TaxBreaks

In our firm’s latest podcast, Kenneth Keung and Kim G C Moody briefly discuss the 2023 Federal Budget proposals to amend the alternative minimum tax regime under Canadian tax law. Specifically, Kenneth and Kim discuss:

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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:

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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:

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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:

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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:

A lot of the new policy responses are to purportedly respond to the housing shortages that many Canadians are experiencing. However, are such responses more political than grounded in sound public policy? Are they necessary? Join Kenneth and Kim as they have a lively discussion on the above topics.

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, the tax community was eagerly awaiting the decision. The majority of the Supreme Court found that the GAAR applied to deny the taxpayer’s loss utilization plan. The Court’s reasonings are interesting and will have wide implications to the taxpayer community especially in light of the government’s recent attempts to “modernize” the GAAR and its release of draft proposals.

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.

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 triggered and planning that might be available when transferring property to non-affiliated individuals. Happy listening!