Selected tax policy and administrative developments.
Many businesses across Canada only have a short amount of time to gather all the details they will need to fully meet their GST/HST and QST filing obligations by June 30, 2016.
Canadian corporations that receive dividends from other Canadian corporations now have more guidance from the CRA about the potential application of an expanded anti-avoidance rule.
Businesses across Canada must ensure that they prepare for upcoming HST changes and complete any appropriate adjustments to their systems and processes.
This publication highlights three recent trade and customs developments in Canada that may present savings opportunities and help your business manage compliance risks.
Newfoundland and Labrador has released transitional rules relating to the upcoming increase of the HST to 15% (from 13%) effective July 1, 2016, which it announced in its 2016 provincial budget.
Nova Scotia Finance Minister Randy Delorey delivered the province’s 2016 budget on April 19, 2016.
Prince Edward Island Finance Minister Allen Roach delivered the province’s 2016 budget on April 19, 2016.
Many Canadian companies with U.S. operations may be affected by new U.S. tax regulations that may deny debt treatment to financing transactions for U.S. purposes.
Canadian financial institutions will be required to provide the CRA with information on accounts held by non-residents of Canada beginning in 2018.
Today Alberta Finance Minister Joe Ceci delivered the province’s 2016 budget.
Today Newfoundland and Labrador Finance Minister Cathy Bennett delivered the province’s 2016 budget.
Many Canadian companies with U.S. operations will be affected by new U.S. tax regulations just issued.
Canadian parent companies of large multinational corporate groups should start developing their strategy to meet new country-by-country reporting requirements coming in 2016.
New Brunswick has released general descriptions of the transitional rules for its proposed upcoming increase of the HST to 15% (from 13%) in New Brunswick on July 1, 2016.
Charities and entities in the health care sector may want to start preparing for the effect of certain GST/HST tax changes proposed in the 2016 federal budget.
The financial services industry may want to start preparing for the effect of certain tax changes proposed in the 2016 federal budget.
Entities in the real estate sector may want to start preparing for the effect of certain GST/HST tax changes proposed in the 2016 federal budget.
Finance Minister Bill Morneau delivered Canada's 2016 federal budget earlier today, March 22, 2016.
Today, Quebec’s Minister of Finance and the Economy, Carlos Leitão, delivered the province’s 2016 budget.
Oil and gas and mining companies operating in Canada now have the final version of guidance, technical specifications and forms they need to start reporting tax and other payments they make to Canadian and foreign governments.
Today Ontario Finance Minister Charles Sousa delivered the province’s 2016 budget.
British Columbia Finance Minister Michael de Jong delivered the province’s 2016 budget on February 16, 2016.
Finance Minister Bill Morneau is soon expected to deliver the new Liberal government’s first federal budget, although no date has yet been announced.
New Brunswick Finance Minister Roger Melanson delivered the province’s 2016 budget on February 2, 2016.
Non-Canadian resident employers who have non-resident employees working in Canada now have until March 1, 2016 to request that a new exception from withholding tax rules apply to them retroactively on January 1, 2016.
Certain investment funds that are trusts may benefit from new proposed legislation that provides relief from potentially harsh tax consequences that extends the tax loss restriction rules to trusts.
Finance released draft legislation that provides welcome relief for trusts and estates affected by the "graduated rate estate" rules.
Non-Canadian resident employers who have non-resident employees working in Canada can now apply to be eligible for the new exception from the withholding tax requirements under Regulation 102 of the Income Tax Act.
If you are involved in preparing financial reports for corporations or other organizations, certain 2015 income tax changes may need to be reflected in your year-end financial statements under IFRS, ASPE or U.S. GAAP.
U.S. parent companies of multinational corporate groups will be required to begin country-by-country reporting of their tax payments, likely beginning with their taxation years ending in 2017.
Canadian investors that own US real property and REIT shares may benefit from changes to the US federal income tax rules
You should review your year-end dividend planning to ensure you have considered the full impact of the increase in the personal income tax rate.
The new federal government announced two tax rate changes for individuals: a reduction in the federal tax rate for income between $45,283 and $90,563 to 20.5% and an increase of 4% in the tax rate for income over $200,000 to 33%.
Today the new Liberal government confirmed its intention to reduce the federal tax rate for the middle class “as an immediate priority”.
