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 ...
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 ...
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 ...
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 ...
Regulatory support will always trail behind public acceptance and one prominent example of this is the US’s outdated Internal Revenue Code Section 280E as it relates to the cannabis industry. In a long well-publicized battle, Oakland-based Harborside Inc. (listed on the Canadian Securities Exchange and operator of a number of cannabis dispensaries) had been arguing that Section 280E is unconstitutional. This section bars state-legal cannabis companies from making use of standard business deductions other ...
Roughly a year ago, we published a blog post outlining the ways in which businesses needed to pivot in order to succeed amidst early–COVID supply chain shortages. Little did we know that one year later, the world would continue to be impacted by pandemic-associated delays. Partial and full lockdowns across Canada (and the world), border restrictions, ...