Canadian Tax Adviser

The latest tax news and analysis from KPMG's Canadian Tax practice

	5/15/2012
In a recent internal technical interpretation, the CRA affirmed that an Ontario-Federal corporate tax harmonization election that is filed with a late tax return will be considered valid, but it would not accept a late or amended election.

	5/15/2012
The CRA released a document listing the various late-filing penalties that apply to various information returns.

	5/15/2012
A bill to enact a New Brunswick 2012 budget measure received first reading in the provincial legislature on May 11, 2012.

	5/8/2012
The CRA prescribed income tax interest rates for taxable benefits, overpaid taxes and underpaid taxes for the third quarter of 2012 (July 1- September 30, 2012) will remain unchanged.

	5/1/2012
The CRA recently stated that it will permanently extend the filing exemption for municipalities and municipally owned bodies to file corporate income tax returns in order to get refunds.

	5/1/2012
Bill C-38, the first bill reflecting proposals introduced during the 2012 federal budget, received first reading on April 26, 2012.

	4/24/2012
In a recent technical interpretation, the CRA confirmed that prepaid rent is not deductible in the year paid and that escalating annual rent payments are not deductible on a straight-line basis.

	4/24/2012
Finance tabled a Notice of Ways and Means Motion (NWMM) on April 23, 2012 containing 32 pages of proposed legislation and 35 pages of explanatory notes to implement certain 2012 federal budget measures and other tax proposals.

	4/24/2012
You only have a few months left to recover any overpaid Ontario Retail Sales Tax (RST).

	4/24/2012
KPMG is honoured to announce that Penny Woolford has been appointed Chair of the Canadian Bar Association / Canadian Institute of Chartered Accountants (CBA/CICA) Joint Committee on Taxation, effective April 1, 2012.

	4/24/2012
An eligible partnership that has a corporation as a member must file a completed Form T661, "SR&ED Expenditures Claim" with its T5013, "Partnership Information Return", under the new filing requirements for partnerships.

	4/20/2012
Insurance companies have only a few weeks to prepare their systems to collect Manitoba's 7% retail sales tax (RST) on taxable insurance contracts effective July 1, 2012.

	4/18/2012
Prince Edward Island tabled its 2012 budget on April 18, 2012.

	4/17/2012
Financial institutions have faced significant GST/HST changes in the last few years and now face more changes to address British Columbia transitioning back to GST and PST, Quebec harmonizing its QST to the GST and upcoming legislative amendments.

	4/17/2012
Bill 17 to enact Nova Scotia's 2012 budget received first reading in the provincial legislature on April 12, 2012.

	2/14/2012
The CRA has officially announced the extension of the deadline for joint venture participants to make the election to file for transitional relief to September 22, 2012.

	2/7/2012
Some self-employed individuals may receive a compliance letter from the CRA that describes the eligibility criteria of certain expenses that apply to that taxpayer's business activities.

	2/7/2012
Employees of small businesses and self-employed individuals will soon have a new option for tax-effective retirement savings if they don’t already have a company pension plan.

	2/7/2012
The CRA recently released a revised Guide T4068, "Guide for the T5013 Partnership Information Return - 2011".

	1/24/2012
The CRA is imposing harsh penalties on individuals who do not report income from a T-slip on their tax return — even if the omission was inadvertent.

	1/17/2012
The IRS has relaunched a special voluntary disclosure initiative for individuals to disclose offshore entities or accounts.

	1/10/2012
The CRA is planning GST/HST audits in which it will take a similar approach as it will in its upcoming risk-based income tax audits of large corporations.

	1/10/2012
Taxpayers are no longer entitled to recover CPP employer premium overpayments made for employees on temporary leave from employment who receive disability- or parental leave-type payments, due to legislative amendments in federal Bill C-13.

	1/3/2012
Finance has announced that the automobile expense deduction limits and prescribed rates for determining the taxable benefit on auto operating expenses for businesses will increase for 2012.

	1/3/2012
In an internal technical interpretation, the CRA confirms that dividend refunds and refundable tax credits arising in a statute-barred year cannot be re-appropriated for use against other tax debts.

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