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Background On September 15, 2026, the federal government announced the Productivity Mega Deduction (“Mega Deduction”), along with draft legislation published by the Department of Finance. Should the draft legislation be enacted, the Mega Deduction would allow a taxpayer to expense, as capital cost allowance (“CCA”), up to the full cost of most depreciable assets in
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The Dora Mavor Moore Awards takes place every June at the Winter Garden Theatre, celebrating excellence in Toronto’s Performing Arts. The Dora Mavor Moore Awards honour creators from over 200 theatre, dance and opera productions in 48 categories over the following major divisions: General Theatre, Independent Theatre, Theatre for Young Audiences, Dance and Opera. A
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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. Links to Announcements: https://www.theglobeandmail.com/business/adv/appointmentnotices/article-eric-bunn-cpa-ca-macc https://www.theglobeandmail.com/business/adv/appointmentnotices/article-katie-duncan-cpa-ca-lpa
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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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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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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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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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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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 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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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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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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