The proper maintenance of a business’ books and records is essential when dealing with an audit initiated by the Canada Revenue Agency (the “CRA”). Taxpayers should be cognisant of their recordkeeping obligations under the Income Tax Act (Canada) (the “Act”)...
Partnerships are frequently used in various legal structures as they can be a beneficial vehicle to address certain business needs. Despite the advantages of using a partnership, partners must nevertheless take into account the potential taxation issues that may arise....
What is an ABIL? This article will be the first in a series of articles that discuss the Allowable Business Investment Loss (“ABIL”), including the interpretation of key terms as well as a discussion of recent case law. Where a...
