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Allan Madan

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Recent blog posts

The Rise of Transfer Pricing Disputes 

Many multinational companies are using techniques to either avoid or lower their taxes by taking advantage of the fact they have a parent company or subsidiaries in other countries. The CRA, IRS, and other tax authorities are auditing taxpayers with greater scrutiny in regards to transfer pricing issues so they are able claim their share of tax revenues.

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Posted by on in Personal tax

What is section 85 and why is it used?

Tax practitioners commonly refer to Section 85 as a rollover. This rollover allows a sole proprietorship to transfer assets to a corporation without resulting in a capital gain. A capital gain is a profit made from the sale of an asset.

When a sole proprietor decides to incorporate their business, the CRA (Canada Revenue Agency) dictates that the assets are to be sold at fair market value (FMV). To benefit from this rollover, sole proprietors may sell their business assets at their initial purchase price, instead of current market value. This transfer must include some shares as part of consideration received on the sale. 

 

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Here is your ultimate guide to swiftly and successfully filing a final tax return for a deceased individual. This guide provides you with comprehensive instructions for the tax treatment for various forms of income and benefits. It also provides simple and easy to follow examples that will help make filing this return a breeze.

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Posted by on in Corporate and business tax

It is clear that Canada needs significant corporate tax reforms if it is to adapt to the ever changing global economy. A tax regime that is selective on who receives favourable tax incentives is one that will ensure Canada's economic competitiveness.

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The death of a loved one is often a trying time for family and friends. This could make filing a final tax return for the deceased a daunting, emotional and often even frustrating task for family and friends still coping with the tragic loss. With that being said, this article is meant to ease this task and be your guide for filing taxes for deceased individuals.

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