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Blog
Challenging Times for CRA: Taxpayers are fighting capital gains hike
Wednesday, January 29, 2025Ian SpiegelBusiness Law, Corporate Law, Tax and Estate PlanningTax, CRA, Capital Gains
On April 16, 2024, the Honourable Chrystia Freeland (“Freeland”) – then the Deputy Prime Minister and Minister of Finance – tabled “Budget 2024: Fairness for Every Generation”, which included a proposed increase of the capital gains inclusion rate from one-half to two-thirds for capital gains realized (i) by an individual over $250,000 in a year, and (ii) by a trust or corporation in any amount (the “Capital Gains Increase”)...
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Charitable giving deadline for 2024 taxation year extended to February 28, 2025 – but questions remain
Friday, January 10, 2025Ian Spiegel, Lynne WesterhofNon-Profit and Charities, Tax and Estate PlanningCharitable, Tax
In response to the recent strike by the Canadian Union of Postal Workers (“CUPW”), the Department of Finance on December 30, 2024, announced that the federal government intends to extend the deadline for making donations eligible for tax support in the 2024 tax year from December 31, 2024 until February 28, 2025...
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Proposed Amendments to Trust Reporting Requirements – August 2024 Edition
Tuesday, September 17, 2024Ian SpiegelBusiness Law, Corporate LawIncome Tax Act
Enhanced trust reporting requirements were enacted for trusts with a taxation year ending after December 30, 2023, and required certain trusts to file a T3 Trust Income Tax and Information Return (“T3 Return”) and Schedule 15 Beneficial Ownership Information of a Trust (“Schedule 15”)...
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The Empire Strikes Back: Attorney General of Canada Files Response in Tavares’ Appeal
Monday, June 24, 2024Ian SpiegelBusiness Law, Corporate LawIncome Tax Act
The captain of the Toronto Maple Leafs (the “Leafs”), John Tavares (“Tavares”), is currently in the process of appealing a Notice of Reassessment that was issued by the Canada Revenue Agency (“CRA”) with respect to his 2018 income. The Notice of Reassessment...
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Not-So-Cheap Thrills: The Bare Trust Reporting Rollercoaster
Thursday, April 18, 2024Ian SpiegelBusiness Law, Corporate LawTrusts, Tax & Estate Planning
In our previous blogs, we discussed the expanded trust filing and reporting requirements for trusts with tax years ending on or after...
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Advice is (Not) Cheap: Tax Advisor Found Negligent for Overlooking GAAR Risks
Monday, April 15, 2024Ian SpiegelBusiness Law, Corporate LawTax & Estate Planning
Tax advisors play a crucial role in navigating the complexities of the Income Tax Act (Canada) (the “ITA”) and its...
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Update: Bare Trusts No Longer Required To File T3 Returns For 2023
Thursday, March 28, 2024Ian SpiegelBusiness Law, Corporate LawCanada Revenue Agency (CRA), Trusts
In our previous blog post, we discussed the Canada Revenue Agency’s (the “CRA”) expanded trust filing and reporting....
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Trust Reporting Season is Here: Your Primer on the New Requirements for 2023
Friday, February 16, 2024Ian SpiegelCorporate Law, Business Law, Tax and Estate Planning, Tax LawTrusts, Income Tax Act
On December 15, 2022, Bill C-32, the Fall Economic Statement Implementation Act, 2022, S.C. 2022, c. 19 (“Bill C-32”), received Royal Assent. Bill C-32 amended the...
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Are Signing Bonuses Bad for Canada’s Sports Franchises?
Friday, February 9, 2024Ian SpiegelBusiness Law, Corporate LawSports Law, Tax & Estate Planning
Toronto has a rich history in professional sports. The Maple Leafs is an Original Six franchise with the...
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Court Provides Guidance on Testamentary Gifts Made to Defunct Organizations
Tuesday, January 9, 2024Ian Spiegel, Lynne WesterhofBusiness Law, Corporate Law, Tax and Estate Planning, Non-Profit and Charities
When an individual leaves a gift in their will to a charity that does not exist at the time of their death, the executor will often be...
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CRA Extends the Underused Housing Tax Deadline (Again) to April 30, 2024
Wednesday, November 29, 2023Ian SpiegelCorporate Law, Business Law, Tax and Estate Planning
On October 31, 2023, the Canada Revenue Agency (“CRA”) announced that owners affected by the Underused Housing Tax...
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No T3s for Registered Charities’ Internal Trusts
Monday, November 13, 2023Ian Spiegel, Lynne WesterhofCorporate Law, Business Law, Tax and Estate PlanningNot-for-Profit/Charities
After months of uncertainty for the charitable sector, the Canada Revenue Agency has confirmed that registered charities will not need to file a...
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CRA Extends the Underused Housing Tax Deadline to October 31, 2023
Thursday, October 12, 2023Ian SpiegelBusiness Law, Corporate LawTax & Estate Planning
On January 1, 2022, the Underused Housing Tax Act (the “Act”) came into effect. The Act requires certain owners of...
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Update: New Reporting Requirements For Trusts
Thursday, January 20, 2022Greg Farano, Lindsay Ann Histrop, Ian SpiegelBusiness Law, Corporate LawTrusts
In a previous blog post, we discussed the proposed new T3 Trust Income Tax and Information Return reporting and filing requirements for certain express trusts. These changes
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Snow washing is now more difficult in Canada, but at what cost?
Wednesday, May 26, 2021Kenneth Jull, Ian SpiegelLitigationSnow Washing, Money Laundering
For several years, the Canadian government has begun to focus on “snow washing”, the purifying of illegitimate funds through using shell corporations to launder money...
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Viewing the Supreme Court of Canada's decision in Callow through a compliance lens
Wednesday, December 23, 2020James R.G. Cook, Kenneth Jull, Ian SpiegelLitigationContract Law, Supreme Court of Canada, Compliance
The Supreme Court of Canada released its decision in C.M. Callow Inc. v. Zollinger on December 18, 2020. This decision is ground-breaking in the world of contracts, and can...
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