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Paradise Papers: Did Canada actually make it easier to stash money offshore?

The latest massive leak of offshore financial documents, the so-called Paradise Papers, has put the spotlight on Canada.

Law society faces pushback on diversity initiative, to host information session

“I can’t imagine how it could be more negative. There are so many analogies: the Thought Police comes to mind from 1984, McCarthyism and Catch-22 loyalty oaths. This really is a Big Brother imposing thought requirements on its members,” said David Rotfleisch, of Rotfleisch & Samulovitch Professional Corporation Barristers & Solicitors.

Opinion: Gambling, money laundering and Hawala are key ingredients to a casino stew

“I’m shocked, shocked, to find out gambling is taking place here,” says Captain Louis Renault (Claude Rains) to Rick (Humphrey Bogart) in the 1942 classic movie Casablanca, having been told by the Gestapo to shut down the club and as he accepts his cut of the gaming winnings.

Backlash prompts Morneau to backtrack on proposed small business tax changes

Last week saw as many new tax changes, outside of a budget, as I can recall in my 30 years of practising tax law.

Part 3 - Tax treatments of professional corporations: How to change

An incorporated law practice enjoys the benefit of the small business deduction. This means that for active business income of up to $500,000, there is a federal and provincial tax reduction. In 2017, the combined federal and Ontario tax rate on active business income is 15 per cent. Contrast this to the top personal marginal tax rate in Ontario of almost 54 per cent. Other provinces have similar discrepancies between active business earned in a corporation and personal tax rates.

Part 2 - Tax treatments of partnerships and LLPs

A partnership keeps its own sets of books and has to prepare its own set of financial statements. As with all professionals, as a result of the federal budget changes in March 2017, it will now have to value work in progress (WIP) in computing income. It is also required to maintain a calendar year-end.

The Night Side - Changes in Income Splitting between spouses

Barb DiGiulio, host of The Nighside, talks to David about the changes in income splitting between spouses or to split shares in a corporation.

Liberal tax changes would spark exodus of Canadian Entrepreneurs

“I fully expect to prepare a memo for him about becoming non-resident,” writes Canadian tax lawyer David Rotfleisch on Jon Chevreau’s Findependence Hub. In other words, if enacted into law, tax changes proposed by Minister Morneau would cause entrepreneurs to pack up and leave Canada for more tax-friendly jurisdictions.

Part 1 - Tax treatments of sole Proprietorships and Associations

Tax treatments of sole proprietorships and associations – The new tax columnist for The Lawyers Daily, (a LexisNexis publication), David Rotfleisch explains how sole proprietorships and ‘in association’ structures are taxed in Canada. Part 1 of 3.

Anthony Furey with David Rotfleisch

National Post Radio Host Anthony Furey talks to David Rotflesich about the Federal government’s proposed tax changes on corporations including: income splitting and taxing income inside a corporation. Effectively, these are small companies—with between 1 and 100 employees—with the house frequently mortgaged to provide capital to the business (and putting capital at risk) and the owners working long hours (even without pay). More than 70% of Canadians work in very small companies. These tax changes would penalize families, which are the economic engine of Canada.

Morneau's tax changes are so complex and unfair, they'll turn accountants bald—and rich

If the Liberals implement their tax proposals, you can expect less investment and more entrepreneurs leaving for business-friendly jurisdictions, writes David J. Rotfleisch.

The Night Side - Canadian federal government’s proposed changes to the Tax Act

Tax lawyer David Rotfleisch talks to Barb DiGiulio on “The Night Side,” Newtalk1010, about the Canadian federal government’s proposed changes to the Tax Act, closing loopholes of “income sprinkling” [income splitting] and the lifetime capital gains exemption, involving gifting shares to family members.

Proposed changes to the CRA’s Voluntary Disclosure Program will kill it

Last month, the Canada Revenue Agency announced radical proposed changes to the Voluntary Disclosure Program (VDP).

Ottawa announces plans to close tax loopholes

Business News Network (BNN)

Ottawa's proposed taxation changes may do more harm than good, experts say

The federal government is proposing changes to Canada’s tax system to reduce loopholes they say are giving unfair advantage to high-income earners, but tax professionals say the changes may end up doing more harm than good.

