The 2023 Federal Budget, presented by Finance Minister Chrystia Freeland on March 28, forecasts a $43 billion dollar deficit, with both spending cuts and tax increases. High income individuals may be impacted by changes to the Alternative Minimum Tax rules while small business owners may be interested in changes to rules allowing for intergenerational ...
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 ...
As the CRA prepares to double its prescribed interest rate on July 1, now is the time to take advantage of an income-splitting exception to the attribution rules. When handled correctly, using this exception will lock in the current rate and save you thousands of dollars in taxes. Here’s how to do it and ...
Building a successful family business takes time, strategy and sacrifice. Entrepreneurs face a multitude of challenges while growing a company, but one of the greatest is often succession planning. According to the Family Business Institute, only 30% of family businesses make it to the second generation, 12% survive to the third and a ...
Estate law reformers in Ontario are celebrating a major milestone. As of January 1, 2022, new legislation came into effect that – amongst many other changes – says existing wills can no longer be revoked due to marriage. These changes are an important reminder that just because a will has been completed, doesn’t mean ...
Running your own healthcare practice involves making many crucial decisions, including selecting the right accounting firm. An experienced accounting firm will give you the support and 1:1 attention you need, realizing that no two business owners and no two medical practices are the same. Today we’re going to examine the top 10 questions you ...
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: ...
Family business is the backbone of the Canadian economy. When a family business is passed down to the next generation, we see so many positive ripple effects in the economy: A new entrepreneur is given the opportunity to succeed New jobs are created Industry advancements are made Loyal customers maintain a trusted partner Communities ...
Looking back at initial predictions for the Canadian real estate market at the beginning of the COVID crisis, you might think you were reading a dystopian nightmare. All logic pointed to a crash, not unlike what certain markets saw in the wake of the 2008 recession. With unemployment rising, it was reasonable to assume ...
Have you been tuning in to the Zeifmans’ Non-Resident Digital Event Series? So far, we’ve discussed the niche challenges experienced by high net worth individuals, as well as tips and tricks for tech and startups seeking entry into the Canadian market. Today, we’re excited to share the latest installment in the series: Cross-border concerns. ...