Clarifying the CRA Classifications for Employee and Contractor

Employers across the country are increasingly choosing subcontractors and/or self-employed specialists to fulfill the fluid nature of their business needs. From IT specialists and software designers to trades people and marketing consultants, there are a growing number of individuals who are employed on a per-contract basis. Employers like to hire independent contractors for a number…

Supporting the Ability of Canadian Companies to Invest in Foreign Subsidiaries

Many Canadian parent companies strive to expand their operations globally and in doing so, make significant investments in subsidiaries located outside of Canada. To protect these investments and limit risks, the parent company hedges the investment to limit foreign exchange loss that can otherwise accrue. Any gains and losses that arise from these hedges generally…

Standardized Accounting: Reducing Administrative Burden for Business and Government

The introduction of the standardized accounting initiative by the Canada Revenue Agency (CRA) is intended to simplify tax compliance for businesses by harmonizing accounting, interest, and penalty provisions. It has, however, resulted in a significant increase in the transfer of funds between taxpayer accounts. The result is a significant administrative burden on taxpayers (both large…

Role of Taxation in Enhancing Canada’s Productivity Through Encouraging Skills & Training for Small Business

The skills and labour shortage facing Canada is already nearing epidemic proportions due to increasing skill shortages, the aging of our workforce and global competition. According to the Conference Board of Canada, by 2020 Canada will be facing a labour shortage of nearly 1 million workers. The shortage of skilled workers and new job entrants…