Bill C-15, which reflects some of the proposals introduced by the 2016 federal budget, received first reading on April 20, 2016.
Bill 173, which implements certain measures in Ontario’s 2016 budget, received Royal Assent on April 19, 2016.
Like many large Canadian financial institutions, many credit unions across Canada must comply with complex GST/HST, QST and other indirect tax rules.
As a real estate business, you must carefully review and understand how your operations are affected by the GST/HST, QST, PST and other indirect taxes, such as property taxes and payroll taxes.
Finance released draft legislation on April 18, 2016, to implement certain measures that were proposed in the 2015 and 2016 federal budgets.
The CRA and Revenue Quebec have both announced that taxpayers have until midnight on Monday May 2, 2016 to file their 2015 returns.
Some businesses are required to pay, by April 30, 2016, a federal tax of 10% if they've purchased insurance coverage outside Canada.
KPMG Enterprise recently held a webcast to discuss how the 2016 federal budget will affect private company owners.
New Brunswick Bill 32, which enacts certain tax changes in the province's 2016 budget, received first reading on March 29, 2016.
The 2016 federal budget proposes to restrict the scope of two relief provisions for diesel fuel that is used as heating oil or to generate electricity.
New Brunswick announced on March 17 that it will decrease its small business income tax rate to 3.5% (from 4%), effective April 1, 2016.
Bill 10, which implements certain measures in British Columbia's 2016 budget, received Royal Assent on March 10, 2016.
Oil, gas and mining companies operating in Canada now have the final version of the guidance, technical specifications and forms that they need in order to start reporting tax and other payments under Canada's new reporting regime.
The House of Commons Standing Committee on Finance has released its recommendations for measures that could be included in the March 22, 2016 federal budget.
Many financial institutions and some businesses across Canada that have a December 31 year-end must file the GST/HST and/or QST annual information returns by June 30, 2016.
Selected listed financial institutions (SLFIs) that have a December 31 year-end only have until June 30, 2016 to claim missed input tax credits (ITCs) and special attribution method (SAM) deductions.
Qualifying large employers will now have until January 1, 2018 before they have to start making contributions to the new Ontario Retirement Pension Plan (ORPP).
Companies that do business in New Brunswick will be affected by the province's upcoming HST rate increase to 15% (from 13%) effective July 1, 2016.
The CRA's prescribed income tax interest rates for taxable benefits, overpaid taxes, and underpaid taxes for the second quarter of 2016 (April 1, 2016 - June 30, 2016) will remain unchanged.
KPMG estimates that the quarterly prescribed interest rate to be used when determining the deemed interest income inclusion from a pertinent loan or indebtedness (PLOI) will increase to 4.45% (from 4.41%) for April 1, 2016 - June 30, 2016.
Oil and gas and mining companies operating in Canada will soon have to register for an "ESTMA ID" under the new regime requiring them to report tax and other payments they make to Canadian and foreign governments each year.
Taxpayers who own or lease commercial or industrial properties in Ontario may be able to reduce their property tax costs by claiming available property tax rebates.
Many employers that offer taxable benefits to their employees will have to remit amounts of GST/HST and QST related to these benefits by March 31, 2016.
The CRA has announced its review of registered charities' political activities has found substantial compliance with the rules regarding charities' involvement in political activities.
Finance announced the limit on the deduction of tax-exempt allowances to employees that use their personal vehicles for business purposes in 2016.
The CRA recently announced a new reporting requirement for all registered charities, which must now annually report their partnership holdings.
If you are an employer who offers registered pension plans to your employees, you may be required to remit GST/HST and QST amounts by January 31, 2016.
The CRA has announced that Bill C-377's controversial reporting requirements for labour organizations and labour trusts will be waived.
Changes to Alberta's personal tax credits are among the measures included in a new Alberta budget bill, which received Royal Assent on December 11, 2015.
Ontario Bill 144, which enacts certain tax changes from the province's 2015 budget, received Royal Assent on December 10, 2015, and is therefore enacted for U.S. GAAP purposes on this date.
Quebec Bill 69, which enacts certain tax changes announced in Quebec's 2015 budget, received Royal Assent on December 4, 2015 and is therefore enacted for U.S. GAAP purposes as of this date.
As a reminder, businesses that have GST/HST and QST closely related group elections must ensure that they file all the required forms with the CRA and Revenue Quebec by December 31, 2015.
If your company is in the clean energy sector, you may be able to participate in a new program to receive a subsidy of up to $12,000 to hire an intern.
Bill C-2 received first reading on December 9, 2015.
The new government of Newfoundland and Labrador has officially confirmed that its HST will remain at 13% now that the proposed HST rate increase to 15% originally planned for January 1, 2016 has been cancelled.
Although Newfoundland and Labrador's incoming government has publicly said that it intends to cancel the province's upcoming HST increase, it is unclear whether this increase can be cancelled before January 1, 2016.
Ontario Bill 144 enacts certain tax changes from the province's 2015 budget, and received first reading on November 18, 2015.
