Appropriate Tax Treatment for a Specific Income Tax Provision: Who Determines? The provisions of the Income Tax Act can pose significant challenges for those unfamiliar with legislative language. Moreover, the Tax Act does not provide practical guidelines on its application, complicating matters for taxpayers seeking to understand its relevance...
Introduction Recent changes to the Alternative Minimum Tax (AMT) in Canada could have significant implications in various tax planning areas. Understanding how these changes affect your tax situation is crucial for minimizing your tax liability. What is the Alternative Minimum Tax (AMT)? For each taxation year, individual taxpayers must...
Introduction Business owners are often tempted to dip into the corporation’s pockets to pay for personal expenses. A temptation which seems like a relatively insignificant transgression but in reality, is a decision that can create dire tax consequences. A corporation paying amounts for a purpose other than earning income...
What is the reversionary trust rule? A trust is a relationship where a person, called the settlor, provides cash or other property in trust for the benefit of others, known as the beneficiaries. Although a trust is not a legal entity for most purposes, it is considered a “person”...