The capital gains exemption for qualified small business shares and farming and fishing property increased to $813,600 for years after 2014.
The deadline to pay the interest on family income splitting loans for 2014 is January 30, 2015.
CPA is holding its first two-day Scientific Research and Experimental Development (SR&ED) symposium from February 5 to 6, 2015.
Finance proposes to amend the trust loss restriction event relieving provisions under the Act to mitigate certain unintended consequences.
New information from Ontario on the necessary tools and "prescribed" information to comply with the Ontario Estate Act reporting is now available.
New Brunswick Bill 2, which decreases the small business income tax rate to 4% (from 4.5%) as of January 1, 2015, received Royal Assent on December 19, 2014.
Ontario recently released a consultation paper inviting public feedback on key aspects of the new Ontario Retirement Pension Plan (ORPP).
The CRA recently released the new GST/HST Form RC4616 for closely-related group elections.
Bill C-43 received Royal Assent on December 16, 2014.
B.C. recently announced the prescribed rate for calculating the investment allowance for liquefied natural gas is 3%, effective January 1, 2017.
The deduction of tax-exempt allowances paid by employers to employees who use personal vehicles will increase to 55 cents in 2015.
Ontario recently proposed relief from a mismatch of a mutual fund trust's capital gains refund and surtax payable on those capital gains.
Ontario recently announced it is reviewing its Interactive Digital Media Tax Credit program due to a large number of claims in recent years.
Ontario Bill 56, which contains measures to implement the Ontario Retirement Pension Plan (ORPP), received first reading on December 8, 2014.
Taxpayers have until December 31, 2014 to file taxpayer relief provision (old fairness provision) requests for the 2004 tax year.
New Brunswick introduced Bill 2 to decrease its small business income tax rate to 4% (from 4.5%) as of January 1, 2015.
Quebec tabled Bill 13, to enact outstanding SR&ED and mining tax measures and to amend various Acts to give effect to measures announced in its Budget delivered on June 4, 2014 and November 20, 2012.
The CRA recently announced that it will not accept digital or electronic signatures on Form T1013, "Authorizing or Cancelling a Representative".
Canada's SR&ED Tax Credit program contains incentives for business undertaking eligible research or experimental development work.
Quebec Bill 28, which contains certain measures announced in Quebec's June 4, 2014 budget, was introduced on November 26, 2014.
Companies paying benefits under a WLRP will be interested in the CRA's administrative policy which require income tax withholding for benefit payments beginning January 1, 2015.
Finance released more details about the Family Tax Cut credit.
The CRA has announced its 2015 contribution limits for Money Purchase RPPs, RRSPs and DPSPs.
KPMG's webcast, "Rising Sales Tax Risks and Audit Activities - Reining in this Costly Combination", was delivered on October 29, 2014.
Changes to the trust loss restriction rules provide relief to investment funds but only where there is an acquisition of trust units.
A new non-refundable tax credit is available to Ontario farmers who donate certain agricultural products to eligible community food programs.
The CRA is launching a consultation on how to simplify the Disability Tax Credit application and clarify the steps needed to apply.
The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2015 will increase to $53,600.
KPMG estimates that the quarterly prescribed interest rate to determine the deemed interest income inclusion from a PLOI will decrease to 4.89%.
Prescribed income tax interest rates for taxable benefits, overpaid taxes and underpaid taxes for the first quarter of 2015 will remain unchanged.
Bill C-43 to enact remaining tax measures announced in the 2014 federal budget and previously announced tax measures received first reading on October 23, 2014.
Finance tabled 281 pages of proposed legislation on October 20, 2014.
Fiscal incentives modernization will be a key element to help promote Canada's competitiveness in attracting investment, capital and talent.
Finance tabled proposed legislation to implement tax measures from the 2014 federal budget and draft measures released on or before August 29, 2014.
Finance is doubling the amount of expenses that may be claimed with the Children's Fitness Tax Credit to $1,000 for 2014 and subsequent years.
New Brunswick recently announced that it will decrease its small business income tax rate to 4% (from 4.5%) on January 1, 2015.
The CRA is seeking feedback from companies and tax practitioners on how it can improve its administration of the SR&ED tax credit program.
Employers must report the Small Business Job Credit as business income or as a reduction to the EI expense in the year the credit is received.
The CRA recently confirmed that the EI rates will remain stable at $1.88 per $100 of insurable earnings for 2015.
