General

Joern (“John”) Scholz is a former CPA who unfortunately caused havoc for his clients, and their tax matters, before his CPA membership was revoked. John was convicted of convincing a large number of taxpayers to participate in complicated RRSP maneuvers after having persuaded them that everything was legal under the Income Tax Act...

Renovating a property can be an exciting endeavor, whether it’s for personal enjoyment or as an investment. However, when it comes to tax implications, particularly under the Goods and Services Tax/Harmonized Sales Tax (GST/HST) in Canada, understanding what constitutes a substantial renovation is crucial. The reason is because if you...

Receiving a notice of audit from the Canada Revenue Agency (CRA) can be a daunting experience for taxpayers. However, with the right approach and guidance, navigating a CRA audit can be manageable and less stressful. In this blog post, we’ll discuss tips on how to handle CRA audits effectively, drawing insights from a Toronto tax...

In Canada, one crucial aspect of settling an estate is obtaining a clearance certificate. This document plays a pivotal role in ensuring that the tax affairs of the deceased are settled properly. In this article, we’ll look into what a clearance certificate for an estate entails, with a specific focus on its importance in tax planning, and...

As a freelancer or independent contractor in Toronto, you enjoy the freedom and flexibility of being your own boss. However, along with this independence comes the responsibility of managing your taxes effectively. Understanding the unique tax considerations for freelancers and independent contractors in Toronto is essential for ensuring...

Tax laws play a crucial role in shaping the financial landscape of Toronto, Canada’s largest city. Whether you’re a resident or a business owner, understanding the intricacies of Toronto’s tax regulations is essential for compliance and financial planning. In this blog post, we’ll explore the significance of tax laws in...

Canada has tax treaties with a number of countries around the World. These treaties are meant to stop double-taxation, where appropriate.If you are a Canadian tax resident, and you have paid taxes in another country (that we have a tax treaty with), you are normally entitled to foreign tax credits based on the amount of taxes you paid in that...

Unreported income can have serious consequences for individuals and businesses, leading to penalties, audits, and legal disputes with the Canada Revenue Agency (CRA). As tax lawyers specializing in unreported income cases, we often encounter clients who are concerned about how the CRA identifies unreported income and what steps they can take to...

Registered Retirement Savings Plans (“RRSP”) are a tax deferral vehicle. If you put money into your RRSP, you normally take an equal deduction off your income in the year the contribution was made.If you earn $100,000 of income, and you contribute $10,000 to your RRSP, your taxable income becomes $90,000.Since there are large tax benefits from...

Tax Free Savings Accounts (“TFSA”) have been available to Canadian resident taxpayers since 2009. Each year taxpayers can contribute an additional amount to their TFSA. As the name suggests, the income/capital gains earned in the account are tax-free. But what happens is you contribute more than you are allowed to? TFSA Over-Contribution Penalty...