Accounts Payable Risk Management
Accounts payable (AP) is a critical area within a company’s financial operations and is commonly vulnerable to various risk factors if not properly managed. This mismanagement can lead to compromised financial integrity and stability as well as strained vendor relationships. Some of the most common vulnerabilities along with recommended strategies for their monitoring and prevention […]
Beneficial Ownership Information Report: Only Certain Non-U.S. Entities Required to File
As mentioned in our update on March 12, 2025, the Financial Crimes Enforcement Network (FinCEN) was expected to issue a ruling removing this filing requirement for U.S. entities. Indeed, such a ruling was issued to this effect. Going forward, the only entities required to file this report are foreign (that is, non-U.S.) entities that have […]
Tax Relief for Businesses Affected by Tariffs
Interest Relief for Businesses On March 21, 2025, the Government of Canada announced special tax relief to support businesses that may be affected by tariffs. This article will discuss who is eligible for the relief, what relief is being provided, and the responsibilities of those who require relief. Who is Eligible for the Relief The […]
U.S. Tax Deadlines to be Aware Of
Individuals and businesses who are residents of the U.S. or receive certain types of income from U.S. sources have certain U.S. tax filing and payment requirements. The following are some of the key upcoming Federal tax deadlines for the 2024 filing year: April 15, 2025 U.S. corporate tax returns (Form 1120/1120-F) for corporations with a […]
Current State of Beneficial Ownership Information Report
This is a follow-up to our article on December 11, 2024 Beneficial Ownership Information Report Requirement Suspended by Texas Court to provide an update on the status of the Beneficial Ownership Information Report (BOIR) requirement. As a brief refresher, this reporting requirement was enacted by the Corporate Transparency Act upon U.S. (and certain non-U.S.) entities. […]
2024 Trust T3 Returns – Reporting Requirements and Latest Changes
Since 2022, there have been significant revisions to the reporting obligations for trusts in Canada. This article summarizes information on the filing and disclosure requirements, changes to tax calculations, and filing deadlines and penalties. Bare Trusts Generally Not Required to File 2024 T3 Returns Canada Revenue Agency (“CRA”) has previously announced that bare trusts are […]
CRA Business Mail is Going Online in Spring 2025
Starting in Spring 2025, the CRA will transition to use online mail as their default method of delivering most business correspondence. This means that businesses will stop receiving paper mail and will only receive mail through the CRA’s secure online portal, My Business Account. Business correspondence refers to notices, letters, forms, statements, and other documents […]
2024 Personal Tax Planning Tips
Welcome to tax season! It’s time to prepare for filing your 2024 personal tax return. To help you get organized, we’ve put together a checklist to assist in gathering all necessary information. In this article, we outline the key deadlines related to your filing obligations and highlight changes implemented to personal tax filings for 2024. […]
Important Upcoming 2025 Tax Deadlines
With the new year behind us, it is crucial to be aware of the upcoming tax deadlines in early 2025. In this article, we will discuss a few important deadlines that you should be aware of. End of February / Beginning of March Charitable donations For 2024 only, the deadline for making donations eligible for […]
The Effective Date for the New Capital Gains Inclusion Rate Has Been Deferred
On January 31, 2025, the Minister of Finance (the “MOF”) announced that the federal government will defer the effective date on which the capital gains inclusion rate would increase, from the proposed date of June 25, 2024 to January 1, 2026. As a result, the Canada Revenue Agency (the “CRA”) will not administer the proposed […]
