Welcome to another edition of Privately Speaking — Tax Insights, bringing tax ideas and guidance to the owners and managers of private companies in Canada. It will resonate with anyone interested to learn about some confusion regarding tax free savings accounts, the changing landscape for those involved in aggressive tax planning, the impact of being considered a subcontractor versus an employee, and new efiling requirements.

The authors and your local contacts are all pleased to discuss these issues or any other tax matters that concern you. Please feel free to contact any one of us.

 

Murky TFSA rules catch taxpayers offside 

By Charles Fu

The humanitarian Eleanor Roosevelt once said, “When you cease to make a contribution, you begin to die.” Could at least 70,000 Canadians have taken this line of thinking literally? Read more.  

Tax planning under heightened scrutiny 

By Alain Orvoine and Michel Ostiguy

Few taxpayers enjoy filing lengthy forms and returns with the tax authorities. Those who do can look forward to additional disclosures that will be required for aggressive or abusive transactions. Read more.

You say subcontractor; the CRA says employee 

By Tracy MacKinnon

The Canada Revenue Agency (CRA) has become increasingly interested in independent contractors and whether they are, in fact, employees. Many individuals prefer to be treated as independent contractors, enabling them to deduct a wider range of expenses from their income than employees. Read more.

The CRA embraces technology 

By David Beer

Technology marches on and the CRA is trying to march with it. For many corporations, electronic filing of income tax returns and GST/HST returns is now mandatory. Read more.

This publication is produced by Deloitte & Touche LLP as an information service to clients and friends of the firm, and is not intended to substitute for competent professional advice. No action should be initiated without consulting your professional advisors. Your use of this document is at your own risk .

About Deloitte

Deloitte, one of Canada’s leading professional services firms, provides audit, tax, consulting, and financial advisory services through more than 7,700 people in 58 offices. Deloitte operates in Québec as Samson Bélair/Deloitte & Touche s.e.n.c.r.l. Deloitte & Touche LLP, an Ontario Limited Liability Partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.