Lost Profits Versus Lost Business Value
In commercial litigation, valuation experts are often retained to evaluate commercial and economic losses that can typically arise from a claim of breach of contract or negligence. These losses can generally be classified as: a) Lost Profits and/or b) Loss of Business Value. The key distinction is the duration or disruption of the commercial and […]
Important Deadline for Prescribed Rate Loans – 2025
If you have a prescribed rate loan as an income-splitting arrangement, with either a family member or with a family trust, the deadline to repay the 2024 interest on the loan is January 30, 2025. It is vital that the interest is paid in cash as failure to do so would cause the loss of […]
Beneficial Ownership Information Report Requirement Suspended by Texas Court
The Corporate Transparency Act (CTA) had set out U.S. federal laws requiring most U.S. entities (including corporations, partnerships and limited liability companies) and some non-U.S. entities to file a Beneficial Ownership Information Report (BOIR). The BOIR was to be filed with the Financial Crimes Enforcement Network (FinCEN), which is the same government agency that administers […]
What You Need to Know as an Estate Executor: Key Considerations
Being named as an executor of a Will can be challenging and comes with significant responsibilities. It also carries potential risks, including personal liabilities related to estate administration. In this article, we highlight some key considerations that estate executors should keep in mind to avoid potential liabilities and help facilitate a smoother estate administration process. […]
Scaling-up Your Finance Department
Taking your business from a Start-up to a Scale-up is an incredible milestone. As you focus on building your brand and raising capital to grow, it is vital to simultaneously focus on financial reporting. Having a proper financial reporting structure not only demonstrates success, but it also instills investor confidence in the business, and its […]
CRA Announces Bare Trust Filing Exemptions for 2024
On October 29, 2024, the Canada Revenue Agency (“CRA”) announced that it will not require bare trusts to file a T3 Income tax and Information return (“T3 Return”), including Schedule 15 – Beneficial Ownership Information of a Trust (“Schedule 15”), for the 2024 tax year, unless the CRA makes a direct request for these filings. […]
Can the US Federal Election End Double Taxation for Americans Living Abroad
With Presidential Election Day around the corner, Trump and Harris have been lobbing various promises to win votes among the American people. In particular, Trump has vowed “to end double taxation on our overseas citizens.” On the surface, this sounds like it would be very enticing to the millions of Americans living outside the country […]
Maximizing the Sale Price of Your Business
The sale of a business can be one of the most critical and lucrative events in someone’s life. However, the execution of this process is subject to many moving parts, so proper planning is vital to the overall success of the sale. We generally recommend that business owners begin planning for the sale of their […]
Proposed Legislative Amendments to the Trust Report Requirements
The legislative amendments in 2022 brought significant changes to the reporting obligations for trusts in Canada. The enhanced trust reporting rules mandate all trusts to file an annual T3 Trust Income Tax and Information Return (“T3 return”) for taxation years ending after December 30, 2023. Additionally, as part of the T3 Return, all trusts are […]
Is Your Company Paying a Ghost Employee?
Payroll internal controls are critical for every organization to prevent fraud, avoid clerical errors and protect confidential employee data. Payroll fraud can include such acts as an employee falsifying time records and the payroll administrator paying wages or a salary to a fictitious employee. These acts generally occur due to a lack of internal controls […]
