Selected tax policy and administrative developments.
Many insurers will be affected by Quebec’s new transitional rules for the tax increase on automobile insurance premiums paid after December 31, 2014.
Multinational companies’ financing arrangements may be affected by the OECD’s proposals for countries to adopt new rules that would affect the tax treatment of interest and other financial payments made by companies in corporate groups.
Businesses that sell goods and services across international borders may be interested in the OECD’s proposals for International VAT/GST Guidelines.
Multinational companies may want to provide comments on the OECD’s latest proposals to change its transfer pricing guidelines.
Multinational companies may want to consider providing comments on the OECD’s latest discussion papers concerning transfer pricing.
Multinational organizations may want to respond to the OECD’s latest request for input on its proposals to curb tax treaty abuse.
Your organization will soon face important GST/HST, QST and payroll deadlines.
If you’re a business owner who has done an estate freeze, a proposed accounting change may increase your company’s cost of borrowing.
The 60-month tax exemption for immigrant trusts is ending. Consider making changes to these trusts soon.
Quebec introduced many of the QST rules for selected listed financial institutions (SLFI) as part of Bill 13, which was released on December 4, 2014.
Many corporations in the financial services industry may be affected by changes that Quebec announced as part of its Economic Update on December 2, 2014.
As an owner-manager, the end of the year is a good opportunity for you to consider ways to improve your tax position for the current year.
Quebec's Minister of Finance and the Economy, Carlos Leitão, delivered the update on the province’s economic and financial situation on December 2, 2014, approximately six months after the Quebec’s 2014-2015 budget.
Many employers and their pension plans must once again prepare to meet their upcoming year-end obligations under the GST/HST and QST pension plan rules.
There are still many time-sensitive issues that you should address before January 1 and early 2015 that can help take a bite out of your 2014 personal income taxes.
The OECD published a draft discussion paper outlining proposed changes to its Transfer Pricing Guidelines relating to management fees and head office expenses.
The OECD published a 26-page draft discussion paper on October 31, 2014 outlining proposed changes to the definition of permanent establishment (PE) in Article 5 of the OECD Model Treaty.
Oil and gas and mining companies operating in Canada will soon be required to publish annual reports detailing tax and other payments they make to all levels of domestic and foreign governments.
If your estate plan includes creating a trust in your will or you are a trust beneficiary or an estate trustee, you may be affected by the new legislation to tax certain trusts at the top marginal tax rate rather than the lower graduated tax rates.
Time is quickly running out for participants in joint ventures that include nominee corporations or bare trusts to take steps to benefit from the CRA’s GST/HST temporary administrative “tolerance” policy.
Today Prime Minister Stephen Harper announced tax changes that will provide tax savings to families starting in 2014.
Your Canadian company may soon have to start filing closely related group elections with the CRA.
British Columbia introduced its much anticipated legislation for a new two-tier tax on net income from liquefied natural gas (LNG) facilities in British Columbia on October 21, 2014.
Americans and green card holders in Canada with Canadian retirement plans now have fewer U.S. forms to file each year.
The OECD released its highly anticipated recommendations on seven high profile international tax topics as part of its Base Erosion and Profit Shifting (BEPS) initiative on September 16, 2014.
Canada recently agreed to amend its tax treaty with the United Kingdom (U.K.), and a Protocol between the two countries was signed on July 21, 2014.
Ontario’s newly re-elected Liberal government reintroduced the 2014 Ontario budget on July 14, 2014.
If you are required to file a U.S. return and have offshore assets, you may be able to use the IRS’s expanded streamlined filing compliance.
Canadian entities that could be subject to the U.S. FATCA, which takes effect July 1, 2014, will be interested in the CRA’s new guidance on Canada’s IGA with the United States.
If you are required to file Return T1135, "Foreign Income Verification Statement" for the 2013 tax year, you only have a short time left to gather information on your foreign investments before the July 31, 2014 due date.
If you are involved in preparing financial reports for corporations or other organizations, certain 2014 Canadian income tax changes may need to be reflected in your interim-period financial statements under IFRS, ASPE or U.S. GAAP.
Participants in joint ventures that include nominee corporations or bare trusts have a short period of time to benefit from the CRA’s GST/HST temporary administrative policy.
Fund managers and insurance companies (“managers”) that are not registered for QST may need to file a specific new QST return no later than June 30, 2014.
Canadian entities subject FATCA need to ensure that they are ready for these rules now that Canada has implemented an IGA with the United States.