Federal government warned about perils of tightening tax amnesty program

Within weeks, Ottawa is expected to unveil proposed restrictions to an income tax amnesty program that has raked in millions for federal coffers, but experts are warning the government to tread carefully so that the changes don't siphon off the revenue flow.

Federal government warned about perils of tightening tax amnesty program

Within weeks, Ottawa is expected to unveil proposed restrictions to an income tax amnesty program that has raked in millions for federal coffers, but experts are warning the government to tread carefully so that the changes don't siphon off the revenue flow.

Federal government warned about perils of tightening tax amnesty program

Within weeks, Ottawa is expected to unveil proposed restrictions to an income tax amnesty program that has raked in millions for federal coffers, but experts are warning the government to tread carefully so that the changes don't siphon off the revenue flow.

Federal government warned about perils of tightening tax amnesty program

Within weeks, Ottawa is expected to unveil proposed restrictions to an income tax amnesty program that has raked in millions for federal coffers, but experts are warning the government to tread carefully so that the changes don't siphon off the revenue flow.

Federal government warned about perils of tightening tax amnesty program

Within weeks, Ottawa is expected to unveil proposed restrictions to an income tax amnesty program that has raked in millions for federal coffers, but experts are warning the government to tread carefully so that the changes don't siphon off the revenue flow.

Federal government warned about perils of tightening tax amnesty program

Within weeks, Ottawa is expected to unveil proposed restrictions to an income tax amnesty program that has raked in millions for federal coffers, but experts are warning the government to tread carefully so that the changes don't siphon off the revenue flow.

Liberals should tread carefully on restricting income tax amnesty, say experts

But tax lawyer David Rotfleisch said the government shouldn’t make any changes that would toughen the program.

Here are the Canadians most likely to get a tax audit this year

It’s every taxpayer’s worst nightmare: A notice from the Canada Revenue Agency (CRA) informing you that you’re going to be audited.

Evading taxes will land you in hot water

The restaurant business is a difficult gig fuelled by entrepreneurs’ passions and one that can be made even tougher when restaurant owners give in to the temptation of the underground economy. That’s like going from the frying pan into the fire.

CRA uses social media to catch tax cheats

These days, the CRA is monitoring the social-media accounts of suspected tax cheats. The CRA now also uses “text analytics” to help detect new tax-avoidance schemes. So, what Canadians post on Facebook, Twitter or other social media can and will be used by the CRA to help them determine if a Canadian taxpayer is reporting all their income.

What the CRA can and can’t do with your data and social media accounts

The CRA doesn't monitor the public's social media accounts without a reason -- but might take a peek at specific users' activity as part of audit investigations.

Airbnb: 3 things you need to know at tax time if you rent out your home

Income earned by renting out your home through Airbnb must be declared on your income tax return.

Self-employed? Here are 6 steps to get your taxes right

Being your own boss. Working as much you want, when you want. Building something from the ground up that’s truly yours. There are many things to love about being self-employed.

Raid on accounting firm highlights lack of accountant-client privilege

A recent CRA raid on a Halifax branch of Grant Thornton emphasizes a key difference between lawyers and accountants in terms of the protection afforded client files.

Top 5 Income Tax Stories of 2016

In a special to the Financial Independence Hub, David J. Rotlfleisch gives his “Top 5 Income Tax Stories of 2016.” From the Panama Papers, to fraudsters impersonating CRA officers and threatening Canadians with jail time (and demanding payment in iTunes gift cards!), to a whopping €13bn Apple tax debt to Ireland, it’s been a crazy tax year.

Donald Trump’s $916-million tax writeoff is equitable, even in Canada

Recent reports that Donald Trump declared a $916-million (U.S.) loss on his 1995 income-tax returns and speculation that he could have avoided paying any federal income taxes for up to 18 years resulted in much spin by both Republicans and Democrats, but not a lot of tax policy analysis or understanding.

