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 ...
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 ...
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 major changes was to reduce the maximum federal corporation income tax rate from 35% to 21%. In order to offset some of the tax ...
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 ...
If you feel like the IRS is not heeding your call, you are not alone. As the IRS continues to dig itself out of its pandemic-induced backlog, taxpayer service has slid to an all-time low. US taxpayers started filing 2021 tax returns just a few months ago. However the IRS still hasn’t processed 17.6 ...
Many Canadians flocking to the US and spending long periods of time there should be aware that they may have US tax return filing obligations. If you are Canadian (citizen and resident) and have spent extended periods of time south of our Canadian borders, you can be considered a US tax resident if you ...
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., ...
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 ...