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With the increasing interest in buying and selling Non-Fungible Tokens (“NFTs”), one important question arises: Do you have to pay taxes on NFTs? Canadian law is pretty clear here. Read on to learn more about if and how…
In our April 22, 2022 blog post, we discussed the Canadian Budget 2022 announcement, regarding the introduction of a new special purpose trust, the “Employee Ownership Trust”, under the Income Tax Act (Canada), to encourage employee ownership of…
Bill-19 includes an outright ban on foreign investment in Canadian housing for the next two years, as well as the luxury tax on the sale of new luxury cars and aircraft. It also allows the government to seize…
To be able to issue official donation receipts and to be exempt from taxation, the Income Tax Act requires that corporations created and operated exclusively for charitable purposes register with the Canada Revenue Agency (CRA) as charities. For insight on…
Many of our clients operate or are involved in the administration of charitable entities, registered with the Charities Directorate of Canada Revenue Agency. From time to time, we update our clients and those involved in the operation and…
The Canada Revenue Agency (“CRA”) has produced a number of charitable registration and charity compliance videos, that are very helpful for Canadian charities dealing with the following issues: How Do I Chose the Right Charity; Gifting and Receipting;…
Canada Revenue Agency (CRA) has produced an online checklist for people like you who are starting a business. Using the links below, you can get information about your fiscal obligations and their implications. You can also get information…
Learn about the types of donations for which registered charities and other qualified donees can issue a tax receipt, and the various rules on receipting.
Effective January 1, 2015, a plan is considered a PHSP as long as the premiums paid under the plan relate “all or substantially all” to medical expenses that would otherwise qualify for METC (assuming all other conditions to…
New Trust Reporting Rules Delayed
Trust reporting rules apply only to taxation years that end after December 30, 2023