Tax
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August 21, 2024
A beginner’s guide to cross-border tax issues for professional athletes: Part two
In part one of this series (see below for the link), we began looking at some of the main tax issues being faced by Canadian athletes who compete in the United States. Part one put a particular emphasis on residency for tax purposes in both Canada and the United States and alluded to the impact the Convention Between Canada and the United States of America (the Treaty) has on residency and the ultimate tax burden of an athlete.
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August 19, 2024
A beginner’s guide to cross-border tax issues for professional athletes: Part one
Professional sports in North America is a multibillion-dollar industry. Television rights, merchandise and sports betting are major areas in which the sporting industry has and continues to expand its global reach. However, at the centre of it all are the athletes themselves.
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August 16, 2024
Surrendering U.S. citizenship: How it can help, how it can hurt
U.S. citizenship is a privilege for many, but it can also be a burdensome and unwanted obligation for others.
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August 15, 2024
When is a tax-free savings account not tax free?
A taxpayer can invest through a Tax-Free Savings Account (TFSA) and the income earned is tax-free even when withdrawn. This is in contrast to the Registered Retirement Savings Plan (RRSP) in which withdrawals from the account are taxed. However, contributions to an RRSP are deductible from taxable income. TFSA contributions are not.
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August 14, 2024
Ontario Court of Appeal overturns fraud convictions, citing ineffective defense counsel
The Ontario Court of Appeal has set aside two fraud convictions, finding that the legal representation the defendant received at trial fell below the standards of reasonable professional judgment and undermined the fairness of his trial.
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August 14, 2024
Canada ‘disappointed’ in U.S. increase in ‘unfair and unwarranted’ softwood lumber duties
In a lingering, decades-long trade dispute, Canada is again crying foul over an increase in U.S. duties on Canadian softwood lumber.
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August 09, 2024
Saskatchewan Court of Appeal quashes property assessment due to reliance on prior year’s decision
The Saskatchewan Court of Appeal has allowed an appeal regarding the assessment of a Saskatoon property that was valued at over $3 million.
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August 09, 2024
Canada sanctions Belarusian judges complicit in Lukashenko regime’s jailing of political prisoners
Canada and its allies have imposed asset freezes and immigration bans on certain Belarusian judges and others who facilitate repression and violations of human rights in their country, including jailing hundreds of political prisoners at the behest of President Alexander Lukashenko’s illegitimate regime.
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August 08, 2024
Steel, aluminum producers urge Ottawa to impose 25 per cent tariff on Chinese imports
Canadian steel and aluminum manufacturers are calling on the federal government to immediately impose a 25 per cent tariff on Chinese steel and aluminum to prevent dumping and to bring Canada in line with its trading partners under the Canada-United States-Mexico Agreement (CUSMA).
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July 31, 2024
AMPs for securities fraud can be debts released by bankruptcy discharge: SCC
Settling conflicting appellate case law over whether the exemption in s. 178(1)(e) of the federal Bankruptcy and Insolvency Act enables administrative money penalties (AMPs) and disgorgement orders imposed by a provincial securities regulator to survive a bankruptcy discharge, the Supreme Court of Canada ruled 5-2 that $13.5 million in AMPs imposed by the BC Securities Commission on two undischarged bankrupts for fraudulent securities activity is a debt that can be released by a future discharge in bankruptcy. But it ruled unanimously in addition that approximately $5.6 million in related disgorgement orders would survive any discharge from bankruptcy the pair might obtain in future.