Thought provoking. Useful. Relevant. Our team regularly generates problem solving insights and experiences worth sharing.
COVID-19: Key changes to federal pandemic subsidies
Introduction As COVID-19 continues to impact Canadians, a number of key changes to federal pandemic subsidies have been legislated. As stated in our previous subsidy article series (CEWS, CERS), the Canadian government has created and updated existing assistance programs to better adapt to the changing pandemic landscape. The new legislation, rec ... Read more
State tax surprises could await unwary online vendors
In 2021, the Multistate Tax Commission (MTC) updated its Statement of Information Concerning Practices of the Multistate Tax Commission and Supporting States Under P.L. 86-272 with guidance addressing online activities. For more than 50 years, P.L. 86-272 has limited a state’s ability to impose income tax on an out-of-state vendor that does nothi ... Read more
Audit, review, or compilation: 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
What are the tax implications of changing your principal residence into a rental property (or vice versa)?
A change in use occurs if you convert all or part of your principal residence into a property used to earn income, or vice versa. For example, a taxpayer rents out a room in their home for rental income, or a landlord wants to reside in a property that was previously rented out. Regardless of ... Read more
The examined life: proving a spouse has been living beyond their disclosed means
As Chartered Business Valuators (CBV), we often hear allegations that a spouse has not fully disclosed their assets or income in a family law proceeding. The failure to fully disclose assets can lead to an unequal division of net family property and non-disclosure of income sources could result in inequitable child and spousal support payment ... Read more