling your family farm?
According to 2016 Census of Agriculture, there are 193,492 farms operating in Canada. While the total number of farm operators is declining, the average age of a Canadian farmer is increasing, with the largest share of farmers ranging in age from 55 to 59. Given that younger family members of family farm businesses, are typically not interested ….
2019 Federal Budget Commentary
Finance Minister Bill Morneau released his fourth budget (the “Budget”) on March 19, 2019. The Budget forecasts a deficit of $14.9 billion for the 2018-2019 fiscal year, but is expected to increase to approximately $20 billion for the next two fiscal years. Canada’s current net debt to GDP ratio of roughly 28% remains the lowest ….
Relief Provided from GILTI tax for US Expatriates
As part of the US tax reform in late 2017, US citizens who owned Canadian corporations which are CFCs were subject to a repatriation tax on an amount approximating the retained earnings of the corporation (i.e. commonly referred to as the Section 965 or transition tax) as well as a prospective tax on the earnings ….