Taxpayers have any interest and penalties that accrued during the 2005 calendar year for any tax year or reporting period.
Starting in 2017, Manitoba's small business threshold will increase to $500,000, so small businesses whose taxable income does not exceed this limit will be exempt from provincial corporate income tax.
The Ontario government announced that it intends to eliminate the rule which restricts Ontario pension funds from owning more than 30% of the voting shares in a corporation.
The Department of Finance recently released a letter responding to concerns regarding the new estate and trust rules which were raised by the Joint Tax Committee, the Conference for Advanced Life Underwriting, and STEP Canada ("the Organizations").
The CRA announced recently that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2016 will increase to $54,900 (from $53,600).
The CRA recently published the 2016 Employment Insurance (EI) premium rates for employees and confirmed that the federal rates will remain stable at $1.88 per $100 of insurable earnings for 2016.
KPMG estimates that the quarterly prescribed interest rate to be used when determining the deemed interest income inclusion from a pertinent loan or indebtedness (PLOI) will decrease to 4.41% (from 4.52%) for January 1, 2016 - March 31, 2016.
The CRA prescribed income tax interest rates for taxable benefits, overpaid taxes and underpaid taxes for the first quarter of 2016 (January 1, 2016 - March 31, 2016) will remain unchanged.
Several Quebec bills have recently received Royal Assent, giving effect to measures on Scientific Research and Experimental Development (SR&ED) and mining, among others.
Revenue Quebec is reminding certain corporations that they must either file articles of continuance or apply for dissolution by February 14, 2016.
Distributed investment plans such as mutual and segregated funds as well as unit trusts will soon request GST/HST and QST information from some of their investors.
If you are a health care professional whose primary business involves making exempt supplies you may not have considered whether you have a secondary activity which could require you to register and account for GST/HST.
Now is the time for selected listed financial institutions (SLFIs), who have recently filed their 2014 GST/HST and QST returns, to review their processes to improve efficiency and reduce risks for their 2015
Ontario recently released details of the Ontario Retirement Pension Plan (ORPP).
KPMG estimates that the quarterly prescribed interest rate to be used when determining the deemed interest income inclusion from a pertinent loan or indebtedness (PLOI) will decrease to 4.52% (from 4.61%) for October 1, 2015 - December 31, 2015.
The CRA prescribed income tax interest rates for taxable benefits, overpaid taxes and underpaid taxes for the fourth quarter of 2015 (October 1, 2015 - December 31, 2015) will remain unchanged.
The Department of Finance released 21 pages of draft legislation together with 48 pages of explanatory notes on July 31, 2015 relating to certain significant measures (including subsection 55(2) amendments) introduced in the 2015 federal budget.
The CRA has released new online information about its audit activities for charities.
Many Ontario-resident mutual fund trusts have been denied Ontario surtax relief for their 2014 tax year-ends.
Newfoundland and Labrador has released transitional rules relating to the upcoming increase of the HST to 15% (from 13%) on January 1, 2016.
Labour organizations are now required to file annual information returns with the CRA reporting details of their expenditures and activities.
Certain insurers have to remit any uncollected Quebec 4% tax increase amounts that apply to automobile premiums paid on or after January 1, 2015.
The AcSB has agreed to postpone the proposal's effective date to no earlier than fiscal periods beginning on or after January 1, 2018.
Alberta Bill 2, which enacts certain recently announced tax changes received Royal Assent on June 29, 2015 and is therefore enacted for U.S. GAAP purposes on this date.
Many large companies with monthly GST/HST reporting periods will start recapturing the ITC with the new Ontario 75% recapture rate in their July return.
Quebec introduced harmonization measures with the 2015, 2014 and 2012 federal budgets in a recent information bulletin.
"An Overview of the Film and Television Tax Incentives in British Columbia", provides a summary of the federal and provincial tax incentives in B.C.
Newfoundland Bill 6, which enacts certain tax changes in the province's 2015 budget, received all three readings and Royal Assent on June 23, 2015.
Bill C-59, which implements certain measures announced in the 2015 federal budget, received Royal Assent on June 23, 2015.
Ontario and British Columbia have clarified details related to recent enhancements to their media tax incentives.
Many large companies must get their systems ready for the phase-out period of the recapture of input tax credit in Ontario starting on July 1, 2015.
KPMG Canada recently released, "A Guide to Going Public", which outlines the challenges a company may face when going public.
Quebec companies and entities that carry out commercial oil, gas or minerals development will be required to report tax and other payment details.
Newfoundland and Labrador Bill 12, which enacts tax changes in the province's 2015 budget, received first reading on June 9, 2015.
Manitoba Bill 36, which enacts tax changes in the province's 2015 budget, received first reading on June 9, 2015.
The KPMG Global Mining Institute recently released, "An eye to the future: Adapting to change in a volatile mining industry".
The CRA may have softened its position on "shop-floor" scientific research and experimental development.
