The latest tax news and analysis from KPMG's Canadian Tax practice
Large businesses in Ontario may continue to see restricted HST input tax credits past the date they are supposed to be phased out.
The Quebec Minister of Finance presented details of Quebec's new mining tax system on May 6, 2013.
The proposed federal and Ontario personal tax rate hikes on non-eligible dividends beginning on January 1, 2014 will have an important effect on the Ontario integration mechanism in 2014 and Ontario residents.
The CRA prescribed income tax interest rates for taxable benefits, overpaid taxes and underpaid taxes for the third quarter of 2013 (July 1 - September 30) will remain unchanged.
Employers and registered pension plans may want to take advantage of two changes to the GST/HST pension plans rules announced in the 2013 federal budget that could reduce some employers' compliance requirements.
Finance released Bill C-60 (Budget Bill #1) on April 29, 2013 to implement certain measures announced in the 2013 federal budget.
A bill to enact Prince Edward Island's 2013 budget received first reading in the provincial legislature on April 23, 2013.
Manitoba tabled its 2013 budget on April 16, 2013. The budget increases the provincial sales tax rate to 8% (from 7%), starting July 1, 2013.
The Federal Court of Appeal (FCA) recently made a decision in favour of the taxpayer in CAE Inc. v. The Queen (2013 FCA 92).
A bill to enact Nova Scotia's 2013 budget measures received first reading in the provincial legislature on April 18, 2013.
Companies that allocate their taxable income to permanent establishments in more than one province may need to change their calculations for their 2013 taxation years.
The CRA recently launched its Income Tax Folios publications. This new technical publication product updates information currently found in income tax interpretation bulletins and includes improved web functionality.
Securities dealers are in the midst of another round of changes to indirect tax laws and administrative policies.
In Randy J. Ollenberger v. The Queen (2013 FCA 74), the Federal Court of Appeal (FCA) allowed the taxpayer's appeal to claim an allowable business investment loss (ABIL) of over $300,000 for an uncollectible loan on his 2007 income tax return.
Banks are in the midst of another round of changes to indirect tax laws and administrative policies.
Insurance companies are in the midst of another round of changes to indirect tax laws and administrative policies.
The CRA has released guidance on its new Pooled Registered Pension Plans (PRPP), a new option for tax-effective retirement savings for employees of small businesses and self-employed individuals who don't already have a company pension plan.
Taxpayers have only until March 1, 2013 to file an election to have transitional relief apply to advantages earned on prohibited investments held in a registered retirement savings plan (RRSP) on March 23, 2011.
The CRA confirmed that the 50% tax on prohibited investments applies where a RRSP or RRIF annuitant acquires a prohibited investment by exercising a warrant that is also a prohibited investment but that was acquired before March 23, 2011.
Certain trusts, regardless of residency, may now have to file a Quebec income tax return according to a Quebec announcement.
The Workplace Safety and Insurance Board (WSIB) announced that as of January 1, 2013, new rules apply to companies and individuals doing construction in Ontario.
Business income trusts, resource trusts and REITs, collectively "Public Trusts", are required to post their T3 tax reporting information for unitholders on the CDS website within 60 days of the end of the calendar year.
In a recent technical interpretation (TI), the CRA states that a non-profit organization's (NPO) interest income earned on membership fee payment plans is considered to be income from property), and therefore subject to tax under Part I of the Act.
The CRA has revised Guide T4033, "Completing the Registered Charity Information Return", to require charities to provide more details about their political activities, based on changes announced in the 2012 federal budget.
The CRA prescribed income tax interest rates for taxable benefits, overpaid taxes and underpaid taxes for the second quarter of 2013 (April 1- June 30, 2013) will remain unchanged.
In Sunrise Realty Investments Limited v. The Queen, the Tax Court of Canada (TCC) allowed the taxpayer's appeal regarding the purchase price allocation of a property with land and a rental building.
Many financial institutions registered for QST purposes will soon have to start filing their QST returns with the CRA instead of the Quebec Revenu Agency (QRA).
Many corporations' tax directors and pension plan administrators working for employers with a December 31 year-end must calculate and remit a deemed GST/HST amount by January 31, 2013.
In a recent technical interpretation, the CRA confirmed that the debt forgiveness rules in section 80 apply on the inter vivos settlement of certain non-arm's length obligations.
The CRA has announced it will send educational and intent-to-audit letters to selected taxpayers as part of its "educational" outreach campaign.
Labour organizations are now one step closer to being required to file annual information returns to report details of their expenditures and activities with the CRA.
The CRA recently released an internal technical interpretation (TI) in which it considers whether a corporation under CRA audit as part of its NPO project is exempt from income tax.
Finance has announced that while the automobile expense deduction limits will not change in 2013, the prescribed rates for determining the taxable benefits on automobile operating expenses or allowances will increase in 2013.