Practical perspectives for contemporary legal challenges.
On June 29, 2021, Bill C-208 was granted Royal Assent and became law in Canada. Bill C-208 amended the Income Tax Act (Canada) (the “Act”) to provide tax relief to families wishing to transfer shares of small business corporations, family farms, or fishing corporations to the next generation: their children and grandchildren. Ordinarily, the Act provides that …
Continue reading “Bill C-208: Intergenerational Business Transfers”
Among the many significant changes in the 2017 Tax Cut and Jobs Act (TCJA), individual taxpayers’ deductions for state and local taxes (SALT deductions) on federal Form 1040 Schedule A were capped at $10,000 ($5,000 for married taxpayers filing separately). The “SALT cap” results in reduced itemized tax deductions for individual taxpayers, particularly impacting homeowners …
Continue reading “The SALT Cap and State Taxation of Pass-Through Entities”