Taxation

In recent months, discussions around artificial intelligence (AI) have become ubiquitous with news stories and social media posts highlighting its benefits and challenges appearing daily. New AI tools and services… Learn More

On January 31, 2025, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, announced that the federal government was deferring – from June 25, 2024, to January 1, 2026… Learn More

On December 16, 2024, following the abrupt resignation of Finance Minister Chrystia Freeland, the Government of Canada released the 2024 Fall Economic Statement. The Fall Economic Statement, which proposes the… Learn More

On June 10, 2024, the Department of Finance Canada (“Finance”) issued a Notice of Ways and Means Motion (“NWMM”) that provided additional information and clarity on the measures proposed in… Learn More

On April 16, 2024, Canada’s Deputy Prime Minister and Minister of Finance Chrystia Freeland delivered the 2024 federal budget (“Budget 2024”). With a tagline of “Fairness for every generation”, Budget… Learn More

We previously provided our top four key takeaways for tax planning from Budget 2023 in our March 30, 2023 article “2023 Federal Budget: Top 4 Changes for Tax Planning.” Fast-forward… Learn More

The Mandatory Disclosure Rules (the “New Rules”) received royal assent on June 22, 2023, as part of Bill C-47. The New Rules will amend the Income Tax Act (the “Act”)… Learn More

In Manitoba, an asset purchase and sale transaction won’t be complete without considering these three forms: 1. CRA: GST Form 44 A joint election under subsection 167(1) of the Excise… Learn More

What is the “lifetime capital gains exemption” and how can you take advantage of it? The Lifetime Capital Gains Exemption (“LCGE”) allows every eligible individual to claim a deduction to… Learn More

On March 28, 2023, Canada’s Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented the new federal budget (“Budget 2023”). While the primary focus of Budget 2023 was… Learn More

A recent TDS article, A Review of the Draft Federal Tax Legislation Released on August 9, 2022, touched on the enhanced reporting requirements for trusts that were originally proposed in… Learn More

On August 9, 2022, the Department of Finance Canada released a package of draft legislation implementing tax measures first announced in the 2022 Federal Budget and updating draft legislation previously… Learn More

[This article was originally published on June 30, 2021 and was updated July 21, 2021] Intergenerational Business Transfer Bill C-208 Building on our previous article dated May 19, 2021, Bill… Learn More

The Problem The Income Tax Act (Canada) has long received bipartisan criticism for its overly punitive taxation on the transfer of small business corporations and farms to the next generation.… Learn More

On April 19, 2021, Deputy Prime Minister and Finance Minister Chrystia Freeland presented the Government of Canada’s 2021 budget. To the relief of many Canadian business owners, the much anticipated… Learn More

On April 7, 2021, the Province of Manitoba unveiled its 2021 budget. To the relief of many, the budget does not increase corporate or personal income tax rates. There are… Learn More

For those that are looking to the Income Tax Act for relief and comfort on the horizon after a difficult 2020, we suggest looking elsewhere. One of the many changes… Learn More

In the September throne speech, the federal government announced that the CEWS will be extended through the summer of 2021. Updated: September 25, 2020   Included in this plan are… Learn More

Thompson Dorfman Sweatman (TDS) lawyer, Stephen Porco will be leaving TDS to pursue new opportunities with Manitoba Justice in the Legislative Counsel Division, effective February 12, 2021. The purpose of… Learn More

It is very common for a new business owner to avoid incorporation, in an effort to minimize start-up costs and to enable initial losses to be offset against personal income.… Learn More

On July 18, 2017, Finance Minister Bill Morneau released a consultation paper and a draft legislative proposal to amend the Income Tax Act (Canada). The proposed changes affect tax planning… Learn More

With a large number of baby boomers still at the helm of their business and hoping to retire in the near future, the thought of and anxiety around transitioning the… Learn More

On June 30, 2014, Canada and the U.S. implemented Phase IV of the Entry/Exit Initiative of the Perimeter Security and Economic Competitiveness Action Plan.  Pursuant to this initiative, the U.S.… Learn More

It’s All in the Plan The transfer of farming operations is often the most difficult issue for producers. It is both emotional and stressful, but also inevitable. Some producers have… Learn More

Owners of family farms may take advantage of fairly simple planning strategies to minimize taxes and to creditor-proof their assets. Where an individual does not incorporate a family farm business,… Learn More

Outside the Supreme Court of Canada, after arguing in the appeal of the Bastien and Dube cases, I was approached by a member of the gallery and asked how important… Learn More

When a company wishes to raise equity financing, more often than not, senior management looks to external sources such as private equity or venture capital. Given tight equity markets, an… Learn More

How Aggressive Is Too Aggressive?   The leaves are falling, the air is turning cool, the kids are going back to school and our summer holidays are quickly becoming mere… Learn More

Personal Tax Liability Looms The recent decision of the Tax Court in Williamson v. The Queen is a good reminder of the personal obligations directors have under the Income Tax… Learn More

It is finally spring. The snow has melted, the flowers bloom, children put down their video games and leave their winter dens behind to frolic in the sunshine. What better… Learn More