Many employers that offer registered pension plans to their employees must prepare to meet their upcoming December 31, 2015 obligations under the GST/HST and QST pension plan rules.
With the end of 2015 only weeks away, your business can take action now to manage upcoming GST/HST, QST and payroll deadlines and other compliance obligations.
At a press conference today Finance Minister Bill Morneau said that the new federal government will provide grandfathering for existing stock options as part of its campaign promise to cap the amount that is eligible for the 50% stock option deduction.
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 based on new rules introduced in 2014.
As an owner-manager, it’s the perfect time to take stock and consider ways to improve your tax position for the current year now that Canada has a new government.
You only have a few more weeks to revisit your will and estate plans before important new tax changes come into effect on January 1, 2016.
Now that Canada’s federal election is over and the year is coming to an end, it’s time to take stock and consider your 2015 and 2016 tax positions.
Investment fund managers that are not registered for QST purposes may have to start making their QST remittances monthly or quarterly (instead of annually) under new legislation that became law on October 21, 2015.
Alberta Finance Minister Joe Ceci delivered the province’s 2015 budget on October 27, 2015.
Oil and gas and mining companies operating in Canada may want to review and comment on two consultation papers recently released by Natural Resources Canada.
If you are involved in preparing financial reports, certain 2015 income tax changes may need to be reflected in your interim period or year-end financial statements.
Prince Edward Island Finance Minister Allen Roach delivered the province’s 2015 budget on June 19, 2015.
Alberta has introduced new tax brackets including a personal top marginal bracket of 15% that will be phased in for the 2015 tax year, and increased the corporate income tax rate to 12% (from 10%) effective July 1, 2015, among other changes.
Canadian corporations that receive dividends from other Canadian corporations may be adversely affected by the recently expanded anti-avoidance rule that recharacterizes certain tax-free inter-corporate dividends as capital gains subject to tax.
Today Newfoundland and Labrador Finance Minister Ross Wiseman delivered the province’s 2015 budget.
Today Manitoba Finance Minister Jennifer Howard delivered the province’s 2015 budget.
Today Ontario Finance Minister Charles Sousa delivered the province’s 2015 budget.
Finance Minister Joe Oliver delivered Canada's 2015 federal budget earlier today, April 21, 2015.
Canadian multinationals with foreign affiliates will want to closely monitor the OECD’s recent recommendations for potential changes to member countries’ controlled foreign company (CFC) rules.
Nova Scotia Finance Minister Diana Whalen delivered the province’s 2015 budget.
If you are a high income taxpayer or own your own business in Alberta, you should consider revising your personal tax plan, in light of changes in the 2015 Alberta budget.
Finance Minister Joe Oliver will deliver the Conservative government’s 2015 federal budget on Tuesday April 21, 2015.
New Brunswick Finance Minister Roger Melanson delivered the province’s 2015 budget on March 31, 2015.
Today Alberta Finance Minister Robin Campbell delivered the province’s 2015 budget.
Saskatchewan's Minister of Finance Ken Krawetz delivered the province’s 2015 budget.
It appears the CRA may be gearing up for more audit challenges of intercompany management fees, based on the guidance it released in two new Transfer Pricing Memorandums in January 2015.
British Columbia Finance Minister Michael de Jong delivered the province’s 2015 budget on February 17, 2015
Companies in the real estate industry should be aware that the CRA and Revenue Quebec may be scrutinizing GST/HST and QST compliance areas relating to their sector in 2015.
Canada’s tax incentives for charitable donations are designed to make it easier for you to support your favourite charities.
Businesses that sell services and intangible goods to other businesses or consumers across international borders may have to change the way they collect VAT or GST on these transactions.
Many insurers are affected by Quebec’s recent tax increase on automobile insurance premiums to 9% (from 5%) effective starting in 2015.
If you import goods into Canada and the price of those goods is adjusted downwards after importation, you may be eligible for a refund of customs duty due to a change in Canada Border Services Agency (CBSA) policy.
Some mutual and segregated fund managers should act now to review their QST remittance to identify errors and potentially benefit from a proposed transitional measure.
The OECD proposes to improve the Mutual Agreement Procedure for resolving taxation disputes between countries.
If you are involved in preparing financial reports for corporations or other organizations, certain 2014 income tax changes may need to be reflected in your year-end financial statements under IFRS, ASPE or U.S. GAAP.