How to avoid tax traps: A guide for condo flippers

What does Canada Revenue Agency say about reporting revenue from condos? Here’s an easy guide for condo flippers to prevent problems with the Canadian Tax Man.

Tax evasion schemes land “De-taxers” in jail

When “de-taxers” use best business practices such as franchising and friends and family of multi-level marketing (MLM) techniques, you know that even fringe thinkers are watching and learning from the likes of “Dragon’s Den” and “Shark Tank.”Read more

Carrick Talks Money: What if I haven’t filed a tax return for years?

Canada Revenue Agency’s voluntary disclosure program allows delinquent taxpayers to “come in from the cold.” You won’t be charged penalties and you will not be prosecuted. Plus, you may get a reduction in interest for the amount of tax owing. To take advantage of this, you must first file the Voluntary Disclosure Form, and then file the delinquent tax returns.

Carrick Talks Money: What Can I do about a Wrongful or Unfair Tax Assessment?

If you have been wrongly or unfairly assessed, in other words CRA believes you owe more tax, you have 90 days to file a Notice of Objection. “Don’t wait, and jump right on it,” says David Rotfleisch. Plus, other tips for a tax appeal.

Carrick Talks Money: I’ve been hiding money from CRA – how do I come clean?

If you’ve been hiding money from Canada Revenue Agency (CRA), or just not declaring all the money you make to CRA, David Rotfleisch outlines the proactive steps to take. It’s called voluntary disclosure.

CRA Plans 'Lifestyle Audits' in Vancouver as Part of Real Estate Probe - Newstalk 1010

‘Lifestyle audits’ are audits where CRA looks into why it is that you are making very little money and yet living in a mansion, driving an expensive car, and taking trips around the world. Sometimes, the wealthy buy homes for their children. Other times, real estate is frequently used to launder the proceeds of crime.

CRA Targeting Unregistered, Small-Town Contractors In Tax Evasion Crackdown

The Canada Revenue Agency’s continuing campaign against the underground economy has come to roost in small-town Canada,Read more

Big Crack-Down by CRA on The Underground Economy- Newstalk 1010

“The three areas they are focused on are: construction, retail sales and food service (restaurants, food trucks),” says David Rotfleisch to Barb DiGiulio on The Night Side. CRA is getting creative about people who are unregistered builders. CRA also looks at municipal building permits, to see if builders are properly registered and paying taxes. Lastly, they are actively data-mining social media for irregularities, such as builders who claim to not have much business but post a photo of their new Bentley on Facebook.

Eight Things That Can Trigger a Tax Audit by CRA

“Help! I’m being audited,” are dreaded words uttered by Canadians. They are especially dreaded by business owners because an audit means extra work and extra accounting costs.Read more

The Night Side - Interview with David Rotfleisch

Barb DiGiulio, host of “The Night Side” on Newstalk 1010, Toronto’s largest talk radio station, talks with David Rotfleisch about what the Panama Papers searchable database (unveiled on Monday, May 9, 2016) means to 625 Canadians who have offshore accounts and to Canada Revenue Agency that is investigating these accounts. “It is becoming socially unacceptable for people to not pay their fair share of taxes,” says Rotfleisch.

The Night Side - Interview with David Rotfleisch

The 2016 tax deadline is almost here. David Rotfleisch answers listeners’ tax questions on “The Night Side,” with Barb DiGiulio on Newstalk 1010.

Big changes in tax return can increase chances of audit: experts

Even if people have done nothing wrong, there is little that can compare with the dread that an audit by the Canada Revenue Agency can cause.Read more

Big changes in tax return can increase chances of audit: experts

Even if people have done nothing wrong, there is little that can compare with the dread that an audit by the Canada Revenue Agency can cause.Read more

Big changes in tax return can increase chances of audit: experts

Even if people have done nothing wrong, there is little that can compare with the dread that an audit by the Canada Revenue Agency can cause.Read more

Big changes in tax return can increase chances of audit: experts

Even if people have done nothing wrong, there is little that can compare with the dread that an audit by the Canada Revenue Agency can cause.Read more

Panama Papers: Spotlight on the wealthy, powerful - Toronto Tax Lawyer Comment

A leak of 11.5 million documents from a Panama-based law firm offers a glimpse into the shadowy world where the rich and powerful hide their money, raising sharp questions about the use of shell companies that obscure the identities of their true owners.

