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.
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