Careers
Contact Us
This year has seen significant shifts in tax regulations, making it a particularly volatile period for businesses. Three major tax changes have surfaced in recent years:
- The Canada Revenue Agency (CRA) has ramped up tax audits and has become more aggressive in imposing penalties, especially for gross negligence.
- There has been an increase in the level of compliance required, making it more challenging for tax specialists to keep their finger on the pulse.
- The legislative landscape has evolved with new complexities, including changes to capital gains inclusion rates and the necessity for businesses to notify authorities of certain planning transactions, especially those that involve the General Anti-Avoidance Rule (GAAR).
Despite these challenges, opportunities in tax planning still exist, such as estate freezes and strategic exit planning for business owners. These strategies can help minimize tax exposure and maximize benefits like the capital gains deduction. However, the impact of these tax changes is no longer limited to large corporations. Smaller businesses are also affected by increasing global regulations, including HST audits and international tax planning.
As the global marketplace continues to shrink, the need for collaboration with international tax experts can become essential. Firms focusing on forward-thinking tax strategies, such as our international partner Nexia, are better equipped to help clients navigate this increasingly complex environment.
For expert assistance with all your tax planning needs, whether local or international, don’t hesitate to reach out to us at info@zeifmans.ca. We’re here to help!
Watch the full video below to learn more.