Ontario Bill 91, which enacts certain tax changes in the province's 2015 budget, received Royal Assent on June 4, 2015.
Many credit unions across Canada, and some of their related entities, that have a December 31 year-end must file up to two GST/HST and QST returns by June 30, 2015-an annual information return and/or a specific final return.
Corporate groups should review transactions that involve their holding companies to determine if there is a risk that the CRA or Revenue Quebec could reassess previously claimed ITCs and ITRs.
Canadian companies that manufacture goods for export should ensure they are fully complying with the reporting requirements enforced by the Canada Border Services Agency.
Some contractors may be erroneously claiming British Columbia PST exemptions on the goods they use to fulfill a supply and install contract while charging PST to their customers on the material components of those contracts.
Nova Scotia recently clarified changes to its film industry and digital media tax credits announced in its 2015 budget.
Saskatchewan Bill 178, which enacts tax changes in the province's 2015 budget, received Royal Assent on May 14, 2015.
SLFIs that have a December 31 year-end only have until June 30, 2015 to claim missed ITCs and SAM deductions related to 2012.
Quebec Bill 28, which implements selected measures announced in the province's June 4, 2014 budget, received Royal Assent on April 21, 2015.
Quebec Bill 39, which will implement items from the 2014 Quebec Economic Update, received first reading in the Quebec legislature on May 14, 2015.
Nova Scotia Bill 108, which enacts tax changes in the province's 2015 budget, received Royal Assent on May 11, 2015.
New Brunswick Bill 34, which enacts tax changes in the province's 2015 budget, received first reading on May 14, 2015.
Many financial institutions across Canada that have a December 31 year-end must file the GST/HST and QST annual information returns by June 30, 2015.
Bill C-59, the first bill reflecting proposals introduced during the 2015 federal budget, received first reading on May 7, 2015.
Alberta's 2015 budget was not passed into law before the NDP party's majority provincial election win on May 5, 2015 and is now considered dead.
Mine operators will have to start filing their mining tax returns with Revenu Quebec after September 1, 2015.
Nova Scotia Bill 108, which enacts tax changes in the province's 2015 budget, received first reading on April 27, 2015.
Ontario Bill 91, which enacts certain tax changes in the province's 2015 budget, received first reading on April 23, 2015.
The CRA prescribed income tax interest rates for taxable benefits, overpaid taxes and underpaid taxes for Q3 of 2015 will remain unchanged.
KPMG estimates that the prescribed interest rate to determine the deemed interest income inclusion from a PLOI will decrease to 4.61% for Q3.
Finance released a NWMM to implement selected measures announced in the 2015 as well as certain previously announced tax measures.
Some businesses and individuals may be required to pay a 10% tax on 2014 cross-border insurance premiums by April 30, 2015.
Act now to preserve the deferral benefits under the current eligible capital property regime.
Clients often ask us to confirm their suspicions that an e-mail that appears to be sent by the CRA is bogus.
The Yukon, Northwest Territories and Nunavut recently tabled their 2015 budgets.
Bill 10, which implements certain measures in British Columbia's 2015 budget, received Royal Assent on March 25, 2015.
Mutual and segregated fund managers face many tax issues and challenges with their investment plans.
Many financial institutions (FIs) will have to file their 2014 GST/HST and QST final returns by June 30, 2015 in addition to their GST/HST and QST annual information returns.
Finance announced that costs of environmental studies and community consultations are eligible for treatment as Canadian Exploration Expenses.
Finance announced an accelerated capital cost allowance rate for certain equipment and buildings used in the production of liquefied natural gas.
Many employers will have to remit amounts of GST/HST and QST related to certain employee taxable benefits by March 31, 2015.
More Quebec taxpayers will now be eligible for the tax holiday for large investment projects under recently announced updates to the holiday.
The quarterly prescribed rate, used when determining the deemed interest income inclusion from a loan or indebtedness will decrease to 4.75% for Q2.
The CRA prescribed income tax interest rates for taxable benefits, overpaid taxes and underpaid taxes for the second quarter of 2015 remains at 1%.
The CRA confirmed that qualifying individuals will be able to claim the Family Tax Cut credit in their 2014 returns.
The capital gains exemption for qualified small business shares and farming and fishing property increased to $813,600 for years after 2014.
CPA is holding its first two-day Scientific Research and Experimental Development (SR&ED) symposium from February 5 to 6, 2015.
The deadline to pay the interest on family income splitting loans for 2014 is January 30, 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.
The deduction of tax-exempt allowances paid by employers to employees who use personal vehicles will increase to 55 cents in 2015.
B.C. recently announced the prescribed rate for calculating the investment allowance for liquefied natural gas is 3%, effective January 1, 2017.
Bill C-43 received Royal Assent on December 16, 2014.
The CRA recently released the new GST/HST Form RC4616 for closely-related group elections.
Ontario recently released a consultation paper inviting public feedback on key aspects of the new Ontario Retirement Pension Plan (ORPP).