Businesses may face more indirect tax related audits as the audit activities of various tax authorities across Canada appear to increase.
KPMG U.S presented, "OECD BEPS Action Plan 2014 Deliverables: The U.S. Perspective and Implications for Multinationals", on September 19, 2014.
Finance Minister Joe Oliver announced a Small Business Job Credit on September 11, 2014, effective January 1, 2015.
Many mutual and segregated fund managers face significant technical, administrative and practical issues related to the January 1, 2013 new QST rules.
Banks, insurers, securities dealers or a loan corporations must apply for GST/HST and QST rules to fulfill sales tax compliance requirements.
Natural Resources Canada announced on Aug 26 it will postpone company payment disclosure to First Nations by extractive companies for another 2 years.
Finance released a large package of draft legislative proposals to implement outstanding measures originally announced in the 2014 federal budget.
The CRA has recently released updated Ontario payroll deduction tables which take effect September 1, 2014
Charities and registered Canadian amateur athletic associations currently incorporated under the federal CCA must apply for a certificate of continuance by October 17, 2014.
This is a reminder of the CRA's new "Right from the Start" approach to improving tax compliance among small- and medium-sized businesses
The CRA launched the "Business Tax Reminders", a mobile app for small and medium-sized businesses, on August 21, 2014.
On Sept. 1, the tax on aviation fuel will increase by one cent per litre and continue to increase by one cent for the next three years.
Finance will recommend amendments to allow certain multi-tier corporate partnerships to retain an aligned non-calendar year fiscal period.
The CRA prescribed income tax interest rates for the fourth quarter of 2014 will remain unchanged.
Bill 14 and Bill 26, received Royal Assent on July 24, 2014, making tax measures in Ontario's 2014 budget enacted for U.S. GAAP as of that date.
Quebec has updated its mailing addresses for voluntary disclosure forms in revised interpretation bulletin ADM. 4/R5, "Voluntary Disclosures".
The CRA has provided additional guidance on the 2013 T3/T5 reporting exception and on the details that must be reported where a taxpayer holds a foreign rental property
The CRA announced that a streamlined aggregate reporting method for certain taxpayers will be available for 2014 and later tax years.
Trusts that operate a commercial enterprise must register with the Quebec Registraire des entreprises (Quebec registrar) as of July 1, 2014.
Bill C-31, which implements certain measures announced in the 2014 federal budget, received Royal Assent, on June 19, 2014.
Businesses in the real estate industry continue to face GST/HST, QST and other indirect tax challenges.
KPMG launched the 2014 edition of Focus on Tax on June 13, 2014.
B.C. has passed amendments to limit a spouse or common-law partner's rights to certain trusts' property in the event of a relationship breakdown.
British Columbia's legislation to bring Pooled Registered Pension Plans (PRPP) to the province received Royal Assent on May 29, 2014.
Quebec announced several measures that will affect the mining industry as part of the 2014-15 Quebec budget on June 4, 2014.
Bill 13, which enacts tax changes announced in the 2014 Newfoundland budget received first reading on May 26, 2014.
The CRA announced it has extended the first filing due date to file Schedule 88, "Internet Business Activities".
The Yukon, Northwest Territories and Nunavut recently tabled their 2014 budgets.
No matter the size or scale of your organization, tax and financial planning questions are bound to come up.
Many FIs will soon have to file your 2013 GST/HST and QST final returns as well as your GST/HST and QST annual information returns.
If you qualify as an Indian under Canada's Indian Act, you may be trying to make sense of some of the recent court decisions about when and how your investment income may be taxed.
It’s that time of year when large businesses and financial institutions in Canada must file their GST/HST annual information return.
The CRA prescribed income tax interest rates for taxable benefits, overpaid taxes and underpaid taxes for the third quarter of 2014 (July 1, 2014)
Revenue Quebec has just announced that individuals and their spouses reporting business income will now also be granted an extension for the 2013 taxation year to May 5, 2014.
The CRA extended the T1 filing deadline to May 5, 2014. The CRA and Revenu Quebec have provided information on the related payment deadlines.
Bill 64, which enacts tax changes announced in Nova Scotia's 2014 budget, received first reading on April 23, 2014.
Quebec film and TV companies related to a broadcaster for tax years after Feb. 28 are now eligible for a refundable tax credit..
A recent KPMG webcast discusses the possible effects the OECD discussion drafts may have on Canadian businesses.
Revenu Quebec has announced that interest and penalties will not be applied to individual taxpayers filing their 2013 tax returns by May 5, 2014.
