Health care businesses of all sizes and specialties can benefit from Canada’s Scientific Research and Experimental Development (SR&ED) tax credit program, though many are deterred from applying due to the program’s complex application process and the many tax regulations governing Canada’s medical community. Health care businesses – such as clinics, bio-tech companies and research ...
The 2023 Federal Budget, presented by Finance Minister Chrystia Freeland on March 28, forecasts a $43 billion dollar deficit, with both spending cuts and tax increases. High income individuals may be impacted by changes to the Alternative Minimum Tax rules while small business owners may be interested in changes to rules allowing for intergenerational ...
On February 28, 2023, the U.S. Supreme Court released a 5-4 decision against the IRS’s position on the imposition of nonwillful violations of timely Foreign Bank Account Reporting (“FBAR”) reporting for U.S. citizens. Interestingly, the decision crossed the perceived Right Wing/Left Wing split of the Court as Justice Barret authored the dissenting opinion which ...
The GST/HST ramifications and potential self-assessment for builders of new residential properties is often a complicated endeavor, especially for those planning on renting once construction is completed. If GST/HST rules aren’t properly followed, the financial implications can be severe. When it comes to GST/HST rebates, it’s also important to understand who is eligible and ...
Canada’s newest Underused Housing Tax (UHT) was enacted last summer, meaning some residential property owners (i.e., those not considered “excluded owners”) are expected to file a UHT return and pay the UHT starting this year. Since 2023 will be the first year the CRA will collect the tax, there are still many uncertainties when ...
Economic challenges facing pharmacies Before starting the process, it’s important to understand the economic issues you’ll be facing whether you’re buying or selling. They include: Soaring inflation. After hitting historic highs, Canada’s inflation rate cooled a bit in November 2022 at 6.8 per cent. This affects everything from rental prices to commercial stock (like ...
Since the Tax-Free Savings Account (TFSA) was introduced in 2009, it has been used by Canadians to earn investment income on a tax-free basis. Many U.S. citizens, however, have shied away from this account for several reasons. But should TFSAs really be avoided by all U.S. citizens? While there are some roadblocks to owning ...
The psychedelics market saw an interesting shift several years ago. Long associated with party drugs, psychedelic substances were now being touted as potentially game changing treatments for a variety of mental health disorders. Driven by changing public opinion, promising scientific research, and loosening restrictions in North America, startups in this space saw a meteoric ...
Whether you’re fresh out of dental school preparing to buy a clinic or a seasoned professional ready to sell, the process of buying or selling a dental practice is a long and often meticulous one. From deciding what type of sale you’re interested in to ensuring you’re structured properly for tax purposes, there are many ...
You don’t need a degree in economics to know we’re having a bad year. With staggeringly high inflation rates, rising interest rates and a stock market that’s had a horrible six months – the worst since 1970 – it’s no surprise that the word recession is being thrown around pretty liberally. Add to that alarmingly ...