Corporations that engage in certain cross-border transactions will be interested in the CRA’s guidance on its contemporaneous documentation requests.
Today, Quebec's Minister of Finance and the Economy, Carlos Leitão delivered the province’s 2014 budget.
Today Ontario Finance Minister Charles Sousa delivered the province’s 2014 budget.
The CRA has extended the filing deadline for 2013 personal tax returns to May 5, 2014 after it temporarily shut down its online services to fix a critical security issue.
Multinational corporations that could be subject to additional transfer pricing documentation and country-by-country reporting will be interested in the OECD latest communications in this area.
Canadian businesses that operate in the digital economy will want to follow the recent high-profile initiatives by the Organisation for Economic Co-operation and Development (OECD) in this area.
Today P.E.I. Finance Minister Wesley Sheridan delivered the province’s 2014 budget.
Canadian multinationals and foreign corporations investing in or through Canada will be most interested in the Organisation for Economic Co-operation and Development’s (OECD) new discussion draft on "Prevent treaty abuse" (the paper).
Canadian trusts that will be treated as “foreign financial institutions” under the U.S. FATCA will want to closely follow legislative developments now that the Canadian government has tabled legislation implementing the IGA in Canada.
Canadian companies who have international structures that involve the use of either a hybrid instrument or a hybrid entity will want to closely follow the recent high-profile initiatives by the OECD.
Today Nova Scotia Finance Minister Diana Whalen delivered the province’s 2014 budget.
Today Newfoundland and Labrador Finance Minister Charlene Johnson delivered the province’s 2014 budget.
Oil and gas and mining companies operating in Canada may have to act quickly to meet rigorous new financial and tax transparency reporting standards.
Today Saskatchewan Finance Minister Ken Krawetz delivered the province’s 2014 budget.
Today Manitoba Finance Minister Jennifer Howard delivered the province’s 2014 budget.
Today Alberta Finance Minister Doug Horner delivered the province’s 2014 budget.
Canadian taxpayers, including Canadian-based multinationals, with arm’s-length commercial lending arrangements could be unexpectedly impacted by the 2014 federal budget’s new thin capitalization and withholding tax proposed anti-avoidance measures.
A recent report issued by the CRA indicates that a significant number of incorporated non-profit organizations (NPO) in Canada do not comply with the rules in the Income Tax Act that provide for an exemption from tax on their activities.
If you own certain types of foreign property you will be interested in new transitional filing relief announced by the CRA which should help you complete Form T1135 on a timely basis for the 2013 tax year.
Foreign-based multinationals and foreign corporations investing in or through Canada will want to closely follow developments of the 2014 federal budget’s proposed rule to prevent “treaty shopping”.
Certain investment funds that are trusts may be subject to unexpected and potentially harsh tax consequences from a measure first introduced with the 2013 federal budget that extended the tax loss restriction rules to trusts.
The Minister of Finance and the Economy, Mr. Nicolas Marceau, tabled earlier today the 2014-2015 Québec Budget in which he still aims at a balanced Budget for 2015-2016.
Today British Columbia Finance Minister Michael de Jong delivered the province’s 2014 budget.
Canada’s 2014 federal budget, delivered on February 11, 2014, made several new announcements and proposals that appear to strengthen Canada’s intentions to address tax base erosion and profit shifting by multinational corporations.
Finance Minister Jim Flaherty delivered the government’s 2014 federal budget on February 11, 2014.
Participants in joint ventures will be relieved to learn that the CRA has issued a temporary administrative policy not to assess GST/HST in certain circumstances.
Canadian entities that will be treated as Foreign Financial Institutions must now consider their potential requirement to register with the U.S. IRS under the U.S. FATCA now that an IGA between Canada and the U.S. was signed on February 5, 2014.
Today New Brunswick Finance Minister Blaine Higgs delivered the province’s 2014 budget.
Multinational corporations may have to consider additional reporting requirements under the OECD initial draft of its revised guidance on transfer pricing documentation and country-by-country reporting.
Finance Minister Jim Flaherty has announced that he will deliver the Conservative government’s 2014 federal budget on February 11, 2014.
Canadian multinational companies may want to note the implications of the recent transfer pricing case McKesson Canada Corp.
Today the CRA announced it will take a new approach to improving tax compliance among small and medium sized businesses.
Certain 2013 Canadian income tax changes may need to be reflected in your organization’s year-end financial statements.
Many businesses will soon have to take into account recent changes to the GST/HST and QST as they prepare to meet upcoming compliance deadlines.
A Protocol to the Canada-Barbados tax treaty entered into force on December 17, 2013.
