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Tax Perspectives

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


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Summer 2003
Volume 3, Number 2

    The information in Tax Perspectives is prepared for general interest only. Every effort has been made to ensure that the contents are accurate. However, professional advice should always be obtained before acting on the information herein.

  • Introduction
    By Kim Moody, CA, TEP
    Moodys LLP Tax Advisors (Calgary)

    With this edition of Tax Perspectives, we welcome two new members to our group: Daye & Co. - Edmonton, and Ralph H. Green and Associates — Saint John, New Brunswick. This extends our coverage to nine firms in seven cities coast-to-coast across...

  • Sale of a Business — Structuring Non-Compete Arrangements
    By W. P. Daye, FCA, TEP
    Daye & Company (Edmonton)

    A recent decision of the Federal Court of Appeal, Manrell v. The Queen, 2003 FCA 128, March 11, 2003, has confirmed that when a business is being sold, it may be possible to arrange the sale so that a portion of the sale proceeds may escape taxation. ...

  • U.S. Tax Cuts
    By Stanley C. Ruchelman, J.D., TE
    The Ruchelman Law Firm, (New York)

    Culminating a process that began with the mid-term elections, the President signed into law the Jobs and Growth Tax Relief Reconciliation Act of 2003 on May 28, 2003. The legislation provides $350 billion of tax relief and $20 billion of aid to state...

  • Reduced Standby Charge For Automobiles Welcomed
    By Ralph H. Green, CA, TEP
    Ralph H. Green & Associates

    Where an employer provides an automobile to an employee, a personal benefit is assessed based on two-thirds of the lease cost or 24% of the capital cost of the vehicle. This is over and above a benefit for paying for the employee's gasoline, insurance...

  • Car Expenses — Some Things to Argue About
    By Michael Cadesky, FCA, TEP
    Cadesky and Associates LLP (Toronto)

    The Canada Customs and Revenue Agency (CCRA) takes the position that the trip from home to the office and back is personal, not business travel. This is important for how much may be claimed for car expenses and the reduced standby charge. But is this...

  • In Brief — A Summary of Certain Recent Developments
    By Howard L. Wasserman, CA, CFP, TEP
    Cadesky and Associates LLP (Toronto)

    Professional IncorporationOn October 30, 2002, the Ontario Business Corporations Act ("OBCA") was amended to allow certain professionals to incorporate their practices. It stated that professional corporations can carry on "activities...

  • Immigrant Trusts

    Under Canadian income tax laws, new immigrants to Canada are able to shelter income from Canadian tax for a period of up to 60 months through an immigrant trust. An immigrant trust is an international trust established by a person who has immigrated to...

  • U.S.-Canadian Cross-Border Planning — Nova Scotia Unlimited Liability Companies (Part 2)
    By Steven Peters, CA, CPA, TEP
    Steven Peters Limited (Halifax)

    As you may recall from my article in the Spring 2002 edition of Tax Perspectives, a Nova Scotia unlimited liability company (NSULC) is a Nova Scotia company whose shareholders elect to have unlimited liability for corporate debts. One may wonder why on...