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Friday, February 21, 2020 @ 11:39 AM

Tax non-compliance: Penalties and process for evasion versus avoidance cases | Eric Ferron

Canadians want the CRA to make sure that all taxpayers and corporations are paying their fair share. They understand that tax non-compliance hurts us all. Accordingly, the CRA is committed to protecting and maintaining fairness and integrity of Canada’s tax system. ... [read more]

Friday, February 21, 2020 @ 8:22 AM

Estate freeze: Transferring business ownership to next generation dollarsign_ice_sm

Private businesses — many of which are family-owned and operated — are a key driver of the Canadian economy. Business owners invest heavily, working long hours and putting their capital at risk, to build and maintain their enterprises. Sadly, many businesses fail despite these efforts, but sometimes the results are impressive in terms of job creation, economic impact and growth in the value of the business. It’s been suggested that “estate freeze” tax planning allows wealthy business owners to escape taxation. Whether or not one agrees that wealthy Canadians should pay more taxes, the elimination of estate freeze planning will not make our tax system fairer or more efficient. ... [read more]

Thursday, February 20, 2020 @ 12:47 PM

Three new partners at Lavery

Lavery Lawyers announced the appointments of Valérie Belle-Isle, Guillaume Laberge and Béatrice Ngatcha as partners of the firm. ... [read more]

Wednesday, February 19, 2020 @ 1:32 PM

Representation and warranty insurance expanding in Canada insurance_risk_sm

In M&A transactions, the representations and warranties, as well as the related indemnity and holdback provisions, are major points of negotiation. The purpose of these provisions is to allocate the risk of liability between the seller and buyer. However, the required due diligence and the negotiation process can be enormously costly and ultimately the deal may fall apart as the risk cannot be allocated in a manner that is satisfactory to both parties. ... [read more]

Wednesday, February 19, 2020 @ 8:39 AM

Loyalty programs, gift cards: Key points for estate planning reward_card_sm

Here are the key points and questions to ask clients regarding their favourite loyalty, travel reward or frequent shopper programs. ... [read more]

Tuesday, February 18, 2020 @ 9:04 AM

Boosting the rate of technology adoption | Aaron Baer

For many observers of the legal industry, the seemingly glacial change of innovation can be astounding. After all, it’s not unreasonable to wonder how the use of data analytics, process mapping or new technology within a law firm can be considered to be innovative. But the reality is that lawyers (and law firms) are often resistant to change. Being trained to identify all potential risks and being subject to a system that relies so heavily on precedent doesn’t exactly align itself well to change. And of course, there’s the incentive misalignment that will remain present in the legal profession so long as the billable hour reigns supreme. ... [read more]

Wednesday, February 12, 2020 @ 10:48 AM

Cross-border stock options at risk of double taxation Canadian-American hands with coin

Canadian residents who receive an incentive stock option from an employer in the United States may wind up paying tax twice. And the government of Canada isn’t making things easier. ... [read more]

Wednesday, February 12, 2020 @ 9:50 AM

CREDITORS AND CLAIMS - Claims - Filing 

Appeal by Levick from the dismissal of his motion to disallow payment of a dividend to Canada Revenue Agency in his bankruptcy proceedings. ... [read more]

Tuesday, February 11, 2020 @ 2:10 PM

Immigrants beware: IRS, CRA operate differently canada_u.s._tax_sm

For immigration purposes, life would be easier if the Internal Revenue Service in the United States and the Canada Revenue Agency in Canada were on the same page. But they are not, and for this reason people must be aware of their status for tax obligations. ... [read more]

Friday, February 07, 2020 @ 1:21 PM

Transferring tax debt between parties Man_examining_electronic_receipt

On Jan. 10, the Tax Court of Canada handed down a decision in the appeal Scott v. Canada 2020 TCC 4. This has some interesting comments on issues that affect our clients every day. ... [read more]