You are likely familiar with our tax app, Tax Hub Canada, which has been pushing timely tax news to iPads and BlackBerrys for the past two years.
Bill 69, which enacts tax changes announced in New Brunswick's 2014 budget, received first reading on April 15, 2014.
Canada implemented substantial changes to its Temporary Foreign Worker Program (TFWP) on December 31, 2013.
KPMG's recent webcast on FATCA aired on April 8, 2014, and is now available.
Bill 7, which enacts tax changes announced in Alberta's 2014 budget received first reading on April 10, 2014.
Bill 135, which enacts tax changes announced in Saskatchewan's 2014 budget, received first reading on April 8, 2014.
Nova Scotia has confirmed in its 2014 budget that it will cancel its plans to reduce the HST rate on July 1, 2014.
The substantively enacted tax rate tables for Canadian-controlled private corporations (CCPC) and general corporations current to March 31, 2014 are now available on our external site (in both English and French).
Despite dealing with many significant tax changes over the last few years, trust and loan corporations are still facing new GST/HST and QST challenges.
Canadian business that may be eligible to recover value-added tax (VAT) paid to many European Union (EU) member countries will need to file a claim by June 30, 2014.
Finance released Bill C-31 (Budget Bill #1) on March 28, 2014 to implement certain measures announced in the 2014 federal budget.
Bill 8, which implements certain measures in British Columbia's 2014 budget received Royal Assent on March 24, 2014.
Finance released a Notice of Ways of Means Motion (NWMM) on March 24, 2014 to implement selected measures announced in the 2014 budget.
The 2014 federal budget proposed a significant makeover to one of the most popular GST/HST relief elections used by many businesses across Canada.
Clients often ask us to confirm their suspicions that an e-mail that appears to be sent by the CRA is bogus.
Canada may proceed with a 100% surtax on selected U.S. imports in the first half of 2015.
Finance released draft legislation on the taxation of Canadian banks with foreign affiliates (FA) on February 27, 2014.
Despite dealing with many significant tax changes over the last few years, insurance companies are still facing new GST/HST and QST challenges.
New updated tables current to December 31, 2013 have now been added to the online version of Tax Facts 2013-2014.
British Columbia has re-introduced legislation to bring Pooled Registered Pension Plans (PRPP) to the province.
Despite dealing with many significant tax changes over the last few years, security dealers are still facing new GST/HST and QST challenges.
Despite dealing with many significant tax changes over the last few years, banks are still facing new GST/HST and QST challenges.
The CRA has announced it will stop using cheques by April 2016 and is encouraging businesses to sign up for direct deposit.
The CRA prescribed income tax interest rates for taxable benefits, overpaid taxes and underpaid taxes for the second quarter of 2014 (April 1- June 30, 2014) will remain unchanged.
The Department of Finance announced proposed GST/HST exemptions for qualifying public hospital parking on January 24, 2014.
The CRA has launched an informant's hotline as part of its Offshore Tax Informant Program, intended to focus on international tax evasion and aggressive tax avoidance.
Many employers that offer registered pension plans to their employees must calculate an amount of deemed GST/HST and QST, if applicable, and remit these amounts, in their monthly December 2013 GST/HST and QST returns.
The CRA recently announced that it would continue its policy of putting on hold the assessments and refunds of returns filed by taxpayers participating in gifting tax shelters until the audit of the gifting tax shelter is complete.
If you have a family income splitting loan, interest must be paid on these loans for 2013 to the lender by January 30, 2014 so that the attribution rules will not apply to investment income earned on the loans.
Ontario's Employer Health Tax Act has been amended to, among other changes, increase the exemption threshold so that it applies to employers with an annual payroll in excess of $450,000, as of January 1, 2014.
Finance released draft legislation to implement 2013 federal budget proposals to require certain financial intermediaries to report international electronic funds transfers of $10,000 or more to the CRA.
The Alberta Treasury Board and Finance recently announced that the 2014 provincial tax rate on non-eligible dividends will remain unchanged at 2013 levels.
Finance announced that there will be no changes to the automobile expense deduction limits and prescribed rates for determining the taxable benefit on auto operating expenses for businesses that will apply in 2014.
The CRA has confirmed that the quarterly prescribed interest rate used to determine the deemed interest income inclusion from a "pertinent loan or indebtedness" (PLOI) will be 4.94% for January 1, 2014 to March 31, 2014.