Take advantage of CRA’s Current Voluntary Disclosure Program before the less taxpayer friendly “New VDP” kicks in March 1

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Canadian taxpayers are often afraid of facing the Canada Revenue Agency (CRA). They might have knowingly submitted incorrect information on their tax returns, mistakenly left out income, or because of bad recordkeeping, provided incomplete information on past returns. What many Canadians don’t know is the CRA has a Voluntary Disclosure Program (VDP) which has been ….

Act now before April 1: CRA prescribed rate hike not an April fool’s joke

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The Canada Revenue Agency’s (“CRA’s”) prescribed interest rate has remained largely unchanged at 1% per annum since April, 2009.  This low interest rate environment will likely come to an end on April 1, when the prescribed interest rate is expected to increase to 2% per annum. While a 1% hike may not seem like much, ….

Recent U.S. tax reform impacts U.S. citizens living in Canada

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The U.S. is in the process of enacting the broadest change to its tax system since 1986.  Rather than analyzing each change, the following 2-part series will focus on the changes impacting U.S. citizens living in Canada, and the changes impacting Canadian based multinationals doing business or investing in the U.S. Part 1: Changes impacting ….

Do you rent out your home? Are you self-employed with a home office and selling your primary residence? Know these facts and save on tax!

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Do you rent out your home or claim home office expenses as a self-employed individual? One of the most well-known provisions in the Canadian Income Tax Act (“ITA”) allows taxpayers selling their Principal Residence (subject to certain conditions and criteria) to be exempt from any potential income tax on the capital gain realized on its ….

Real estate’s top 4 “hidden taxes”

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While most business owners are accustomed to paying corporate, personal, and sales taxes, some are not as familiar with several lesser known taxes that can significantly impact the bottom line of real estate industry entrepreneurs. Understanding and planning for these largely “hidden taxes” can help your business achieve its targets. Let’s take a look at ….

U.S. tax reform has significant impact on U.S. citizens in Canada and Canadian entities conducting business in the U.S.

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Both houses of the U.S. Congress have passed different but similar tax reform bills. The differences will be reconciled by a joint committee of congress and the revised bill will be resubmitted to each of congress for approval before going to President Trump’s desk for approval. It is likely, though not certain, that the reconciled ….

Congratulations to our 2017 successful CFE writers!

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Zeifmans is proud to congratulate the following writers for passing the Common Final Examination (CFE): Arham Arshad Shailaja Desai Alex Kay Keerthana Menon Armand Sorra Raymond Zhao Our successful writers’ dedication and hard work led to their achievement of the final step of educational requirements for the Chartered Professional Accountant (CPA) designation. We are proud ….

A quick guide to success when buying or selling a pharmacy

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As all pharmaceutical entrepreneurs are aware, making the decision to purchase a pharmacy – or sell your existing one – is an in-depth process requiring careful consideration, including the assessment of operations pre purchase to evaluate if performance is as expected for a pharmacy, to directing lawyers on the structure of transaction and advising the ….

Selling real estate? The tax treatment may not be what you think

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Many Canadian taxpayers believe the sale of real estate typically receives a more favorable tax rate than other types of income. This is not always the case, however, and selling real estate can be fraught with issues. Our real estate industry experts share factors to consider when looking to sell homes or properties, so you can ….