New succession strategies for businesses
With thousands of baby boomers due to retire over the next few years, many private companies will need to prepare for their succession. To facilitate business transfers, two new tax measures were incorporated into the Income Tax Act (“ITA”) effective January 1, 2024. Making […]
Source deductions and remote work: A new administrative policy
Employers are required to determine the province or territory of employment of their employees to make appropriate source deductions. In recent years, the sharp rise in full-time or hybrid remote work has made it harder for employers to comply with […]
Employee ownership trusts in Canada: Plan carefully to avoid unintended tax consequences
In the United States and the United Kingdom, an employee ownership trust (“EOT”) is a common option for business owners seeking to transfer their business to employees or to establish an employee remuneration plan. In Canada, several different provisions of […]
Vous vendez votre participation dans une société de personnes? Les conséquences potentielles des paragraphes 100(1) et (2) de la Loi de l’impôt sur le revenu
Le présent numéro du Bulletin fiscal aborde certains aspects fiscaux à prendre en considération lors de la vente d’une participation dans une société de personnes. La vente d’une participation dans une société de personnes peut donner lieu à des gains […]
Is your partnership allocation method reasonable? The ability of tax authorities to reallocate income and losses of a partnership
Partnerships are frequently used in various legal structures as they can be a beneficial vehicle to address certain business needs. Despite the advantages of using a partnership, partners must nevertheless take into account the potential taxation issues that may arise. […]
Agreement with creditors: Beware
The unprecedented COVID-19 pandemic is having a significant financial impact on many Canadian businesses regardless of their size. A business experiencing financial difficulties may attempt to negotiate a full or partial reduction in amounts owed to its creditors. In such […]