The Night Side - Interview with David Rotfleisch

As we approach the tax deadline, we talk all things taxes with David Rotfleisch, Tax Lawyer and Chartered Accountant.

Biggest mistakes people make on their income tax returns

There are lots of common mistakes people make when filing their taxes. One of the most common is, people who forget to declare offshore pensions.Read more

CRA targeting online income

Income from all business sources is taxable in Canada.There is no difference in the tax treatment of rental income from Airbnb or salesRead more

“Top 10” Early Tax Planning Tips for 2016

While tax season for calendar 2015 is just around the corner, the best time to influence your tax position for calendar 2016 is: right now. Here are the “Top 10” early tax planning tips for 2016 to help reduce your tax, contribute to your RRSP, help out family members, and also support your favourite charities.Read more

Judges affirm that Canada Revenue Agency has ‘duty of care’ to taxpayers

Two appellate court rulings confirm that the Canada Revenue Agency is not at liberty to intimidate and threaten taxpayers and must take appropriate care in how it treats them.Read more

The Night Side - Interview with David Rotfleisch

We talk to David Rotfleisch, Founding Lawyer/Owner at Rotfleisch and Samulovitch and Chartered Accountant about a report that Uber will be audited after the CRA took the ride-share company to court, to force it to open its books.

Focus: Law Firms Miss Advantage of Professional Corporations

Since 2001, incorporation for law firms has been a possibility. Despite its advantages, only a relatively small proportion of law firms that could benefit from incorporation have in fact done so.Read more

The Night Side - Year End Tax Planning

We talk to David Rotfleisch, Founding Lawyer/Owner at Rotfleisch and Samulovitch and Chartered Accountant about how you can save taxes with the help of year end tax planning.

David on The Night Side

We talk to David Rotfleisch, Founding Lawyer/Owner at Rotfleisch and Samulovitch and Chartered Accountant about taxes! We talk expenses you can write-off as a small business owner, should you lease or finance your vehicle, and more!

Taxing changes

Looming changes to the Income Tax Act introduce a “whole new world” to the future of estate planning in Canada, and the additional tax cost could be $10,000 to $20,000 per year for each trust, estimates David J. Rotfleisch.Read more

CRA says you can claim medical marijuana on your taxes

The Canada Revenue Agency has confirmed that it will allow the costs of medical marijuana purchased from a licensed producer as a medical expense despite the fact that the Income Tax Act does not as yet recognize the enabling legislation.Read more

Tax Information for the incapacitated and their Substitute Decision Makers

Listen to David J. Rotfleisch in an exclusive podcast for caregivingmatters discussing incapacity and substitute decision makers. He clarifies that incapacity does not affect income tax filing and record keeping requirements.

CRA’s non-existent $4-billion tax loss

The headlines last month claiming that Canada Revenue Agency wrote off at least $4 billion in debts in the last two years may not tell the full, or an accurate, story.Read more

David on The Night Side

NEWSTALK 1010

Introduced by radio host Barb DeGiulio on her nightly show “The Night Side,” as the man who ‘makes tax fun,’ is tax lawyer and chartered accountant who answered listeners tax questions for 90 minutes. There were several questions on TFSAs, what to do if you get audited, and collection tactics of Canada Revenue Agency (CRA).

NEWSTALK 1010 : Interview with David Rotfleisch

Here's the low-down on this year’s tax changes and things to know about filing your taxes online with David Rotfleisch, Tax Lawyer and Chartered Accountant.

NEWSTALK 1010 : Rotfleisch - 20150209

Offshore Bank Secrecy is Dead

Large recent fines on banks have spooked othere major banks into imposing strict compliance requirements on their customers holding offshore accounts.

Rulings on CRA general duty of care a positive development

The Canada Revenue Agency has historically had a wide prerogative in its interactions with Canadian taxpayers.Read more


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