About Cadesky
We work with a wide range of clients including private businesses, owner-managers, multi-jurisdictional families and businesses, multi-national corporations and high net worth individuals to help them with tax efficient strategies. Our services include estate planning, corporate restructuring, international and Canada-US cross border planning and transfer pricing. Through Cadesky US Tax, we assist with US tax filings.
With our many years of experience, our professional team aims to deliver excellence in tax planning services. In addition to working in tandem with the client’s existing professional team, we have a wide network of professionals in Canada, the US and internationally which allow us to provide seamless services. We work in collaboration with the International Tax Specialist Group (ITSG). This international network enables us to access experienced Tax Professionals in over 30 countries around the Globe.
What's New
Canada’s Financial Support During the COVID-19 Pandemic
May 15, 2020
The Canadian federal government has announced, in addition to extensions to some filing and payment deadlines, a number of measures to financially help Canadian individuals and businesses survive the economic impact of the COVID-19 pandemic. In addition to the extended filing and payment deadlines, several programs were created to support individuals, businesses and specific sectors: Limited Wage Subsidy, The Canada Emergency Wage Subsidy, The Canada Emergency Business Account, The Canada Emergency Commercial Rent Assistance Program, The Business Credit Availability Program, The Large Employer Emergency Financing Facility, The Canada Emergency Response Benefit and The Canada Emergency Student Benefit...
March 27, 2020 Update to COVID-19 Related Tax Extensions
March 27, 2020
In response to queries regarding filing matters that seemed not to be addressed in the CRA’s previously announced tax filing and payment extensions on March 27, 2020 the CRA issued welcome clarifications. The CRA has agreed to defer to June 1, 2020 a number of additional administrative tax actions that are due after March 18, 2020. The March 27, 2020 CRA release states that, unless otherwise noted, the administrative actions to which the extension applies “include the filing of returns, forms, elections, designations and responses to information requests”. The CRA has summarized their updated positions in a schedule on their website...
March 24, 2020 Update of COVID-19 Related Tax Extensions
March 24, 2020
The CRA has updated its table of payment and filing extensions. Please note that, contrary to the date mentioned in the government’s prior release about extensions, tax payments for many entities are now confirmed to be due “by September 1, 2020” rather than “After August 31, 2020”. Of important note is the fact that there are, currently, no extensions to the following filing due dates...
Doing Business in the “New” America – A Bigger Opportunity Now, More Than Ever
April 4, 2017
Cadesky Tax is an active member of the American Chamber of Commerce of Canada (“Amcham Canada”). Dean Smith, a former Chair of the Tax Committee, will be taking part on April 4th, in an event entitled “Doing Business in the “New” America – A Bigger Opportunity Now, More Than Ever” where he will discuss various U.S. tax issues that companies need to consider as they expand into the U.S. market place. Additional speakers will discuss, immigration, Homeland Security and How the Halton Economic Region may be of assistance.
Request made to Improve Fairness for Taxpayers with Special Needs
May 19, 2016
The Canada Revenue Agency (CRA) continues to make it increasingly difficult for Canadians with disabilities to access a modest tax credit that means a great deal to people with marginal incomes.
"In this area our tax administration is unfair, inefficient and not accountable to anyone," says tax accountant Peter Weissman. "We are concerned about CRA’s disregard not only for its own policies and procedures designed to protect the interests of the taxpayer but also numerous Tax Court of Canada rulings that have provided guidance as far as interpreting the legislative intent of the Income Tax Act."
Towards greater fairness in taxation: international tax advisory bodies present Model Taxpayer Charter
November 13, 2015
Today (13 November 2015), three international professional bodies of tax advisers representing more than 500,000 tax advisers worldwide presented their joint proposal for a Model Taxpayer Charter.
Canada-U.S. Tax Planning for Individuals (Selected Tax Issues)
June 8, 2015
Canadian tax system comparison, Canadian persons with U.S. beneficiaries, U.S. persons with Canadian beneficiaries, Canadians holding U.S. situs assets, U.S. persons holding Canadian assets, Canadians moving to U.S., U.S. persons moving to Canada, U.S. citizens living in Canada.
Newsletters
Tax Tip:
CRA Extensions v1.1
Jul 29, 2020
On July 27, 2020, the Canada Revenue Agency (the “CRA”) announced a further extension to the tax payment and filing due dates for certain taxes from September 1, 2020 to September 30, 2020. The extension applies to current year individual, corporate, and trust tax returns, as well as instalment payments. Interest will not be charged on these amounts if payments are made by the extended deadline of September 30, 2020. Whether or not full payment is required in order to receive this relief is unclear.
U.S. Tax Tip:
Revocable Living Trusts
Jun 23, 2020
It is a fairly common estate planning technique in the United States to utilize a revocable living trust (“RLT”) as part of a “United States person’s” estate planning. For U.S. estate tax purposes, a United States person would include a U.S. citizen and a U.S. domiciliary. What is not so common though, is the potential foreign impact when the underlying U.S. grantor moves to a foreign jurisdiction.
U.S. Tax Tip:
Economic Impact Payments – An update
Jun 08, 2020
In prior U.S. Tax Tips we discussed the requirements for qualified U.S. taxpayers to receive the Economic Impact Payment. The Economic Impact Payment (“EIP”) is part of the CARES Act and represents a pre-payment of a 2020 tax credit of US $1,200 per “eligible individual” and an addition US $500 per “eligible child.” Technically this credit will be claimed as part of their U.S. personal income tax return (if one is required to be filed). The payment is not limited to U.S. residents but includes “eligible individuals” who live outside the United States. Many of our clients have received their payments.
U.S. Tax Tip:
CARES Act – Changes to Net Operating Loss Carry Forwards
May 11, 2020
In prior U.S. Tax Tips we looked at who is… Read more »
U.S. Tax Tip:
Stranded in the United States? IRS provides COVID-19 guidance
Apr 24, 2020
As we have discussed in prior U.S. Tax Tips, the determination of residency in the United States is a question of fact. If you are not a U.S. citizen nor a lawful permanent resident (i.e. a green card holder) you will be a U.S. tax resident under U.S. domestic law if you satisfy the substantial presence test. Under this test, a nonresident alien will become a U.S. resident if they are physically present, and those days are not statutorily excluded, in the United States (i) over 182 days in the current year or (ii) over 182 days under the three year rolling average test.
U.S. Tax Tip:
Rules Regarding Certain Hybrid Arrangement
Apr 21, 2020
On April 7, 2020 the United States Treasury and the Internal Revenue Service released final and proposed regulations aimed at curbing hybrid mismatch arrangements. A hybrid mismatch occurs when a transaction is treated differently between countries and one of the main reasons of the transaction was to avoid taxes both in the foreign country and in the United States.
Tax Tip:
The Canada Emergency Wage Subsidy – The Cavalry Is Coming
Apr 15, 2020
The Canada Emergency Wage Subsidy (“CEWS”) legislation has been released and is now law. In general, the CEWS will reimburse eligible employers 75 per cent of the amount of remuneration paid to eligible employees (to a maximum benefit of $847 per week).
The legislation was prepared under less than ideal circumstances so it is not surprising that there are a number of questions and observations we hope the government will address. However, we can now provide more answers than in our April 7, 2020 Tax Tip.
