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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 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 ...

Guiding your business from launch to M&As: check out our video series

Navigating business growth can be overwhelming. Through Zeifmans Entrepreneurship in Focus initiative, we’re supporting companies by sharing fundamental insights tailored to Canadian businesses. Our 5-part Entrepreneurship in Focus video series aims to answer common questions about a variety of topics, including The Scientific Research and Experimental Development (SR&ED) tax incentive program, what you need ...

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 investment. While the US real estate market potentially offers opportunities for growth, there are numerous tax traps for the unwary Canadian investor. Today, we ...

Tax compliance or tax avoidance? Supreme Court rules in Loblaw’s favour

The Supreme Court’s recent tax appeal ruling in favour of Loblaw Financial Holdings ended a lengthy and complicated dispute over how a dissolved subsidiary company – run from Barbados – should be taxed. Here’s what happened and why businesses should be paying attention: Case background Loblaw Financial, owned by grocery retailer Loblaw Companies Ltd., ...

Ontario tweaks Business Corporations Act, making it more business-friendly

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 ...

Psychedelics treatments are in the public eye  

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 ...

Proposed legislation introduced to reform cannabis taxation in the US

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 ...