This summer, two small but important amendments to the Business Corporations Act (Ontario) came into effect. These amendments eased restrictions on governance so that Ontario businesses can operate more efficiently, ensuring consistency with other Canadian jurisdictions. Effective July 5, 2021, the new amendments also reduced approval thresholds for written shareholder resolutions and led to ...
Recently the use of psychedelics in health care experienced an interesting turning point – not through political gains, but through television. Hulu’s latest hit, Nine Perfect Strangers, depicts the use of psychedelics as a tool in mental health therapy. Now, for anyone who’s seen the show – which follows a wellness retreat gone wrong – it’s ...
On July 14, 2021, Senate Majority Leader Chuck Schumer released a discussion draft of a detailed cannabis reform bill which, if enacted, would restore the deductibility of all expenses related to cannabis businesses and institute excise taxes on such businesses, resulting in big changes to cannabis taxation. Now backed by Democratic senators Cory Broker ...
There has been a lot of talk in the recent news about the Biden tax plan moving forward in Congress. However, there is no need for panic (yet!), as the potentially affected parties of this legislation are essentially “setting the table” to debate and draft the Biden tax plan. The Democrats hold a narrow ...
In a recent case, the US Court of Appeals has upheld a significant penalty against the owner and beneficiary of a foreign trust distribution who did not file timely returns. The failure to file US trust returns for foreign trusts can result in penalties beginning at $10,000 per omission and reaching as high as: ...
Bloomberg Law reports that state revenue agencies are finally getting serious about requiring out-of-state retailers to collect tax on e-commerce transactions, frustrated that less than half of such sellers are in full compliance with their sales tax rules. The Wayfair Ruling Under the US Supreme Court’s holding in Wayfair, it was decided that electronic ...
Employers in Canada’s emerging industries like cannabis, psychedelics, and agritech are concerned about how upcoming changes to the taxation of stock options will impact their ability to recruit top talent. Traditionally, stock options are among the most enticing incentives used to attract senior talent; particularly the type of executives who are equipped to drive ...
On April 19, 2021, the Honourable Chrystia Freeland tabled her first federal budget as Federal Minister of Finance. Previously, the federal government had predicted a deficit for 2020-21 of $381.6 billion, but this amount was revised down to $354.2 billion. Today’s budget predicts the deficit for 2021-22 will be $154.7 billion. There were no ...
All US individuals with April 15, 2021 tax deadlines have had their US federal income tax deadlines for tax filings and extension payments extended from April 15, 2021 to May 17, 2021. No interest or penalties will be assessed on individual taxpayers if the extension payments are made by May 17, 2021. This relief ...
Over the last few months, Zeifmans had the opportunity to produce a 4-part digital series on non-resident business in Canada. We’ve been so pleased with the wealth of knowledge we’ve been able to share, straight from the desks of so many subject matter experts spanning the industry spectrum. The series has taken a look ...