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 ...
How the CRA’s GST/HST tax rules affect new residential properties
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 ...
Tax Insights: A summary of The Underused Housing Tax (UHT) for Canadians
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 ...
TFSAs for U.S. citizens: might be worthwhile with some caveats
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 ...
Covering your bases – A guide to buying or selling a dental practice
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 ...
Circuit court derails constitutional argument against the repatriation tax
In late 2017, the US Congress passed the Tax Cuts and Job Act (“TCJA”) which was signed into law by then President Trump on December 22, 2017. One of TCJA’s ...
Exploring Section 1031 Rollover in US Real Estate for Canadians
With current low capitalization rates in the Canadian real estate market, many Canadians are looking south of the border to the United States for higher returns on their real estate ...
2022 federal budget focuses on housing market; spending lower than expected
Finance Minister Chrystia Freeland presented the 2022 Federal Budget to a divided House of Commons on April 7, 2022. The Liberal and NDP parties have recently agreed to a confidence ...
How to launch your first healthcare practice
Now that medical school is behind you and you’re ready to begin your career, starting your own healthcare practice may look appealing. And there’s good reason for that. Startups in ...