Asole proprietorshipis a business owned and operated by one individual. For federal tax purposes, sole proprietorships aren’t considered separate from the owner—the business and the owner are legally the same entity. This means the owner’s personal assets can be targeted in the event of bank...
On April 16, 2024, the federal government introduced Budget 2024: Fairness for Every Generation. The Budget contains tax measures aimed at generating increased tax revenue from wealthier Canadians. The federal government believes that this will make the tax system more "fair". The most significant ...
United States Tax Change Highlights for 2022-2023 Jan. 24, 2023 Due date of federal return extended, filing status name changed, certain child and family credits going back down, reporting requirements for Form 1099-K changing, no more "above-the-line" charitable deductions, new Standard Deducti...
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Canada imposes corporate and personal income tax on its residents (including Canadian subsidiaries of foreign entities) in respect of income and capital gains earned anywhere in the world. Federal income tax is imposed under the Income Tax Act (ITA). Non-residents who carry on business in Canada...
The recently tabled Québec budget for 2023/2024 contains several tax measures affecting individuals and corporations.
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Canada’s federal government does not have jurisdiction over the KGC, so the tribe is free to license entities as it wishes. However, the federal government also doesn’t recognize the KGC as a legitimate regulatory authority. The KGC exists in a legal grey area. The government has pretty mu...
The Minister of Finance (Canada), the Honourable Chrystia Freeland, presented the Government of Canada’s (the “Federal Government”) 2022 Federal Budget (“Budget 2022”) on April 7, 2022 (“Budget Day”). Budget 2022 contains significant proposals to amend the Income Tax Act (Canada) (the...
1 The rate on capital gains is one-half the ordinary income tax rate. 2 The federal basic personal amount comprises two elements: the base amount ($13,521 for 2023) and an additional amount ($1,479 for 2023). The additional amount is reduced for individuals with net income in excess of...