Grant Diamond

The Canadian Income Tax Act turned 100 last year and Canadians can be excused if they didn’t celebrate. Since its introduction in Canada in 1917, it has become a much more complex document and has grown to more than 2,000 pages in length. In 2017, the government signaled its intention to change the tax rules […] Read more

Tax season may be galloping toward us but the Fraser Institute’s Tax Freedom Day in Canada is being pushed further and further out. In 2016, it was pegged at June 7. In 2017, it was June 9 and we wouldn’t bet against an even later date in 2018. In fact, if federal deficits were funded […] Read more

In a previous article, we explained the basic nature of Bitcoin, other cryptocurrencies and how they work. In the interim, the cryptocurrencies have continued to exhibit substantial volatility, which should indicate this is not an investment path for the faint of heart. There have been some new developments, however, that indicate it might be moving […] Read more

The wild Bitcoin ride continues but is it taxable? The short answer to the taxation question is yes, and in several different ways, but essentially Canada treats Bitcoin and other cryptocurrencies as a commodity and not a government-issued currency. Its use is considered a barter transaction and is taxed accordingly. Transactions using a cryptocurrency are […] Read more

The Canada Revenue Agency is planning to make changes to the voluntary disclosures program. Under the current VDP, taxpayers have a second chance to change a tax return previously filed or to file a return that should have been filed. The taxpayer can request that the CRA provide relief from prosecution and penalties. If the […] Read more

The government’s proposed changes to the taxation of small business has heated up considerably. Opposition by those small businesses most affected, including farmers, has forced the government into sober second thought. Part of the opposition has been stimulated by a belief that the government was making unfair reversals of past tax policies designed to recognize […] Read more

The debate is certainly heating up over the federal government’s proposed tax changes with several observers jumping in on various sides of the argument. There is a fair amount of misinformation and misunderstanding surrounding the issue. To be fair, every year the government routinely issues numerous motions and budget items to alter tax legislation. Why […] Read more

The federal government’s controversial proposals to change the tax laws for private corporations would have a big impact on farmers. The government says there are inequities in the taxation benefits available to a wage earner versus those available to the owner of a private corporation who has funded the capital risk. The proposed changes would […] Read more

This is the first of two articles about tax planning using income from private corporations. The Canadian Revenue Agency has proposed legislation and is seeking consultation on tax related issues. This generally means it’s going to happen. Most of the changes affect all Canadian corporation owners, but farmers who have small business corporations will also […] Read more