Introduction – Tax Exemptions for Charities To promote philanthropic ventures, the Canadian income tax regime offers generous tax benefits for people and organizations engaging in charitable activities. First, under the Canadian Income Tax Act, an organization that maintains registered charity status is tax-exempt on any income it receives. An...
Introduction: The Access to Information Act And The Privacy Act An Access to Information and Privacy (ATIP) request, also referred to as Access to Information and Personal Information request, allows a Canadian taxpayer to exercise his or her right to access records of government institutions, including personal information held...
The Canada Revenue Agency (CRA) has revealed that $458 million in funds distributed to employers through a pandemic-era wage subsidy program have either been denied or adjusted. This decision is a consequence of an ongoing tax auditing process that is not yet complete. The CRA published a report on...
Introduction: First Home Savings Account (FHSA) Purchasing a home is a significant milestone in one’s life, often requiring substantial financial planning and saving. With increasing housing prices and stagnant housing supplies in Canada, in August 2022, the Canadian federal government in Budget 2022 proposed the tax-free First Home Savings...
Introduction: Restrictions on Foreign Home Buyers Via Taxes Canada has had the reputation of being welcoming towards immigrants at least for the past decades. However, there has also been a series of federal and provincial tax policies implemented in an attempt to restrict foreign non-resident of Canada home buyers...
Introduction: Canada Focuses On Economic Immigrants Immigrants account for approximately a third of all business owners in Canada. This may not be a surprising fact since the most recent Canadian census noted that almost 1 in 4 people in Canada are or have been a landed immigrant or permanent...
Introduction: Medical Expense Tax Credit Canada’s Medical Expense Tax Credit (METC) is a non-refundable tax credit. The list of eligible and excluded medical expenses published by the Canada Revenue Agency (“CRA”) is constantly being updated, making it a challenge for taxpayers with medical needs to file their personal tax...
The Federation of Law Societies of Canada initiated legal proceedings in the BC Supreme Court to challenge the constitutionality of recent amendments to the Income Tax Act The Federation of Law Societies of Canada has taken legal action in the BC Supreme Court, contesting the constitutionality of recent amendments...
In Barrs v The Queen et al, the taxpayer, Mr. Randall Barrs, appealed to the Federal Court of Appeal after the Federal Court dismissed his application for judicial review of the Canada Revenue Agency’s (CRA) decision to deny him additional relief from accrued interest. In 1984, Mr. Barrs and...
Overview: Tax Evasion and the Matter in Regina v Reynolds Tax fraud and tax evasion can manifest through a range of actions, encompassing, yet not restricted to: (1) avoiding income tax responsibilities, (2) endeavouring to deceive the government via falsified loss claims, or (3) deliberately evading the assessment, collection,...