December 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. Auditor General Takes CRA to Task on the Delinquent Processing of Tax Objections

This review by the federal Auditor General reviewed CRA’s obligation to consider a taxpayer’s objection to an assessment or reassessment under the Tax Act “with all due dispatch&r...

7. Clearance Certificate IC82-6R12

Circular IC82-6R12, Clearance Certificate, explains the need for a clearance certificate issued under the Tax Act. S.159(2) requires a legal representative to obtain a clearance certificate be...

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 fou...

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. Metis and Non-Status Indians Not Tax Exempt - Daniels

TI2016-0656851E5 - Indian tax exemption and the Daniels decision dated August 30, 2016 the CRA Rulings directorate was asked to interpret whether Metis and non-status Indians are exempt from tax un...

13. Designated Airport Authorities are Tax Exempt under s. 81(1)(a)

TI2016-0651841E5 - Designated airport authorities dated August 8, 2016 addresses the question of whether designated airport authorities are exempt from tax under s.81(1)(a) of the Tax Act.&nbs...

14. NPO Filing Requirements - T2 and T1044

TI2016-0632811E5 - NPO—filing requirements—T2 and T1044 dated June 24, 2016 addresses the question of the number of years of outstanding T1044 forms that must be included in a volu...

15. Disclaimer of a Testamentary Trust Interest

TI2015-0606771R3 - 2016 - Financial Industries and Trusts Division of the Rulings Directorate Testamentary trusts are commonly created under wills and this ruling considers the tax ...

16. Does s.75(2) Apply After Death of Contributor

TI2014-0552341E5 - 2016/05/12 - Financial Industries and Trusts Division of the Rulings Directorate When a trust receives property, it is crucial that the attribution rule in s. 75(2) of...

17. S.48.1 Election by Trust to Create Deemed Capital Gain

TI2015-0604971E5 - 2016/06/08 - Financial Industries and Trusts Division of the Rulings Directorate This TI expands on an earlier CRA interpretation on deemed capital gains for income ta...

18. New Class 14.1 and the Replacement Property Rules

TI2016-0666901E5 which was issued on November 4, 2016 by the Rulings Directorate deals with the application of proposed legislation relating to the repeal of the existing eligible capital prop...

19. Split-Receipting and Deemed FMV Folio S7-F1-C1

Folio S7-F1-C1 - The purpose of this Folio is to provide the CRA’s views on the application of ss.248(30) to (41), which include the rules commonly referred to as the split-receipting ru...

20. Meaning of Farming and Farming Business Folio S4-F11-C1

Folio S4-F11-C1 - This chapter discusses the definition of farming for income tax purposes. Farming has to be defined before the following can be determined: the existence of a farming busi...

21. Retiring Allowances Folio S2-F1-C2

Folio S2-F1-C2 - This Folio discusses the taxation of retiring allowances. A retiring allowance is an amount received on or after the retirement of an employee in recognition of long service o...

C. Tax Court Cases

22. Consolidation of Trusts under s.104(2)

The TCC decision in the Estate of G.K. Evoy (2016 TCC 263) deals with a situation where the testator’s Will created three testamentary trusts, one for each of his three children, David, Karie...

D. Practitioners' Forum

23. Reporting Real Estate Character Conversions from Capital to Inventory

Dave Davies of Thorsteinssons recently commented on the Finance proposed technical amendments to the Tax Act announced on October 3, 2016 by the Department fo Finance and covered in our October edi...

24. Ontario Hikes Land Transfer Taxes

Businesses operating in Ontario will be affected by the province’s announcement that it intends to increase the Land Transfer Tax on certain real estate property to 2% (from 1.5%) on the port...

25. Trusts and the New Principal Residence Rules

This recent Aird & Berlis article entitiled “Changes to the Principal Residence Exemption”, among other issues, specifically addresses the impact of these new rules on principal res...

26. Vancouver Empty Homes Tax

Effective January 2017 Vancouver proposes to implement a new tax on vacant homes.  KPMG details the new tax in a recent article dated November 22, 2016. In general terms the new tax targets r...

27. Specified Corporate Income and the Small Business Deduction Rules

The Department of Finance introduced legislation in its March 22, 2016 budget intended to curtail the multiplication of the small business deduction. These ant-avoidance provisions focus on three a...

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