How CRA’s crackdown is becoming even more targeted, aggressive

Entrepreneurs hoping that Canada Revenue Agency would eventually ease its audit-focused crackdown after a recent uptick in enforcement activity may be dismayed to learn that the exact opposite is playing out. In fact, the agency is becoming even more targeted and aggressive in its activities. What we’re seeing now are a new range of enforcement […]

New restrictions on foreign investors leave more questions than answers

When Bank of Montreal and Bank of Nova Scotia, two of Canada’s largest banks, recently announced the introduction of new or revised mortgage lending rules for foreigners and international students, many across the country hailed the decision. Those sentiments were strongest in cities such as Vancouver and Toronto, where foreign buyers have been blamed at […]

Entrepreneurs on alert after new round of bogus CRA calls

The stream of fraudulent ‘Canada Revenue Agency’ (CRA) calls continues. After notifying entrepreneurs just last year about a spate of bogus phone solicitations and threats from callers purporting to be CRA representatives, it’s clear that the fraudsters are up to their old tricks again. Last week one of our clients received a call claiming to […]

CRA changes treatment of U.S. LLPs, LLLPs

Canadian investors received some bad news from the Canada Revenue Agency (CRA) recently. Ottawa announced that it is changing the treatment of U.S. limited liability partnerships (LLPs) and limited liability limited partnerships (LLLPs). Moving forward subject to transitional relief for structures currently in place, LLPs and LLLPs will be taxed as corporations in Canada. The […]

Positive news on tax rules for spousal, common-law, alter ego, joint partner trusts

Effective January 1, 2016 there will be significant changes to the taxation of trusts and estates, including alter ego, joint spousal / common-law partner and spousal / common-law partner trusts. There has been significant uncertainty in the tax community as a result of the impending legislation. Specifically, the new subsection 104(13.4) of the Federal Income […]

The benefits of a tax-planning second opinion–A KRP case study

Obtaining the right accounting and tax planning advice is critical for every business owner. That requires a strategic approach that takes both their personal and professional finances into account, while also incorporating long-term goals into any financial plan. At least that’s a best practice we reinforce here at KRP. But in some cases, we take […]

Bogus CRA calls have entrepreneurs on edge

A recent spate of fraudulent calls has given some entrepreneurs reason to review their over-the-phone dealings with Canada Revenue Agency (CRA). Just yesterday, for example, a KRP client received a threatening call purportedly from CRA’s tax fraud investigation division. The telephone number provided by the individual was a legitimate-looking number with an Ottawa area code. […]

Why business record-keeping matters–A KRP case study

Comprehensive record-keeping is a major challenge for many entrepreneurs. After all, most business owners are so busy running their organizations that taking the time to document minutiae such as travel time to client meetings becomes a burden—and a task that many inevitably neglect. But as one recent engagement with a KRP client proves, doing so […]

How real estate deals could trigger serious tax liabilities

Investing in real estate can be a smart move for many entrepreneurs. Over the past decade or more, strategic real estate purchases—particularly on the residential front—have delivered returns on investment that, in some cases, have far exceeded those offered by equities and virtually all fixed-income savings vehicles. In hot markets such as Vancouver, Toronto—and until […]