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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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Fall 2003
Volume 3, Number 3

    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 and TSG member firms cannot assume

  • Introduction
    By Michael Cadesky, FCA, TEP
    Cadesky and Associates LLP (Toronto)

    With this edition of Tax Perspectives, we welcome Frostiak & Leslie Chartered Accountants Inc. , Winnipeg, to our TSG network. Larry Frostiak is a specialist in estate planning with a strong tax background. He is Chair of the Winnipeg branch of STEP...

  • U.S. Attacks Offshore Credit Cards
    By Arnold Sherman, CA, CTA, TEP, FCA (England and Wales)
    H. Arnold Sherman Professional Corporation (Calgary)

    The United States Internal Revenue Service ("IRS") has been aware for many years that some U. S. taxpayers have been cheating on their taxes by hiding part of their income in banks in the Caribbean and elsewhere. In the year 2000, the IRS found a way...

  • Employee vs. Independent Contractor
    By Hugh Woolley, CA
    Lewis and Company (Vancouver)

    Whether an individual is considered to be an employee or an independent contractor is an important issue for both workers and hirers. From the worker's perspective, the ability to deduct significantly more expenses and to incorporate income without...

  • Non-Compete Payments now Taxable
    By Kim Moody, CA, TEP
    Moodys LLP Tax Advisors (Calgary)

    In the previous issue of Tax Perspectives, we discussed the Manrell case and the strategy of tax-free non-compete payments on sale of a business. Legislation is to be introduced to eliminate this unintended benefit. After October 7, 2003,...

  • Bill Daye Recognized

    In our last edition, we welcomed Bill Daye and his firm to the Tax Specialist Group. We now recognize him for a distinguished achievement. Bill was recently made a Fellow of the Institute of Chartered Accountants of Alberta (FCA designation). This...

  • The Estate Freeze — Old Tools Revisited
    By Larry Frostiak, CA, CFP, TEP
    Frostiak & Leslie Chartered Accountants Inc. (Winnipeg)

    In the next ten years or so, there will be a monumental transfer of wealth, as a younger generation gets set to inherit business, real estate and other investment assets. Of course, the Canada Customs and Revenue Agency (CCRA) will also be anxiously...

  • The Proxy Decision

    One of the more complex decisions to make in an SR&ED claim is in how to calculate overhead expenditures. The choices are filing a "Proxy Method" or a "Traditional Method" claim. Briefly, the Proxy Method allows for a gross-up of labour costs by...

  • In Brief
    By Howard L. Wasserman, CA, CFP, TEP
    Cadesky and Associates LLP (Toronto)

    No Stock Option ReliefThe Department of Finance has decided not to give relief to those individuals who have exercised stock options and whose shares were subsequently worth far less than the original exercise price. In the situation...

  • Setting up in China
    By P.Y. Ng, ACCA
    Thomas Lee & Partners (Hong Kong)

    Following China's entry into the World Trade Organization (WTO) in 2001, China has continued to be a major market for the inflow of foreign capital. Foreign investors wish to tap the relatively low cost of labour and resources and sometimes the huge...