Source: Tax Law Link: The CRA’s Pursuit of Real Estate Data Goes South of the Border Canadian residents pay income tax on their worldwide income. In an effort to crack down on unreported offshore income, the Canada Revenue Agency (the “CRA”) recently announced that it will start a cross-border investigation in the United States. The investiga

Source: Tax Law Link: “Bottom Line Profits”: “It Ain’t Necessarily So” Accounting involves communication and the use of language to convey business information. As with all languages, communication can create misunderstandings if one does not understand the underlying assumptions and principles of language structure. Bookkeepers keep the

Source: Tax Law Link: The Ripple Effect of Future Wage Subsidy Audits As part of its response to the COVID-19 outbreak, the Government of Canada has created a number of emergency benefits to assist individuals and businesses through these troubling financial times.  For businesses, the centerpiece of the Government’s response has been two wage s

Source: Tax Law Link: Tips, Tricks & Traps in Canada/US Cross-Border Tax and Estate Planning Michael Cirone of TaxChambers LLP was recently interviewed by Darren Coleman of Coleman Wealth. Please watch the video below to listen as Cirone and Coleman discuss issues regarding Canada/US cross-border tax and estate planning. If clicking the video a

Source: Tax Law Link: Time Is Money: Part 2 In Part 1 of “The Time Value of Money” we examined the fundamental mathematics of interest calculations and their impact on the lives of professionals and business people. In this part, we explore these fundamental principles, which affect the determination of future and present values, and which we u

Source: Tax Law Link: Time Value of Money “Time is money”. Money has no monetary value except when it is put in the context of time. Stated alternatively: “A dollar today is worth more than a dollar tomorrow”. The value is the effect of time on invested money. This is the most basic principle of finance. Interest is the rental cost of borro

Source: Tax Law Link: SCC cites TaxChambers LLP lawyers in leading decision on hedging transactions On March 13, 2020, the Supreme Court of Canada released its decision in MacDonald v. The Queen 2020 SCC 6, which outlines a new framework for determining whether a scrutinized transaction represents hedging or speculation for tax purposes. In reachin

Source: Tax Law Link: Accounting Principles: Part I Accounting is the language of the world of finance and taxation. As with all languages, there are certain rules and conventions that we follow to make the language universally understandable and acceptable. We refer to these rules as concepts and principles, which also provide the foundation for c

Source: Tax Law Link: The Long History of Taxation As we commence the new year (2020), we prepare ourselves for what awaits us: spring showers, flowers, and the hand of the tax collector reaching into our pockets. For most persons, tax is an “unpleasant subject” of complex and inexplicable rules, administered with bureaucratic ferocity and, oft