Tax Perspectives

Please note that these publications may not be up-to-date as taxation matters are subject to frequent changes.

PDF Format All Issues October 1997 Computer Software Shelters Under Attack By Howard Berglas, CA Reducing taxes through the use of tax shelters has become more and more difficult over the years. Recent legislative changes and more vigilant scrutiny of tax shelters by Revenue Canada have now led to all out war. In addition, the multitude of... What is an Estate Plan? By Grace Chow, CA, TEP Cadesky and Associates LLP (Toronto) What is an estate plan? When do you need one and what can it do for you? In this article, we will review these questions and provide some guidelines. To understand what an estate plan is and what it does, we should start with defining the objectives. ... New Faces in the Office Effective October 1, Jonathan Richler and Christina Tari joined us as Principals and will consult on various tax matters. Coming from legal backgrounds, they will practice as Richler and Tari, Tax Lawyers. Jonathan L. Richler, LLBRichler... Foreign Reporting Rules Changed Again Canada's foreign reporting rules were passed into law in April 1997. However, before the forms were even released, the rules have changed yet again. The most significant points are summarized below. Personal Reporting DeferredThe information... Transfer Pricing — Canada Gets Serious By Howard L. Wasserman, CA, CFP, TEP Cadesky and Associates LLP (Toronto) Over the past 10 years, there's been a lot of talk about transfer pricing, arm's length standards, fair market value, OECD models and so on. Aside from very large corporations, nobody really paid much attention. A required form, introduced several years... Reasonable Expectation of Profit — Strike one up for the good guys By Grace Chow, CA, TEP Cadesky and Associates LLP (Toronto) Imagine making an investment of a purely commercial nature. You make money, and you pay tax. Sounds fair. What if it doesn't make money? You should be able to get tax relief. Well, it's not always that easy. Our client made an investment in a... The New Revenue Agency — No Nonsense Tax Administration By Howard Berglas, CA Revenue Canada recently announced that it is proceeding with a plan to create a National Revenue Agency to replace Revenue Canada. The new Agency will be headed by a committee of external persons selected from various sources. While the Revenue Minister... Setting up Offshore — Which Country is the Best? By Michael Cadesky, FCA, TEP Cadesky and Associates LLP (Toronto) Asking which country is the best tax haven, is a bit like asking which country has the best restaurants. It is difficult to find Swiss fondue in Singapore, or Irish pub fare in Barbados. And while all of these countries are tax havens for certain... Taxation of Social Security Benefits By Howard Berglas, CA Over the past few years, the taxation of social security benefits under the Canada-US Convention has changed not once, but twice. To clarify the new rules, we have produced this table. Registered Education Savings Plan ("RESP's") — Every Home Should Have One By Howard L. Wasserman, CA, CFP, TEP Cadesky and Associates LLP (Toronto) The February 1997 Federal Budget introduced a number of favourable changes to RESP's. They are well worth considering, to fund a child's university education in a tax-effective way. What is a RESPA RESP is a plan whereby an individual... Canada's Budget Surplus/Dangerous Politics By Michael Cadesky, FCA, TEP Cadesky and Associates LLP (Toronto) The Canadian budget is heading for the black. Yes, there is the scepter of a surplus. This is politically dangerous, yes dangerous we believe, if not accompanied by lower tax rates. In the past 10 years, Canadians withstood high tax rates, a bogus...