In our firm’s latest podcast, Kenneth Keung and Kim G C Moody briefly discuss Canadian COVID era supports and the fact that the Canada Revenue Agency are auditing some of the support claims. Specifically, Kenneth and Kim discuss: A brief and very general history of the larger supports provided during the COVID era.   The fact that the supports were broadly accessible and in many cases fraudulently or inappropriately accessed.   What you should do if the Canada Revenue Agency comes knocking on the door wanting to do an audit. Happy listening ..read more

In our firm’s latest podcast, Kenneth Keung and Kim G C Moody discuss tax issues that need to be considered when non-residents of Canada purchase Canadian real estate. Specifically, Kenneth and Kim discuss: Some recent legislative changes that have impacted the ability of or have consequential impacts such as a ban on foreigners from buying Canadian real estate from January 1, 2023 – December 31, 2024, the Underused Housing Tax Act (and its onerous filing requirements and penalties) and various vacancy taxes in certain municipalities across Canada.   What legal form should be considere ..read more

In our firm’s latest podcast,  Kenneth Keung and Kim G C Moody discuss the frustrations that Canadian individual taxpayers experience when claiming foreign tax credits.  Specifically, Kenneth and Kim discuss: What are foreign tax credits?  What’s the purpose of them and what are some of the high level eligibility requirements. Using a US citizen resident in Canada as an example, what are some of the common administrative issues that are experienced by such a person in order to claim US taxes paid on their US sourced income as a foreign tax credit on their Canadian tax return ..read more

In our firm’s latest podcast, Kenneth Keung and Kim G C Moody discuss a topic that has becoming very prevalent in the past few years: Canadians wanting to move to the U.S. for either personal or business reasons (or both). They discuss: The reasons why Canadians are interested in this topic. Important non-tax considerations when planning a move to the U.S. with the most important consideration being immigration planning. Tax considerations such as dealing with the “departure tax”, dealing with future dispositions of property when in the U.S. and ensuring your holdings are “cleaned up” to avoi ..read more

In our latest episode of TaxBreaks, Kenneth Keung and Kim G C Moody discuss Canadian tax considerations – including recent policy changes – with respect to Canadian residential real estate. Specifically, Kenneth and Kim discuss: The principal residence exemption – is it too generous? Should there and will there be amendments to this generous exemption? The newly implemented “property flipping” rule – is it necessary? The new Underused Housing Tax Act – why was this introduced and a brief discussion of the numerous traps associated with this new legislation; The new “Prohibition on the Purchas ..read more

In our latest episode of TaxBreaks, Kenneth Keung and Kim G C Moody discuss Canadian tax considerations – including recent policy changes – with respect to Canadian residential real estate. Specifically, Kenneth and Kim discuss: The principal residence exemption – is it too generous? Should there and will there be amendments to this generous exemption? The newly implemented “property flipping” rule – is it necessary? The new Underused Housing Tax Act – why was this introduced and a brief discussion of the numerous traps associated with this new legislation; The new “Prohibition on the Purchas ..read more

Join us for a listen as Kenneth Keung, Aasim Hirji and Kim G C Moody have a spirited and wide ranging discussion about the implications of Deans Knight. On May 26, 2023, the Supreme Court of Canada released its landmark decision in Deans Knight Income Corp. v. Canada cited as 2023 SCC 16. The case involved whether the application of the general anti-avoidance rule (“GAAR”) applied to deny a loss-utilization plan by the taxpayer. In light of the Tax Court of Canada’s decision (which decided in favor of the taxpayer) and the subsequent reversal of that decision by the Federal Court of Appeal, th ..read more

In this episode of TaxBreaks, Kenneth Keung and Kim GC Moody provide their predictions on what might be included – or not – in the 2023 Canadian Federal Budget (that will be released on March 28, 2023). Kenneth and Kim provide their best “guesstimates” on: Will personal and/or corporate tax rates increase or decrease? Will the Budget contain the long-awaited Bill C-208 amendments that deal with inter-generational transfers of private businesses? Will the capital gains inclusion rate increase? Will we see amendments to the alternative tax regime? Will we see proposals released for the often-pr ..read more

In this episode of TaxBreaks, Kenneth Keung and Kim GC Moody take it back to basic principles for owner-managers of private corporations regarding how they should pay themselves. This basic principle is not so basic and requires a core understanding of tax principles. In addition, the mathematics needs to be run when considering options and alternatives. Kenneth and Kim discuss these core principles for owner-managers to consider ..read more

In this episode of TaxBreaks, Kenneth Keung and Kim GC Moody discuss year-end tax loss selling that is very common towards the end of the calendar year. The objective of tax loss selling is to try to claim losses on non-registered investments against realized capital gains so as to reduce capital gains taxation upon filing of the relevant individual tax returns for the applicable year. But what should you consider? Kenneth and Kim discuss the “30 day rule” known as the superficial loss rule, how to calculate adjusted cost bases, losses that are denied when a “personal-use property” loss is tri ..read more