October 2016 Executive TaxBriefs

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A. Tax Legislation

1. Changes to the Principal Residence Exemption Rules

In an effort to combat perceived abuses of the principal residence exemption, the Department of Finance announced a number of proposed amendments on October 3, 2016. New Reporting Requirements Ta...

2. Canada and Israel Enter into New Tax Treaty

On September 21, 2016, Canada and Israel entered into a new income tax convention. The new Convention contains a number of favourable changes intended to encourage cross­border business and inv...

3. Accounting Firm 2016 Budget Commentaries

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

4. Law Firm 2016 Federal Budget Commentaries

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

5. 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...

6. 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 ...

7. 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

8. EI Premium Rates and Maximums

The annual maximum insurable earnings ($51,300 for 2017) apply to each job the employee holds with different employers (different business numbers). If an employee leaves one employer dur...

9. 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...

10. 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...

11. 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 fourth c...

12. 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...

13. Tax Treatment of Spousal Support Paid by Hong Kong Resident

TI2015-0617821E5 - 2016/07/29 - International Division of the Rulings Directorate The Canada-Hong Kong Tax Agreement (the “Treaty”) became effective as of January 1, 2014.  T...

14. T1135 Reporting Obligation of Immigrants

TI2015-0611141E5 - 2016/07/11 - International Division of the Rulings Directorate CRA recently considered what a Canadian taxpayer’s reporting period would be in respect of Form T1135 where ...

15. Deductibility of Expenses of Long-Haul Driver

TI2016-0627441E5 - 2016/05/26 - Business and Employment Division of the Rulings Directorate This TI deals with the interaction of the very limited deductions permitted an employee under s.8 o...

16. Determination of Purpose under New s. 55(2.1)

TI2016-0627571E5 - 2016/06/23 - Reorganizations Division of the Rulings Directorate Application of proposed amendments to section 55 provides CRA’s views on the application of the proposed a...

17. Is Land in Excess of One-half Hectare Qualified for the Principal Residence Exemption

TI2016-0629951I7 - 2016/05/07 - Business and Employment Division of the Rulings Directorate Consider the disposition of a taxpayer’s principal residence where the housing unit is situat...

18. Folio S3-F10-C2: Prohibited Investments - RRSPs, RRIFs and TFSAs

This new tax folio is open for comment to Dec.2, 2016.  Folio S3-F10-C2 addresses the qualified investment rules for RRSPs, RESPs, RRIFs, RDSPs and TFSAs.  These rules, together...

19. Folio S5-F4-C1: Income Tax Reporting Currency

New Folio S5-F4-C1 - Income Tax Reporting Currency will be open for commentary until Dec. 2, 2016.  S.261 contains the general rule that amounts determined for the purposes of the Tax Act...

20. Folio S3-F10-C1: Qualified Investments - RRSPs, RESPs, RRIFs, RDSPs and TFSAs

Folio S3-F10-C1 - Qualified Investments replaces and cancels Interpretation Bulletin IT-320R3, Qualified Investments – Trusts Governed by Registered Retirement Savings Plans, Registered ...

21. Folio S4-F8-C1: Business Investment Losses

Folio S4-F8-C1 - Taxpayer claims for business investment losses are one area of deductions that often run afoul of the rules found in the Tax Act.  Taxpayer’s thinking of making a claim ...

22. Folio S4-F15-C1: Manufacturing and Processing

Folio S4-F15-C1 - Manufacturing and Processing - is open for comments until December 27, 2016. S. 125.1 of the Tax Act provides for the taxation of corporations at a reduced rate on their...

C. Tax Court Cases

23. SS. 84(2) and 160 cannot apply to an Involuntary Corporate Dissolution – Kvas

Kvas is a decision of the TCC (2016 TCC 199) involving the involuntary dissolution of a general contracting corporation (“CIA”) which was dissolved by the Province of Ontario for failur...

24. Taxation of Offshore Investment Funds - Gerbro

Gerbro Holdings is a decision of the TCC (2016 TCC 173) relating to the taxation of Canadian residents holding interests in offshore investment funds. Gerbro is a controlled private corporation tax...

25. Solicitor-Client Privilege – Redhead Equipment

Redhead Equipment Ltd. is a decision of the Saskatchewan Court of Appeal (2016 SKCA 115) regarding the inherent jurisdiction of the Court for an order that all the documents tendered to the Sheriff...

D. Practitioners' Forum

26. The Small Business Deduction and the March 2016 Federal Budget

What’s New The 2016 Federal Budget, amongst other changes, introduced amendments to the Tax Act to eliminate the multiplication of access to the small business deduction (the “SBD&rdqu...

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