Resources & Articles

Year: 2020


UNREPORTED INCOME: Statute-Barred PeriodsDecember 23rd, 2020

In a June 10, 2020, French Court of Quebec case, the taxpayer had been assessed with unreported income of $68,162, $66,192, and $31,540 for 2004,...
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Valuation Date – An Important ConsiderationDecember 18th, 2020

Regardless of the reason for a business valuation, an important consideration is the valuation date. One of the foundational principles of business valuation theory is...
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Important Considerations for Medical Professional CorporationsDecember 17th, 2020

As December 31st approaches, many medical practitioners are preparing for their second year-end amidst the pandemic. We’ve prepared a summary of some important items relevant...
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Tax Form T1134 Significantly Expanded for 2021December 14th, 2020

In January 2021, Canada Revenue Agency (CRA) will publish a new revised T1134 form. The revised version provides certain administrative relief but it has significantly...
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GST HST Considerations in a COVID EnvironmentDecember 11th, 2020

As businesses continue to find new ways to operate amidst the ongoing pandemic, managing the cash flow crunch is at the forefront for many companies....
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RRIF/RRSP ON DEATH: Rollover to a Child or Grandchild’s RDSPDecember 10th, 2020

Normally we think about rolling RRIFs and RRSPs to the surviving spouse upon death, however, there are other options. One such option is to roll...
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COMMINGLING OF PERSONAL EXPENSES IN THE BUSINESS: The Cost Could Be Very HighDecember 2nd, 2020

In a July 23, 2020, Tax Court of Canada case, at issue were a number of expenses claimed by the taxpayers (a corporation and its...
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A Summary of the 2020 Fall Economic StatementDecember 1st, 2020

On November 30, 2020, Canada’s Minister of Finance, Chrystia Freeland, released Canada’s Fall Economic Statement. This is the Federal government’s first fiscal update since before the...
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Accident Benefits – Are You Adequately Covered?November 26th, 2020

If you are injured in a motor vehicle accident (MVA) you may suffer significant economic losses due to loss of income and/or by incurring costs...
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US TAX ISSUES FOR US CITIZENS AND GREEN CARD HOLDERS LIVING IN CANADANovember 24th, 2020

Filing Requirement The liability for US tax is based on both citizenship and residence. Therefore, as a US citizen you must file annual US income...
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