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1 month ago | 
canadian-accountant.com | David Rotfleisch
David J Rotfleisch examines the case of a chartered professional accountant who claimed business expenses for a company he cofounded in Prince Edward Island.
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Jan 31, 2025 | 
mondaq.com | David Rotfleisch
Starting in 2024, changes to the income tax rules disallowdeductions for expenses related to non-compliant short-termrentals. If you rent out your residential property for shortperiods, these new rules may impact you. Short-Term RentalA short-term rental refers to a residential property rented oroffered for rent for periods of less than 90 consecutive days.
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Jan 31, 2025 | 
mondaq.com | David Rotfleisch
Back in April 2024, Canada's federal government presentedthe 2024 federal budget, which included a proposal to increase thecapital gains inclusion rate. Canada currently taxes capital gainsat a 50% inclusion rate—that is, only half of a capital gainis taxable. The 2024 federal budget proposed to increase thecapital gains inclusion rate to 67% for any capital gains exceeding$250,000.
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Jan 30, 2025 | 
mondaq.com | David Rotfleisch
Navigating the complexities of the Canadian tax system can beparticularly challenging when dealing with real propertytransactions, especially in the realm of GST/HST obligations. For those involved in thebuying, selling, or constructing of residential complexes,understanding the tax implications is crucial. According to the Excise Tax Act (ETA), thesupply of real property in Canada is generally taxable unlessexplicitly exempted.
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Jan 29, 2025 | 
mondaq.com | David Rotfleisch
Canada has special income tax rules that exempt from taxationsome income from an individual's employment. In the previousarticles of this series, we discussed the special income tax rulesfor:Canadian Armed Forces members andveteransEmployees at foreign embassies, prescribedinternational organizations, and prescribed internationalnon-government organizations in Canada. To conclude this series, this article explores other commoncircumstances in which tax exemptions apply.
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Jan 28, 2025 | 
mondaq.com | David Rotfleisch
In January 2025, the Federal Court of Appeal (FCA) rendered itsdecision on Doostyar et al. v The King, 2025 FCA 6(Doostyar). The FCA dismissed the appeal by the taxpayersof a decision by the Tax Court of Canada (TCC). The issue in thecase at the TCC was the balance of the individual taxpayer'sshareholder loan account with the corporate taxpayer. The parties had made their discoveries, argued their positions,and the TCC reserved its decision.
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Jan 28, 2025 | 
mondaq.com | David Rotfleisch
Rotfleisch Samulovitch PC is one of Canada's premier boutique tax law firms. Its website, taxpage.com, has a large database of original Canadian tax articles. Founding tax lawyer David J Rotfleisch, JD, CA, CPA, frequently appears in print, radio and television. Their tax lawyers deal with CRA auditors and collectors on a daily basis and carry out tax planning as well.
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Jan 26, 2025 | 
canadian-accountant.com | David Rotfleisch
Toronto's vacant home tax declaration deadline is fast approaching
David J Rotfleisch, CPA, JD is the founding tax lawyer of Taxpage.com and Rotfleisch & Samulovitch P.C., a Toronto-based boutique tax law corporate law firm.
The City of Toronto now marks its third year of imposing the Vacant Home Tax ("VHT") on property owners in Toronto.
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Jan 22, 2025 | 
mondaq.com | David Rotfleisch
The FBI developed a cryptocurrency called NexFundAI as part ofan investigation into price manipulation within the crypto markets, according to a governmentannouncement in October. This Ethereum-based token was crafted withassistance from "cooperating witnesses." Following theinvestigation, the Securities and Exchange Commission broughtcharges against three "market makers" and nineindividuals accused of manipulating the prices of thecryptocurrencies in question.
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Jan 21, 2025 | 
mondaq.com | David Rotfleisch
The Canadian Income Tax Act defines income fromemployment, or employment income, as any income that derives fromsalary, wages, and other remuneration, including gratuities,received by a taxpayer in the year. The Canada Revenue Agency (CRA) provides a slightly moredetailed definition of employment income to include salary, wages,commissions, bonuses, tips, gratuities, and honoraria.
