August 2016 Executive TaxBriefs

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A. Tax Legislation

1. BC Hammers Foreign Buyers with Additional 15% Property Transfer Tax

On July 25th, 2016 the BC Legislature introduced Bill 28 – 2016 Miscellaneous Statues (Housing Priority Initiatives) Amendment Act, 2016 which included provisions to add an additional 15% to ...

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 - Tax Facts 2016 Deloitte - Personal and Corporate Tax Rates Archiv...

B. CRA's Interpretations

7. MNR Presents Study on Tax Gap Estimation

On June 30, 2016 the Minister announced that CRA has taken the first step to follow through on its commitment to estimate Canada’s tax gap with the presentation of a study on tax gap estimati...

8. Service-Related Complaint Form

One can only hope that CRA receives a deluge of its recently released Service-Related Complaint Form RC 193.  Maybe then they will put more effort into hiring and training staff that have a re...

9. Request for Capital Dividend Account Balance Verification

If you are a private corporation, T2 schedule 89 is available to summarize the components making up your CDA balance as at a specified date. Taxpayers can use this schedule to request a CDA balance...

10. 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...

11. 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...

12. 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...

13. 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...

14. NAL Transfer of ECP Pre-2017 and AL Sale Post

TI2016-0641851E5 - 2016/06/07 - Business and Employment Division of the Rulings Directorate The "eligible capital property" regime will be replaced on January 1, 2017 with rules for a new "capital...

15. Taxability of Employer-Provided Tuition Assistance

TI2015-0623221E5 - 2016/04/26 - Business and Employment Division of the Rulings Directorate It's generally understood that any benefit received in the context of one's employment will be taxable. ...

16. Application of Non-Capital Losses by Newly Amalgamated Corporation

TI2016-0651951E5 (F) - 2016/6/20 - Reorganizations Division of the Rulings Directorate Amalgamating companies within the corporate group is a strategy often used to utilize losses. Amalgamati...

17. Can a Partner of an LP File a S.39(4) Election

TI2014-0559961E5 (F) - 2016/6/20 - Reorganizations Division of the Rulings Directorate Whether Canadian securities are held as inventory or capital property is a question of fact. The question tur...

18. Tax Treatment of Taxable Dividends Received by Beneficiary of a Trust

TI2016-0647621E5 - 2016/6/3 - Reorganizations Division of the Rulings Directorate This Technical Interpretation is in French and has been translated. Income received by a beneficiary of a trust i...

19. Tainting of a Spousal Trust and Application of Para 8 of IT-305R4

TI2016-0632631C6 - 2016/05/03 - Question 4 - CALU (Conference for Advanced Life Underwriting) Roundtable – May 2016 A rollover of property to a spouse or to a spousal trust is an effective t...

20. Folio S2-F3-C2: Benefits and Allowances Received from Employment

Folio S2-F3-C2 explains the federal income tax treatment of benefits and allowances received from employment. The Chapter discusses the specific provisions of the Act and the principles d...

C. Tax Court Cases

21. Undeclared Dividends Result in Gross Negligence and Penalties - Melman

Melman (2016 TCC 167) is a TCC decision of Bocock J involving the imposition of gross negligence penalties. In 2007, two holding companies owned and controlled by the taxpayer paid him dividen...

22. RRSP Beneficiary held Jointly Liable for Estate RRSP Liability - s.160.2 - O'Callaghan

O’Callaghan (2016 TCC 169) is a decision of the TCC which serves as a reminder for estate plannners that you need to be careful with RRSP beneficiary designations and the associated tax ...

23. Another Complex Tax Avoidance Plan Bites the Dust - Golini - TCC

Golini (2016 TCC 174) is a decision of Miller, J. of the TCC that represents the latest in a long series of cases involving complicated tax driven scams that have been shut down by the courts....

D. Practitioners' Forum

24. Your Family Vacation Home: Succession Planning Considerations

The following Article is by Catherine Kim of Boughton Law Corporation. The value of real estate in British Columbia and the Golden Horseshoe in Ontario has risen dramatically over the past decades...

25. CRA Establishes Strategy to Investigate Canadian Properties Purchased with Offshore Money

A recent article in Business in Vancouver (BIV) identifies a secret strategy briefing for CRA auditors that has revealed plans to crack down on real estate tax cheats in Vancouver, with 50 auditors...

26. Personal Income Tax Return Review by CRA

In an article published in its Tax Factor newsletter dated July 8, 2016, BDO writes to advise on CRA’s approach to processing more than 25 million personal income tax returns each year. As BD...

27. CRA Assesses 1,000 Pharmacists for $58M for Incentives Received from Generic Drug Companies

In a recent article from Fasken Martineau dated July 21, 2016, Jenny P. Mboutsiadis advised that after a four year investigation, CRA has assessed more than 1,000 pharmacists for unreported benefit...

28. Tax Advantages for Canadian Unlimited Liability Companies (ULC)

The following Article is by Catherine Kim of Boughton Law Corporation. When incorporating a Canadian subsidiary, a US business can opt for its subsidiary to be a corporation whose shareholders hav...

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