Tax
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October 29, 2024
When a holding company makes sense in estate law
The preparation of a will to direct and manage the transfer of assets between a person and their beneficiaries is often the primary focus in the estate planning process. What is not always considered by many is the role proper estate planning plays in the preservation of wealth and the minimization of taxes on the transfer of those assets.
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October 28, 2024
The legalities and liabilities of short-term rentals in Alberta
In recent years, the rise of online vacation rental platforms like Airbnb has revolutionized the travel industry worldwide. In Alberta, these rental properties have become increasingly popular given the flexibility and diverse range of accommodations available for those seeking an alternative to traditional hotels.
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October 25, 2024
FINTRAC special bulletin on use of legal profession in money laundering, sanctions evasion
On Oct. 23, 2024, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published a Special Bulletin on the use of the legal profession in money laundering and sanctions evasion. I think this publication, especially its timing, raises an interesting question — but before I get to that question, we need to review the history between FINTRAC and the legal profession.
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October 24, 2024
Estate freezes: An icebreaker
Parents who run a family business often wish to pass that business and its proceeds on to their children. However, simply transferring the shares of the business to their children through their wills is often costly, chiefly due to the tax liabilities incurred by the estate. Several tax planning strategies have been developed to mitigate these tax liabilities. One of these strategies is known as an “estate freeze.”
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October 22, 2024
New partner, associate join Aird & Berlis
Aird & Berlis LLP recently announced that Keith Brown had joined the firm as a partner in the firm’s Indigenous practice, energy, environmental law, infrastructure and litigation groups. The firm also announced the addition of Rebecca Skinner as an associate in the tax and tax controversy/tax litigation groups.
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October 18, 2024
Ottawa announces surtax reimbursement program for some Canadian businesses
The federal government has announced it will reimburse some Canadian businesses for the additional surtaxes it is charging on electric vehicles (EVs) and steel and aluminum imported from China.
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October 17, 2024
Business organizations call on federal government to scrap capital gains tax increase
The Canadian Federation of Independent Business (CFIB), along with 20 other industry organizations, is calling on the federal government to scrap the upcoming increase to the capital gains inclusion rate and to make the Canadian Entrepreneurs’ Incentive available to business owners in all sectors.
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October 15, 2024
Canada lists Samidoun as terrorist entity under Criminal Code
In concert with the United States, which describes Samidoun as “a sham charity that serves as an international fundraiser for the Popular Front for the Liberation of Palestine (PFLP) terrorist organization,” Canada has listed the Palestinian Prisoner Solidarity Network (a.k.a. Samidoun) as a terrorist entity under the Criminal Code.
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October 15, 2024
OSFI: Pension plan solvency ratios, share of fully funded pension plans up in 2023-24
The share of underfunded pension plans in Canada at the end of 2023 fell to 11 per cent from 17 per cent in 2022 as the average solvency position of pension plans improved for a third consecutive year, according to the annual report of the Office of the Superintendent of Financial Institutions (OSFI).
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October 11, 2024
The four-minute inch | Marcel Strigberger
As Benjamin Franklin said, “In this world, nothing can be certain except, death, taxes and snails.” Ok, maybe he did not mention snails. But these slugs might just be a way to avoid taxes. To wit.