Globe and Mail Appointment Notice
As seen in November 27, 2025, Business Appointment section of the Globe and Mail Newspaper. Hogg, Shain & Scheck is pleased to celebrate the appointment of Katie and Eric as the newest senior members to the team.
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Trust Dividend Designations and the Vefghi Case
A common tax structure involves a holding company (“Holdco”) with an operating subsidiary (“Opco”). Where Opco pays a taxable dividend to Holdco, except to the extent Opco receives a dividend refund, Holdco is not subject to Part IV tax of 38 1/3% (referred herein as a ‘tax-free intercorporate dividend”). The exemption arises due to the
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Welcoming back Hogg, Shain & Scheck’s newest Partner, Katie Duncan
We are thrilled to welcome back as a partner Katie Duncan, CPA, CA, LPA. Katie began her career with Hogg, Shain & Scheck as a student in 2012, and it’s wonderful to see her return to the firm in this new leadership role With over 13 years of experience in the accounting profession, Katie brings
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2025 Federal Budget – Summary of Tax Initiatives
On November 4, 2025, the Liberal Government tabled its budget – Building Canada Strong – in the House of Commons (“Budget”). The Budget’s goals are to:-Supercharge economic growth and increase competitiveness;– Empower Canadians by reducing cost of living, investing in affordable housing and focusing spending on infrastructure and capital through reductions to operational spending; and-Protecting Canadian
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Accessing Your Adjusted Cost Base
Recently, our firm took on a client – we’ll call her Mrs. X – who, in 2024, had the opportunity to buy the business where she was a long-time employee. Mrs. X jumped at the chance, agreeing to purchase all shares of the business from her boss for $1,200,000, with the amount being paid in
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Welcoming Hogg, Shain & Scheck newest Principal, Eric Bunn
We are thrilled to welcome Eric Bunn, CPA, CA as a Principal to the firm. Eric has a strong background as a tax and assurance professional with over 10 years experience specializing in working with privately-owned businesses and not-for-profit organizations. In his previous roles, Eric provided tax planning and advisory, to organizations ranging from start-up entrepreneurs
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Extended Filing Deadline for 2024 Individual and Trust Returns
Canadian taxpayers have faced great uncertainty in the wake of the Government of Canada’s proposed changes to the capital gains inclusion rate in the 2024 budget. The change was to take effect June 25, 2024, was then delayed until 2025 and delayed again until 2026. While incoming Prime Minister Mark Carney has vowed to scrap
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Are you ready for the new trust reporting requirements?
Are Your Trusts Lined Up In A Row? In 2018, the Federal government proposed new tax legislation (the “New Rules”) for trusts, which was passed into law on December 15, 2022. The New Rules take effect for trusts with taxation years ending on or after December 31, 2023 and impact both trust filing and disclosure
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How Changes to the Trust Reporting Rules Will Impact Charities
Under the new trust reporting rules introduced in late 2022, certain charities and non-profit organizations (NPOs) will be required to file an annual T3 Trust Income Tax and Information Returns (T3 returns) for their “express trusts”. The T3 filing will be required for any express trusts held after December 30, 2023, and is due by
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HSS Blog – New Bare Trust Rules
On November 3, 2022, the Federal government’s 2022 Fall Economic Statement confirmed that recently enacted income tax compliance rules for trusts will take effect for taxation years ending on or after December 30, 2023. The new rules impact bare trusts, which are commonly used by real estate owners to hold title of their properties. What
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Can I Claim My Mortgage Payments if I Work at Home in Canada?
The bad news: In Canada, you cannot claim your home mortgage principal payments when doing your taxes, if you’re a small business owner and work from home. The good news: there is a lot you can claim. You can deduct a portion (we’ll address how much later) of many home expenses required for running your
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Canada Emergency Wage Subsidy (CEWS) Deadlines
Deadline for CEWS Applications for Periods 1 Through 5 Please note that January 31, 2021 is the deadline for applying for CEWS for the Periods 1 through 5 (March – July 2020). These claim periods will be closed after January 31, 2021. Deadline for CEWS Applications for Period 6 Commencing with Period 6 (August 2020),
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