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.
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 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.
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.
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.
Ontario recently released details of the Ontario Retirement Pension Plan (ORPP).
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
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.
Labour organizations are now required to file annual information returns with the CRA reporting details of their expenditures and activities.
Newfoundland and Labrador has released transitional rules relating to the upcoming increase of the HST to 15% (from 13%) on January 1, 2016.
Quebec introduced harmonization measures with the 2015, 2014 and 2012 federal budgets in a recent information bulletin.
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.
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.
"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.
KPMG Canada recently released, "A Guide to Going Public", which outlines the challenges a company may face when going public.
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.
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.
The KPMG Global Mining Institute recently released, "An eye to the future: Adapting to change in a volatile mining industry".
Manitoba Bill 36, which enacts tax changes in the province's 2015 budget, received first reading on June 9, 2015.
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.
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.
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.
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.
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.
New Brunswick Bill 34, which enacts tax changes in the province's 2015 budget, received first reading on May 14, 2015.
Mine operators will have to start filing their mining tax returns with Revenu Quebec after September 1, 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.
Bill C-59, the first bill reflecting proposals introduced during the 2015 federal budget, received first reading on May 7, 2015.
The CRA prescribed income tax interest rates for taxable benefits, overpaid taxes and underpaid taxes for Q3 of 2015 will remain unchanged.
Finance released a NWMM to implement selected measures announced in the 2015 as well as certain previously announced tax measures.
KPMG estimates that the prescribed interest rate to determine the deemed interest income inclusion from a PLOI will decrease to 4.61% for Q3.
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.
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.
More Quebec taxpayers will now be eligible for the tax holiday for large investment projects under recently announced updates to the holiday.
Many employers will have to remit amounts of GST/HST and QST related to certain employee taxable benefits by March 31, 2015.
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 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 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.
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.
The deadline to pay the interest on family income splitting loans for 2014 is January 30, 2015.
Ontario recently released a consultation paper inviting public feedback on key aspects of the new Ontario Retirement Pension Plan (ORPP).
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 CRA recently released the new GST/HST Form RC4616 for closely-related group elections.
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 deduction of tax-exempt allowances paid by employers to employees who use personal vehicles will increase to 55 cents in 2015.