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Foreign corporations and US tax: Why timely Form 1120-F filing matters
Foreign corporations earning effectively connected income (“ECI”, essentially trade or business income from US sources) are required to timely file an annual Foreign Corporation Tax Return (Form 1120-F) reporting US income, deductions, and credits. However, failure to file on time can result in not only penalties and interest, but also more dra ... Read more
Throne Speech 2025
On May 27, 2025, King Charles III delivered the Speech from the Throne. This was the first time since Queen Elizabeth II in 1977 that a reigning monarch has opened Canada’s Parliament. The Throne Speech was prepared by newly elected Prime Minister Mark Carney and outlines his government’s legislative priorities for the Canadian Parliament. Econ ... Read more
Capital gains tax increase: Postponed until 2026
On January 31, 2025, the Canadian federal government announced a deferral of the proposed increase in the capital gains inclusion rate. Originally set to take effect on June 25, 2024, the implementation date has now been postponed to January 1, 2026. This change affects individuals realizing annual capital gains exceeding $250,000, as well as corpo ... Read more
Audit, review, or compilation engagement: what’s the difference?
Year-end financial statements provide a ‘snapshot’ of your business’ finances. However, the level of detail required, and the associated level of reporting, varies considerably based upon the type of engagement. To determine what engagement is appropriate for your business, it is important to understand the difference between the varying leve ... Read more
Private-label brands gaining momentum in food and beverage
There was a time when private label products were viewed as cost-saving, lower-quality alternatives for budget-conscious consumers. But their image has evolved considerably over the years. Private label brands have shed their discount image and evolved into quality, premium product offerings that span a broader population segment. Metro’s Irresis ... Read more