November 2016 Executive TaxBriefs

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A. Tax Legislation

1. Accounting Firm 2016 Budget Commentaries

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

2. Law Firm 2016 Federal Budget Commentaries

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

3. 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...

4. 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 ...

5. 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

6. CRA Announces Online Consultation on Charities' Political Activities

On October 28, 2016 CRA released a request for feedback from the public regarding the role Charities play in partisan political activities.  As readers will remember, this became a big issue l...

7. How does CRA Address Non-Compliance in the Real Estate Sector

On October 3, 2016, the Government of Canada announced an administrative change to the Canada Revenue Agency’s reporting requirements for the sale of a principal residence. For more informati...

8. CRA is Serious about Tax Evasion and so are the Courts

On October 17, 2016, CRA announced that Tania Kovaluk was sentenced in the Superior Court of Justice in Ottawa to 1,825 days (5 years) in jail for deliberately choosing not to pay a court-imposed f...

9. CPP Rates for 2017

On Nov. 1, 2016 CRA announced as follows: CPP for 2017 will be $55,300, up from $54,900 in 2016. The basic exemption amount for 2017 remains $3,500 The employee and employer contribution rates...

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 fou...

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. One-time Salary Transition Payment

TI2015-0623571I7 - 2016/04/26 - Business and Employment Division of the Rulings Directorate Subject to legal or contractual terms, an employer may transition from a "current" payroll system to a "...

15. US LLP Foreign Reporting under S.233.4

TI2015-0608671E5 - 2016/07/13 - International Division of the Rulings Directorate Under the current foreign reporting rules, taxpayers who own interests in corporate or trust foreign affiliates ar...

16. U.S. Resident Corporation Providing Acting Services in Canada - s.216.1

TI2015-0603271E5 - 2016/07/27 - International Division of the Rulings Directorate CRA recently addressed income tax filing requirements and obligations of a non-resident corporation (“NRC&rd...

17. Child Care Expense and SBJC

TI2016-0654751I7 - 2016/07/21 - Business and Employment Division of the Rulings Directorate This TI addresses whether an employer of a nanny can claim the employer’s share of the Canada pens...

18. Do Improvement Districts Qualify under S.149(1)(c)

TI2013-0503671I7 - 2014/08/5 - Businss and Emplyment Division of the Rulings Directorate This TI deals with the issue of  whether improvement districts, particularly in the province of Britis...

19. Was Debt Acquired by the Taxpayer used for the Purpose of Gaining or Producing Income

TI2015-0597971I7 - 2016/6/16 - Business and Employment Division of the Rulings Directorate This TI was issued by CRA in French and our commentary is based on a third-party translation of the TI.&n...

20. Cashless Exercise of Employee Stock Options

TI2015-0572381E5 rendered 2016/8/3 by the Financial Industries and Trusts Division of the Rulings Directorate deals with the issue of employee stock options granted to employees of a Canadian ...

21. SBD and the new Specified Corporate Income - SCI - Rules

TI2016-0651831E5 - 2016/9/13 - Business and Employment Division of the Rulings Directorate As with all new legislation, little wrinkles do arise. While the individuals at the Department of Fi...

22. CRA Finally Concedes that All Indian Act Indian Bands are s. 149(1)(c) Tax Exempts

TI2016-0645031 issued 2016/7/27 by the Business and Employment Division of the Rulings Directorate advises that CRA has reviewed their policy with respect to the interpretation of  s.149(1)(c)...

C. Tax Court Cases

23. Another S.160 Collection Case - Not Married but Non-Arm's Length - McKay

McKay (2016 TCC 233) is a case where the taxpayer and her “friend” Mr. W knew each other for significant period of time, beginning in 1986.  The taxpayer worked for an association ...

24. Pyramid Scheme was a Business - Mazo

Mazo is a decision of the TCC (2016 TCC 232) dealing with a taxpayer who was one of the few lucky individuals who profited from her participation in pyramid scheme.  The participants brought a...

25. Provincial Residence of Family Trust - Herman Grad 2000 Family Trust

The Herman Grad 2000 Family Trust and the Marya Grad Spousal Trust are decisions of the Ontario Supreme Court (2016 ONSC 2402).  The taxpayers were a spousal trust and family trust.  The ...

D. Practitioners' Forum

26. Taxable TFSA's

In a recent article by David Davies of Thorsteinssons LLP dated October 21, 2016 the author reported on CRA’s views related to Tax-Free Savings Accounts (TFSAs) which were first introduced in...

27. Owner-Manager Tax Planning Tips for 2016

There are several new things to keep in mind as you review your 2016 business tax situation: Owners who plan to sell their CCPC need to remember that the new eligible capital property rules are ...

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