Barrett Tax Law - Blogs

Estate Freezes: A Silver Lining of COVID-19 (Originally On The Lawyer’s Daily)

With the world in flux and an unprecedented shutdown of the world’s economy, those who were planning to transfer businesses to the next generation have been given what is (hopefully) a once-in-a-lifetime opportunity to defer additional taxes for many years. As valuations of investments and businesses — both public and private — have reduced sharply, unless you are in the hand sanitizer business, right now…

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Wondering about Canada’s 75% Emergency Wage Subsidy?

Here is what we know so far about Canada's Emergency Wage Subsidy, a government program helping businesses avoid having to lay-off their employees during the Covid-19 Pandemic. We will be updating this article as new details are released.    The Canada Emergency Wage Subsidy is for businesses small and large - there is no minimum employee requirement   In order to be eligible, companies must…

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A Sad Story about Mr. X. from Country Y (Originally on The Lawyer’s Daily)

Meet Mr. X. Don’t judge him by his country of residence. It is not his fault. It wouldn’t be fair. He was taken there as a child by his parents who were fleeing another country for a better life. They could never have predicted how the government of Mr. X’s adopted country would treat him when he grew up.   In fact, the government has…

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I Lost My Battle with the CRA, but I Won the War (originally on The Lawyer’s Daily)

My law firm cannot make the claim that we have won all of our cases in the Tax Court of Canada, but what we can tell you is that every single case we have won in tax court — either in trial or a settlement — was lost at the CRA objection stage. And in many cases, besides losing our tax assessment objection, we were…

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A Tale of Two Taxpayers: The Fiscal Arbitrators Client (originally on The Lawyer’s Daily)

In part one of this series, I considered the situation of a hypothetical wealthy client who was involved in the KPMG tax scheme promoted by a big accounting firm. In the end, the taxpayer signed a settlement with the CRA. Part two relates the story of a typical client of the Fiscal Arbitrators tax scheme (which can be found in Torres v. Canada 2013 T.C.J.…

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20 Tax Audit Triggers

Sometimes a taxpayer is randomly selected for an audit. It’s like winning the worst lottery in the world, and there’s nothing you can do to change that. But apart from a random tax audit, the odds of being targeted for an audit are dependent on a variety of risk factors. In short, the odds of being audited depends on who you are, where you are,…

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A Tale of Two Taxpayers: the Wealthy Client (originally on The Lawyer’s Daily)

By Dale Barrett – Managing Partner at Barrett Tax Law,  Founder of Lawyers & Lattes Legal Cafe, Author of Tax Survival for Canadians: Stand up to the CRA, Editor of the Family Law and Tax Handbook, and Tax Columnist at the Lawyer’s Daily. Originally published by The Lawyer’s Daily.   Unlike a superior court, which can make an equitable decision — a decision based on fairness — the…

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The Peril of Family Asset Transfers (originally on The Lawyer’s Daily)

By Dale Barrett – Managing Partner at Barrett Tax Law,  Founder of Lawyers & Lattes Legal Cafe, Author of Tax Survival for Canadians: Stand up to the CRA, Editor of the Family Law and Tax Handbook, and Tax Columnist at the Lawyer’s Daily. Originally published by The Lawyer’s Daily.   Most people don’t think twice before transferring assets between family members. Why would they? People…

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Dale Barrett Answers Your Pressing Tax Questions (originally on Global News)

As seen on GlobalNews.ca, Dale Barrett, Managing Partner at Barrett Tax Law, answers your pressing tax questions:   THE QUESTION:   I don’t understand the implications of adding my adult child as a joint tenant on my home. I know that there can be capital gains tax implications but don’t really understand how it works. – A Money123 reader    THE ANSWER:   While adding…

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More Reasons to Abandon the HST (originally on Lawyer’s Daily)

By Dale Barrett – Managing Lawyer at Barrett Tax Law and Tax Columnist at the Lawyer’s Daily. Originally published by the Lawyer’s Daily. In my first article in this series, I expressed the opinion that the entire Harmonized Sales Tax system and its legal framework are fundamentally flawed. I outlined four of the nine problems with HST to help illustrate why it should be abandoned.…

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