KPMG suggests to the Department of Finance that it may not be necessary to introduce new measures to combat treaty shopping at this time.
Mexico has enacted its 2014 package of tax reforms that will affect Canadian entities with investments in Mexico.
Many tax planning opportunities are still available for owner-managers to reduce taxes for yourself and your incorporated business before year end.
If your company claims federal R&D tax credits, consider incurring expenditures in 2013 because the general R&D tax credit rate is going down in 2014.
Canadian importers and exporters may be affected by a new agreement between Canada and the EU and other recent changes.
As a part of your regular personal financial planning exercise, the end of the year is the perfect time to consider ways to improve your financial well-being.
Mexico’s Congress recently approved tax measures that will affect investments made by foreign entities in Mexico.
If your company imports or exports food products, you will soon be subject to new regulations that will be developed over the next 18 months.
Ontario’s Minister of Finance Charles Sousa announced proposed measures that will increase the tax rate on non-eligible dividends as part of its fall Economic Update released on November 7, 2013.
It’s time once again for many tax directors and pension plan administrators to meet the year-end requirements of the complex GST/HST and QST pension plan rules.
Does your business have to recapture certain input tax credits it has claimed under the harmonized sales tax (HST) rules?
The CRA’s 2012-13 Mutual Agreement Procedure Program Report shows that interest in the program continues to grow and that the CRA is making gains towards reaching its targeted completion times.
Foreign-based multinationals and foreign corporations investing in or through Canada will want to closely follow developments as Canada kicks off formal consultations on possible measures to combat “treaty shopping” abuses.
If your Canadian multinational company has U.S. source income, including inter-company payments from a U.S. subsidiary, it must provide information required by the recently introduced U.S. Foreign Account Tax Compliance Act (FATCA).
You should act quickly to realize future tax savings before the CRA’s 1% prescribed interest rate for family income-splitting loans rises to 2% on October 1, 2013.
The Organisation for Economic Co-operation and Development (OECD) has released its new Action Plan on Base Erosion and Profit Shifting (“Action Plan”).
If you provide your services through a corporation, are you carrying on a personal services business?
If you are involved in preparing financial reports for corporations or other organizations, certain 2013 income tax changes may need to be reflected in your interim period financial statements.
British Columbia’s newly re-elected Liberal government reintroduced the 2013 B.C. budget on June 27, 2013.
If your estate plan includes creating a trust in your will or you are a trust beneficiary or an estate trustee, you may be affected by the federal government’s proposals to tax certain trusts at a top tax rate
Many businesses may not realize that they face some important GST/HST filing deadlines on June 30, 2013, in addition to their regular GST/HST returns.
The much-anticipated decision of the Supreme Court of Canada in Daishowa-Marubeni International Ltd. v. The Queen on May 23, 2013.
Financial institutions, investment funds and certain general corporations may be affected by targeted tax measures introduced in the 2013 federal budget to address what the government considers “loopholes” in the Canadian tax system.
The federal government will publish the long-awaited final GST/HST regulations affecting many financial institutions on May 8, 2013.
Today Ontario Finance Minister Charles Sousa delivered the province’s 2013 budget. The budget anticipates a deficit of $9.8 billion in 2013 and $11.7 billion in 2014.
Employers and registered pension plans may want to take advantage of some changes to the GST/HST pension plans rules announced in the recent federal budget.
Today Manitoba Finance Minister Stan Struthers delivered the province’s 2013 budget.
Today Nova Scotia Finance Minister Maureen MacDonald delivered the province’s 2013 budget.
Prince Edward Island's Minister of Finance Wesley Sheridan tabled the province's 2013 budget on March 27, 2013.
Today Newfoundland and Labrador Finance Minister Jerome Kennedy delivered the province’s 2013 budget.
Today New Brunswick Finance Minister Blaine Higgs delivered the province’s 2013 budget.
If your Canadian mining or oil and gas company is registered with the SEC, your company will soon have to start reporting payments it makes to governments in all the countries where it operates.
Finance Minister Jim Flaherty delivered the government’s 2013 federal budget today.
Today Saskatchewan’s Finance Minister Ken Krawetz delivered the province’s 2013 budget.
Finance Minister Jim Flaherty is expected to deliver the Conservative government’s 2013 federal budget on March 21, 2013.
If you provide your services through a corporation, are you carrying on a personal services business?
Today Alberta Finance Minister Doug Horner delivered the province’s 2013 budget.
Is your business ready to face a new B.C. PST system on April 1, 2013?
