The Canada Revenue Agency notes on its website that “We recognize that many First Nations people in Canada prefer not to describe themselves as Indians. However, we use the term Indian because it has a legal meaning in the Indian Act.” For the same reason, the author uses the term in this … [Read more...]
Tax Issues for New Canadians
While there are many attractions to Canada, I cannot recall anyone attracted by a desire to experience our income tax system! Like most developed tax systems, ours can be extremely complex, and can impose results perceived as neither just nor equitable. Many tax issues are unique to new Canadians, … [Read more...]
Tax Problems
As I write this a controversy is playing out in the United States over apparent targeting of Tea Party and other conservative groups by local offices of the Internal Revenue Service (IRS) to determine if they met American statutory requirements for exemption from tax. Under U.S. law such groups must … [Read more...]
Your Principal Residence and Taxes
Capital gains have been subject to taxation in Canada since 1972. At present, only half of any capital gain is included in income. While this includes property such as real estate, most Canadians are aware that there is a “principal residence exemption”, and believe gains on their home will not … [Read more...]
The Tax Implications of Marital Breakdown
Breaking Up is Hard to Do The breakdown of a relationship creates sufficient personal upheaval that it is unreasonable to throw in the myriad legal implications that also result. Unfortunately, the law is not always reasonable. And, the tax provisions applicable to matrimonial breakup add further … [Read more...]
37-1 | Sep-Oct 2012
Table of Contents Featured Articles: Tax Law A little knowledge about Canada’s tax system and the courts that administer it can alleviate some anxiety if you find yourself with a tax issue to resolve. The Tax Court of Canada: An IntroductionMike DolsonThe Tax Court, Canada’s newest superior … [Read more...]
Olympics Medals, Poker Championships, and Taxes
Winning a medal at the Olympics is not only a great personal achievement and something that is admired and celebrated by entire nations, but also an achievement that comes with a financial bonus. Peter Bowal summarized these winnings: For Canadian medalists: $20,000 (gold), $15,000 (silver) and … [Read more...]
More Resources on Personal Tax Credits
In the latest issue of LawNow, the article "Credit where Credit is Due: Personal Tax Credits in the Canadian Tax System" looks at where personal tax credits are available. These include credits for: dependent family members, children's fitness and arts, pensions, medical … [Read more...]
The Tax Court of Canada
Which is Canada's youngest superior court? The Tax Court! Did you know that the Tax Court of Canada is widely respected for its fairness and efficiency? Do you know the powers of the Tax Court? How about the jurisdiction? Did you know that Tax Court Justices are required to reside within 40 … [Read more...]
Taxation and the Criminal Law: Tips for Accounting Professionals & Legal Advisors
At first glance, one might think that tax law and criminal law are mutually exclusive areas of practice. Taxation largely deals with the application of the Income Tax Act (“ITA”) and Excise Tax Act (“ETA”) to financial transactions entered into by individuals, corporations, trusts, and others … [Read more...]