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Tuesday, November 17, 2020 @ 1:31 PM

The FinCEN files: Rethinking our banking compliance system canadian_cash_briefcase_sm

Last September, an investigation by BuzzFeed and the International Consortium of Investigative Journalists (ICIJ) exposed significant flaws in corporate compliance. Reporters obtained thousands of government documents, including over 2,100 suspicious activity reports (SARs) filed by major international banks such as HSBC, Deutsche Bank, American Express, JPMorgan Chase, with the U.S. Financial Crimes Enforcement Network (FinCEN), the American financial intelligence unit. ... [read more]

Monday, November 16, 2020 @ 1:26 PM

Looking beyond COVID-19 and U.S. election: Nearshoring IT talent in Canada businessman_window_sm

By definition, nearshoring is “a form of offshoring and describes transferring work to another country geographically close to your home country to reduce costs and increase work, travel and communication quality.” (InterVenture Sourcing AG) Thanks to the U.S. immigration restrictions, we could expand the definition and add: “and overcome immigration hurdles.” ... [read more]

Monday, November 16, 2020 @ 11:14 AM

Family cottage: How can capital gains taxes be minimized? Simple cottage

“Family is a life jacket in the stormy sea of life.” Many parents act (or have been accused of acting) overprotective at times. This quote of J.K. Rowling from the Harry Potter series seems to imply that protective function is important and can save your life. When considering how much capital gains taxes (CGT) you may have to pay on the transfer of the family cottage to yourself personally, you might hope your family rescues you too. ... [read more]

Monday, November 16, 2020 @ 9:09 AM

CUSTOMS AND EXCISE - Customs - Tariff classification - Imports

Appeal by the Attorney General from a decision of the Canadian International Trade Tribunal regarding the tariff classification of disposable shoe covers imported by the respondent. ... [read more]

Friday, November 13, 2020 @ 2:23 PM

Director residency requirements: Cutting red tape may lead to red ink Boardroo

No one likes red tape, which is why cutting it is so appealing. The Alberta Red Tape Reduction Implementation Act, 2020 (the RTRIA), given royal assent by the lieutenant governor general of Alberta on July 23, professes to do just that. It provides the legal basis for the Alberta government to meet its professed goal to cut “red tape” by one-third. Such a goal is certainly not unique to Alberta as many other jurisdictions move towards streamlining processes and otherwise removing red tape. ... [read more]

Friday, November 13, 2020 @ 8:40 AM

More of same, just nicer: International trade under Biden U.S._trade_sm

With the election is the United States being called by all major U.S. news organizations, President-Elect Joe Biden should take over the highest executive office in January 2021. While a deadly novel coronavirus and global warming may initially take precedence, matters of international trade will soon be on the agenda as the new president and his cabinet look to pull the U.S. economy out of the pandemic recession. It will be important for Canadian companies selling into the U.S. or exporting elsewhere in the world to understand how the Biden administration will treat international trade matters.   ... [read more]

Monday, November 09, 2020 @ 1:48 PM

Court upholds application of anti-avoidance rule to limited partner: Decision and considerations Cityscape

On Sept. 14, the Federal Court of Appeal released its decision on Gladwin Realty Corp. v. Canada 2020 FCA 142. The Federal Court of Appeal dismissed the taxpayer’s appeal from the Tax Court of Canada, denying the tax benefit obtained through a complex series of transactions under the general anti-avoidance rule (GAAR). ... [read more]

Thursday, November 05, 2020 @ 12:40 PM

Why paralegals are force behind innovation in law firms paralegals_sm

Paralegals are already a vital resource to law firms, but with the onslaught of tools on the market that help automate the more mundane and repetitive parts of their work, they are about to become much more valuable. ... [read more]

Thursday, November 05, 2020 @ 11:03 AM

More tax advantages from incorporation for professionals, business owners Youngwomanlooking.jpg

In the first part of this article, I discussed the principle that allows a significant tax saving from incorporation. This occurs when the owner retains the income within the corporation. The corporate tax rate that is taken off this is very low, at the small business tax rate (12.2 per cent in Ontario). This means that there is much more capital to invest on which future compounding will occur than if it had been immediately received as personal income and taxed at the high personal marginal tax rate. ... [read more]

Thursday, November 05, 2020 @ 9:31 AM

Stikeman adds tax and pensions counsel to Montreal office

Stikeman Elliott announced that Mark Firman has joined the firm’s tax and pensions and benefits groups as a counsel in the Montreal office. ... [read more]