Certain trusts may benefit from recent legislative changes to ease the requirements to qualify as a real estate investment trust (REIT) for income tax purposes.
British Columbia Finance Minister Michael de Jong delivered the province’s 2013 budget. The budget increases both corporate and personal tax rates.
If your company sells taxable goods and services in British Columbia, you should be ready for the new B.C. PST that takes effect in just six weeks on April 1, 2013.
Tax News Flash Archive
If you are involved in preparing financial reports for corporations or other organizations, certain 2012 Canadian tax changes may need to be reflected in your year-end financial statements.
Fund managers and insurance companies may soon need to change their systems and processes for upcoming GST/HST and QST changes.
As 2012 draws to an end, many corporations’ tax directors and pension plan administrators must once again review their obligations and options under the GST/HST and QST pension plan rules.
The Department of Finance has released long-awaited tax rules affecting foreign affiliate members of Canadian corporate groups.
Financial institutions and other businesses operating in Quebec will have to change many of their systems and processes to prepare for amendments to the Quebec Sales Tax (QST) effective January 1, 2013.
The federal government recently tabled two major tax bills in the House of Commons containing more than 1,300 pages of tax amendments.
Earlier today, Quebec Minister of Finance and the Economy, Nicolas Marceau, tabled the Quebec provincial budget for 2013-2014.
The CRA’s 2011-12 Mutual Agreement Procedure Program Report shows that interest in the program continues to be strong.
As another year draws to a close, many Canadians are looking for ways to improve their financial well-being.
Home builders in British Columbia have to comply with new disclosure requirements related to B.C.’s transition from the HST back to the GST and a new PST.
Complying with all your business’ indirect tax filing obligations may become more complicated and time-consuming in the coming months.
If your company claims tax credits for Scientific Research and Experimental Development (SR&ED), you may be affected by changes to this program coming as soon as January 1, 2013.
Canadian taxpayers who conduct cross-border transactions with related parties have been eagerly awaiting today’s decision by the Supreme Court of Canada (SCC) in the transfer pricing case The Queen v. GlaxoSmithKline Inc.
The Department of Finance has released draft legislation that includes revised foreign affiliate (FA) dumping proposals originally introduced in its 2012 federal budget tax measures.
If you are involved in preparing financial reports for corporations or other organizations, certain 2012 tax changes may need to be reflected in your interim period financial statements under IFRS and U.S. GAAP.
If your company sells goods to a related company into the U.S., you may now be able to recover U.S. duty paid if the price of the goods is reduced due to a transfer pricing adjustment.
Managers of investment plans will need to take into account upcoming GST/HST changes in several provinces when calculating their 2013 “blended rates” on their management fees.
Canadian corporations that owe debt to certain non-residents need to carefully review the impact of the major modifications to Canada’s “thin capitalization” regime announced in the 2012 federal budget.
Even though 2012 is almost over, many tax planning opportunities are still available before the year ends.
Businesses across Canada have had to cope with a flood of indirect tax changes over the last few years, requiring significant changes to their systems and processes.
Yesterday the British Columbia government introduced legislation (the Provincial Sales Tax Act – PST Act) to implement the new PST effective April 1, 2013.
Companies in the real estate industry with interests in partnerships may be affected by tax changes announced in the 2012 federal budget.
Does your corporate group include holding companies? If so, have you considered whether these holding companies have an opportunity to claim input tax credits (ITCs) on some of their expenses to reduce your group’s overall GST/HST costs?
The Supreme Court of Canada ruled that the City of Calgary was not entitled to input tax credits for GST paid in the development of its public transit facilities.
Newfoundland and Labrador’s Finance Minister tabled the province’s 2012 budget on April 24, 2012. The budget forecasts a surplus of $776.4 million for 2011-12 and projects deficits of $258.4 million for 2012-13 and $432.9 million for 2013-14.
Manitoba’s Finance Minister Stan Struthers tabled the province’s 2012 budget on April 17, 2012. The budget forecasts a deficit of $1 billion for 2011-12 and projects a deficit of $460 million for 2012-13.
Canadian businesses that have had their transfer prices adjusted by the CRA may face higher withholding tax liabilities.
The Supreme Court of Canada (SCC) today released its unanimous decision in a case involving how a trust’s residency for tax purposes should be determined.
Today Nova Scotia Finance Minister Graham Steele delivered the province’s 2012 budget. The budget projects deficits of $390 million in 2011-12 and $211 million in 2012-13, and surpluses of $15 million in 2013-14 and $20 million in 2014-15.