News & Events

News

March 23, 2020

Update of COVID-19 Related Tax Extensions

The CRA has updated its table of payment and filing extensions. Please note that, contrary to the date mentioned in the government’s prior release about extensions, tax payments for many entities are now confirmed to be due “by September 1, 2020” rather than “After August 31, 2020”. Of important note is the fact that…

March 18, 2020

COVID-19: CRA filing deadlines and payment dates extended: details below:

Canada’s-COVID-19-Economic-Response-Plan-Support-for-Canadians-and-Businesses

September 13, 2019

Join Cadesky partner Dean Smith and others for an informative and interactive breakfast seminar on Friday September 20, 2019. They will discuss tax & estate planning issues for Canadians who own U.S. real estate and investments. They will also discuss foreign account tax compliance, including, FATCA and FBAR required by U.S. persons living in Canada and various methods to surrender U.S. Citizenship.

January 16, 2019

View all U.S. Personal Income Tax Rates for 2019

U.S.Personal.Income.Tax.Rates-2019

May 14, 2018

The Senate is continuing its study of the private company tax proposals.  On December 13, 2017 the Standing Senate Committee on National Finance issued a study recommending the proposals be withdrawn in favour of a review of Canada’s overall tax system.  Failing this, the Committee recommended that the government delay implementation of any of its proposals until January 1, 2019 so there can be “meaningful consultations”.  Ironically, on the same day, the Minister of Finance released the government’s revised income splitting legislation (11 pages instead of 27).  The new legislation was released just after the house recessed for the Winter break but became effective January 1, 2018.  That’s 18 days after they were released and while the House was in recess. These rules, as well as other proposals including the passive income proposals were tabled in the Budget Implementation Act on March 21, 2018

Peter Weissman appeared before the Senate Committee on National Finance, on May 2, 2018, to express his thoughts about the tax aspects of the Budget Implementation Act and shed light on some serious observations and concerns.

Peter’s testimony can be viewed here.

The entire hearing with the questions from the Senators and the panel’s answers can be found on the Senate of Canada ParlVU website.

December 13, 2017

View Peter Weissman’s comments to CTV about the Government’s December 13, 2017 Amended Income Splitting Proposals.

CTV News

 

December 13, 2017

View Peter Weissman’s comments about the December 13, 2017 Senate Report on the Government’s Private Company Tax Proposals.

www.bnnbloomberg.ca

October 6, 2017

With the October 2, 2017 consultation deadline now past, the government has received over 20,000 submissions concerning their July 18, 2017 private company tax proposals. We, as a firm, did not make a formal submission but responded in other ways. Michael Cadesky was heavily involved in STEP Canada’s submission to the Minister of Finance, Peter Weissman was invited to speak to the Commons Standing Committee on Finance, Ian Pryor spoke to the Standing Senate Committee on National Finance and we wrote numerous newspaper articles.

It seems the Government has acknowledged the public’s concerns. On October 3, 2017 the Department of Finance issued a Press Release stating:

The Government has listened to small business owners, professionals and experts during the consultation on tax planning using private corporations, and will act on what it has heard…..

We are hopeful that these statements confirm that the Government will significantly scale back the scope and complexity of its proposals. There has been no commitment from the Government regarding the timing of release of any new proposals. Without further comments from Ottawa, there remains uncertainty regarding what steps should be taken in 2017 to optimize taxes before any new rules come into force.

Tax News

May 15, 2020

Canada’s Financial Support During the COVID-19 Pandemic
Toronto, Ontario

The Canadian federal government has announced, in addition to extensions to some filing and payment deadlines, a number of measures to financially help Canadian individuals and businesses survive the economic impact of the COVID-19 pandemic. In addition to the extended filing and payment deadlines, several programs were created to support individuals, businesses and specific sectors: Limited Wage Subsidy, The Canada Emergency Wage Subsidy, The Canada Emergency Business Account, The Canada Emergency Commercial Rent Assistance Program, The Business Credit Availability Program, The Large Employer Emergency Financing Facility, The Canada Emergency Response Benefit and The Canada Emergency Student Benefit...

March 27, 2020

March 27, 2020 Update to COVID-19 Related Tax Extensions
Toronto, Ontario

In response to queries regarding filing matters that seemed not to be addressed in the CRA’s previously announced tax filing and payment extensions on March 27, 2020 the CRA issued welcome clarifications. The CRA has agreed to defer to June 1, 2020 a number of additional administrative tax actions that are due after March 18, 2020. The March 27, 2020 CRA release states that, unless otherwise noted, the administrative actions to which the extension applies “include the filing of returns, forms, elections, designations and responses to information requests”. The CRA has summarized their updated positions in a schedule on their website...

March 24, 2020

March 24, 2020 Update of COVID-19 Related Tax Extensions
Toronto, Ontario

The CRA has updated its table of payment and filing extensions. Please note that, contrary to the date mentioned in the government’s prior release about extensions, tax payments for many entities are now confirmed to be due “by September 1, 2020” rather than “After August 31, 2020”. Of important note is the fact that there are, currently, no extensions to the following filing due dates...

April 4, 2017

Doing Business in the “New” America – A Bigger Opportunity Now, More Than Ever
Ron Joyce Centre, Degroote School of Business, Burlington Ontario, Canada

Cadesky Tax is an active member of the American Chamber of Commerce of Canada (“Amcham Canada”). Dean Smith, a former Chair of the Tax Committee, will be taking part on April 4th, in an event entitled “Doing Business in the “New” America – A Bigger Opportunity Now, More Than Ever” where he will discuss various U.S. tax issues that companies need to consider as they expand into the U.S. market place. Additional speakers will discuss, immigration, Homeland Security and How the Halton Economic Region may be of assistance.

May 19, 2016

Request made to Improve Fairness for Taxpayers with Special Needs
Toronto

The Canada Revenue Agency (CRA) continues to make it increasingly difficult for Canadians with disabilities to access a modest tax credit that means a great deal to people with marginal incomes. "In this area our tax administration is unfair, inefficient and not accountable to anyone," says tax accountant Peter Weissman. "We are concerned about CRA’s disregard not only for its own policies and procedures designed to protect the interests of the taxpayer but also numerous Tax Court of Canada rulings that have provided guidance as far as interpreting the legislative intent of the Income Tax Act."

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