Tax Law

A corporation with charitable status experiences benefits and burdens associated with the status. Understanding whether obtaining charitable status is right for your business is essential. Under part one of the Income Tax Act, Charitable organizations are exempt from paying income tax but must ensure attributed resources to the organization’s purpose. Also, Charities can accept gifts from other registered charities, such as foundations but must ensure official donation receipts are complete and accurate when issued. These are but a few benefits and obligations. If you want to understand whether charitable status is right for you, call North & Company LLP.

The Income Tax Act changes frequently, and it’s essential to consult lawyers and accountants to ensure compliance with the laws of the day. There are benefits to consulting a professional about your taxes. There may be a more tax-efficient way to structure your income. North & Company LLP takes pride in handling and ensuring the client’s best interests when dealing with taxes.

Whether you are planning for the future success of your business or planning to transition to the family farm, taxes should be on your mind. How you structure your business or the transition can have lasting repercussions well into the future. Working with your Lawyer and Accountant is very important to address concerns with passive income, family member income, holding corporations, professional corporations, tax gross-ups for farmland, and more. North & Company LLP works with you and your accountant to ensure your interests are considered.

Most tax litigation occurs in the Tax Court of Canada (TCC). The TCC has jurisdiction over various tax issues, from personal taxes, CPP, and Old Age Security to tariffs on imports and exports. Penalties can be severe, and ensuring you have an advisor who understands tax law is essential. If you need to discuss potential issues with CRA or your current personal and professional tax practices, please visit one of our tax-certified lawyers. North & Company LLP is happy to have the conversation.