Archive for Category: Corporation

A picture of unpaid taxes by a director with a post it note on a laptop reading ”tax deadline

Zvilna v. Canada: Director’s Liability for Unpaid Taxes: A Canadian Tax Lawyer’s Note of Caution to Directors

Background on Directors Liability for Taxes: The Tax Court of Canada has recently decided a case regarding director’s liability for unremitted GST/HST. Generally, a director of a corporation can be held personally liable to CRA for various corporate liabilities such as unremitted GST and HST, as well as unremitted...

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Canadian Lawyer Analysis: Income Tax Consequences for Employee and Employer Receiving or Paying Wages or Salaries in Cryptocurrency

Introduction: The Starting Point of the Taxation of Employment Income Every person resident in Canada must pay income tax on the taxable income for each taxation year. Section 3 of the Canadian Tax Act sets out five main sources of income: office, employment, business, property, and capital gains/losses. In...

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Dividend Refund Rules for Private Corporations

Dividend Refund Rules for Private Corporations

Introduction: Why do private corporations receive Refundable Dividends? Canada’s Income Tax Act was originally drafted with three main principles in mind: equity, simplicity, and fairness. In essence, the overall goal of the Income Tax Act is to remove incentives or disincentives for structuring one’s affairs in a particular manner...

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