Ties to the U.S.: You May Need an ITIN Number

Are you a non-U.S. citizen or green card holder who is required to file a U.S. tax return or has investments in U.S. real property or a U.S. partnership? If so, you may need to apply for a U.S. Individual Taxpayer Identification Number (“ITIN”). An ITIN is a tax ID number that is issued by […]

Pay Attention When Paying Your Taxes Online Through Your Bank

Over the last few months many of us have had to change the way we do things as a side effect of the current COVID-19 pandemic. Included in these changes is the way we pay our income taxes: as many of us have switched to online payments instead or writing cheques or going to the […]

Investment Real Estate: transferring real estate to a corporation

Real estate owners often ask themselves if they should own investment real estate personally or through a corporation. There are certain tax consequences and factors to consider in transferring real estate to a corporation. Do you know which? Holding real estate property personally or in a corporation? Deciding to hold a real property in a […]

COVID-19 | Family Trusts Important Changes

Often, for tax planning or other purposes trusts are created, for example, to own shares of private corporations. Until this year, these and other similar trusts were not required to file an annual trust tax return. As of 2021, all trusts, with a few exceptions, will be required to report the identity of all trustees, beneficiaries, and settlors of the trust.

New Measure to Cool Real Estate Market

In the 2021 federal budget, the Minister of Finance announced a new tax law will be coming in effect on January 1, 2022, regarding vacant residential properties owned by foreigners.

How to Protect Yourself as the Liquidator of an Estate

Did you know that as the liquidator of an estate you have a certain amount of liability, such as legal possession of all the deceased’s property AND responsibility for the payment of all debts to the date of death, notably income tax? Once you have filed the final tax returns for the deceased what’s your […]

Federal Budget 2021: Our Highlights

Like for all other business operations, the COVID-19 pandemic is changing how nonprofit organizations execute their fundraising activities. Many nonprofits have switched to virtual activities to keep donors engaged and to encourage giving.