July 2016 ExecutiveTaxBriefs

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A. Tax Legislation

1. 2016 Budget Dates

Federal - March 22, 2016  Alberta - April 14, 2016 British Columbia - February 16, 2016Manitoba - May 31, 2016New Brunswick - February 2, 2016Newfoundla...

2. Accounting Firm 2016 Budget Commentaries

For information on 2016 Federal, Provincial and Territorial budgets please see the following sites: PricewaterhouseCoopers Deloitte BDO

3. Law Firm 2016 Federal Budget Commentaries

2016 Federal Budget Commentaries by Law Firms: Aird & BerlisStikeman Elliot – GST/HST Blake Cassels & Graydon

4. Status of Tax Treaty Negotiations

For the Status of International Tax Treaty Negotiations on the Department of Finance website, scroll down past the yearly Notices to see the: In Force; Signed but Not Yet In Force and Und...

5. Department of Finance - Summary of Outstanding Draft Legislation 2016

The Department of Finance Website lists pending, draft tax legislation.  This is where you can find links to the various Notices of Ways and Means Motions and draft technical legislative ...

6. Personal and Corporate Tax Rates

CRA - Individual Tax Rates, Corporate Tax Rates PwC - Combined Tax Rates BDO - Corporate Tax Facts 2016, Personal Tax Rates 2016 (Projected) Deloitte...

B. CRA's Interpretations

7. Faster Alternatives to the RC59

The CRA recently announced that it has two fast alternatives for filing the RC59 Business Consent form: Alternative 1 Use Represent a Client to get authorization in 5 days or less Login to Rep...

8. CRA Guides and Releases

For more information check the specific guide or go to our link below for new releases. Numerous forms were updated this month, some of which are linked here.  The full list of newly rele...

9. GST/HST/PST

Executive TaxBriefs is dedicated to providing the most current monthly updates on income tax matters affecting Owner-managers.  However, in this news item we also provide links to resources re...

10. CRA Prescribed Interest Rates and Bank of Canada Exchange Rates

Except for the interest rate for corporate taxpayers’ pertinent loans or indebtedness, prescribed interest rates have not changed since the last quarter.  Interest rates for the thi...

11. Technical Interpretations, Folios, Interpretation Bulletins and Audit Manual Note

TECHNICAL INTERPRETATIONS: ("TIs") are not published on CRA’s website although inquiries regarding such items may be made directly to the Rulings Directorate by e-mail to itrulingsdirect...

12. Ss.81(1)(g.1) & (g.2) Apply to Income Earned on Amount Paid Under Structured Settlement

TI2016-0628941E5 - 2016/04/08 and TI2015-0620311E5 - 2016/04/11 - Business and Employment Division of the Rulings Directorate CRA's position is that amounts received as damages in respect of ...

13. S.56 and Neuman Discretionary Dividend Shares

TI2016-0626781E5 - 2016/03/14 - Reorganizations Division of the Rulings Directorate Income splitting is a strategy often employed to minimize the overall tax burden for a family. This is often acc...

14. Eligible Dividend Elections

TI2016-0626371E5 - 2016/05/13 - Reorganizations Division of the Rulings Directorate The election under s.185.1(2) of the Tax Act to treat excessive eligible divided designations as a separate taxa...

15. Income from a US trust

TI2016-0634191I7 - 2016/03/24 - International Division of the Rulings Directorate In this Technical Interpretation, the taxpayer is seeking comments from CRA as to why she is not able to claim a d...

16. Price Adjustment Clauses and Taxable Preferred Shares

TI2016-0634551E5 - 2016/05/04 - Reorganizations Division of the Rulings Directorate In this Technical Interpretation, the taxpayer is seeking comments from CRA on the impact a price adjustment cla...

17. Folio S1-F1-C1: Medical Expense Tax Credit

Folio S1-F1-C1: Medical Expense Tax Credit provides tax relief for individuals who have sustained significant medical expenses for themselves or certain of their dependants. The medical expens...

18. Folio S1-F1-C2: Disability Tax Credit

Folio S1-F1-C2: Disability Tax Credit  The disability tax credit is a non-refundable tax credit that provides tax relief for individuals who have a severe and prolonged impairment in physical...

C. Tax Court Cases

19. The SCC Speaks out on Solicitor-Client Privilege

On June 3, 2016, the SCC released its decisions in Canada (Attorney General) v Chambre des notaires du Québec, 2016 SCC 20 (“Notaires”) and Canada (National Revenue) v Thompson, ...

20. Trustee of RRSPs and RRIFs Failure to Withhold under S.116(5) - Coast Capital Savings

Coast Capital Savings Credit Union (2016 FCA 181) is a decision of the FCA where the MNR assessed the Coast Capital Savings Credit Union in its capacity as the trustee ( the “Trustee&rdq...

21. FX Trading Losses and GAAP - Kruger

Kruger (2016 FCA 186) is a decision of the FCA that deals with the role of generally accepted accounting principles in measuring the gains and losses of a taxpayer that traded in purchased and...

22. Associated Corporations - FCA - Kruger Wayagamack Inc.

Kruger Wayagamack Inc. is a decision of the FCA (2016 FCA 192) involving a taxpayer that was entitled to scientific research and experimental development investment tax credits.  During t...

D. Practitioners' Forum

23. The Stock Option Deduction - McCarthy's

Generally, all employee benefits are taxable when received under ss. 5 and 6(1)(a) of the Tax Act.  One exception to the immediate inclusion in income rule is contained in s.7 of the Tax Act f...

24. KPMG Promoted Hiding Money from Wealthy Clients' Ex-spouses in Offshore 'sham' - CBC News

Well this one makes for interesting reading and should certainly put the fear of god into any clients that are trying to maintain offshore investments that our purportedly outside of the Canadian t...

25. Application of Losses on a Wind-up or Amalgamation

Permissibility of Loss-Consolidation Strategies As a general rule, CRA prohibits tax loss planning between unrelated taxpayers.  However in recent years, CRA has confirmed that the general an...

26. Dissolved Corporation Lacks Standing in Tax Court

In a recent article published May 31, 2016 by John Sorensen of Gowlings, the author discusses the issued faced by a dissolved corporation in pursuing a tax appeal in the TCC. The decision of 145525...

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