January 2017 Executive TaxBriefs

You must be a current member to view articles less than one year old
Login Now Subscribe Now One Month Free Trial

A. Tax Legislation

1. Auto Limits and Rates 2017

The Department of Finance has announed the 2017 deductions limites and rates when using a vehucle for business purposes. Only one rate has changed from those used in 2016, namely the rate used to c...

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. Report on Voluntary Disclosure Program

The Offshore Compliance Advisory Committee (OCAC was established in April 2016, with a mandate to provide advice to the Minister and CRA on administrative strategies to deal with offshore tax compl...

8. IC75-2R9 - Contributions to a Registered Party, Association or Candidate at a Federal Election

This circular, IC75-2R9 - Contributions, is for agents authorized under the Canada Elections Act to accept monetary contributions, and for contributors.  S. 127(3) of the Tax Act pro...

9. 2017 Indexed Adjustments

Personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada.  Most increases take effect on January 1 of each year.&nb...

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 first&nb...

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. Safe Income Attributable to Preferred Shares

TI 2016-0655921C6 F - Safe Income Attributable to Preferred Shares reports on Question 14 at the October 2016 APFF Roundtable.  The translation is provided by Tax Interpretations Inc. and is n...

15. S .7 Bonus Paid as a Share

TI2016-0655901C6 - Question 21 - October 7, 2016 APFF Roundtable Section 7 of the Tax Act deals with agreements under which employees of a corporation acquire rights to acquire securities of the e...

16. 21 Year Deemed Disposition

Question 1 from 2016 CTF Annual Tax Conference - CRA Roundtable The deemed disposition rule in s.104(4) of the Tax Act deems a disposition of property on the 21st anniversary of certain trusts. Pr...

17. S.55(2) and Part IV Tax Exception

Question 4 at the November 2016 CTF Annual Conference Roundtable, CRA considered the interaction of s. 55(2) and Part IV Tax under the Act.  Subsection 55(2) Overview Subsection 55(2) i...

18. Deferred Plan Management Fees Paid Outside Plan are an “Advantage”

Question 5 from 2016 CTF Annual Tax Conference - CRA Roundtable CRA's administrative policy on the payment of fees by a plan holder for the investment management of an RRSP, RRIF or TFSA (collecti...

19. ECE/ Class 14.1 – Sale of Goodwill not Recognized if no Basis

Question 13 from 2016 CTF Annual Tax Conference - CRA Roundtable With the introduction of new Class 14.1 of the Tax Act, there are various provisions intended to facilitate the transition. The pro...

20. Distribution of Income to Residual Beneficiary

Question 14 from 2016 CTF Annual Tax Conference - CRA Roundtable Nearly all Wills direct an appointed executor to pay the debts and expenses of the will maker and make specific gifts or bequests o...

21. The New SBD Provisions

Question 15 from 2016 CTF Annual Tax Conference - CRA Roundtable The proposed specified corporate income provisions continue to draw questions from practitioners. This question identifies a couple...

22. Employee Stock Option Rules

TI2016-0641841I7 - Employee stock option rules – comments on various share-based compensation plans including the following in response to the Question as to whether an agreement to sell or i...

23. General Discussion of Capital Cost Allowance Folio S3-F4-C1

S3-F4-C1 is a newly published Folio - Chapter that discusses the CCA system in general terms and addresses some of the more common issues encountered by taxpayers. It should be noted this is a...

24. Medical Expense Tax Credit Folio S1-F1-C1

Folio - Chapter S1-F1-C1 provides CRA’s views on the application of the medical expense tax credit which provides tax relief for individuals who have sustained significant medical expens...

25. Principal Residence Folio S1-F3-C2

Folio - Chapter S1-F3-C2 discusses the principal residence exemption.  For a description of the topics covered in this Chapter see the Tableof Contents listing below.  In general ter...

26. Capital Dividends Folio S3-F2-C1

This Folio - Chapter S3-F2-C1 discusses capital dividends and the capital dividend account (CDA).  This Chapter, is effective December 16, 2016 and replaces and cancels Interpretatio...

C. Tax Court Cases

27. Supreme Court of Canada Revises Common Law Test for Tax Rectifications

Fairmont Hotels Inc., et al. is an important decision of the SCC that restricts the application of the law of rectification (2016 SCC 56).  AS Mr. Justice Brown observed, “[r]ectificatio...

28. Federal Court Backs CRA Requirement Forcing KPMG To Disclose Confidential Client Information

KPMG LLP (2016 FC 1322) involved a Motion in the Federal Court related to an attempt by KPMG LLP to overturn a CRA requirement issued to KPMG LLP to disclose confidential information relating to ce...

D. Practitioners' Forum

29. E&Ys "Managing Your Personal Taxes: a Canadian Perspective"

The value of this 130 page EY publication, Managing your Personal Taxes 2016-17, is best described by their by-line: Is your biggest tax issue the one you haven’t thought of? Rather than tr...

30. Preparing Your Business For Sale: It’s Never Too Early To Plan Ahead!

This comprehensive article from E&Y covers: Succession planning is key Succession considerations Assess the business Invest the necessary time Integrate estate plans Be prepared for ext...

LOG IN

 
 
Forgot your password?
Free 30-day Trial

SUBSCRIBE TO
EXECUTIVE TAXBRIEFS

Newsletter Only

$360 / Year

Monthly Webinar with Verifiable PD Credits

$600 / Year

Subscribe Now

Testimonials

  • TaxMentor - The Canadian Tax Resource Centre
    Joan Russel
    TaxMentor's monthly newsletter and webinar are an invaluable part of professional development at our firm ...
  • TaxMentor - The Canadian Tax Resource Centre
    Evelyn Suvajdzic
    I find it informative and it gives me insight to many issues relative to my clients, who are family run and privately held businesses ...
  • TaxMentor - The Canadian Tax Resource Centre
    Benjamin Leung
    TaxBrief and the monthly webinar have been a resourceful and practical forum for me ...
  • TaxMentor - The Canadian Tax Resource Centre
    Christian Stewart
    As a small firm, it is impossible for us to stay on top of the changes in tax law, tax planning and legislation ...
  • TaxMentor - The Canadian Tax Resource Centre
    Doug Sylte
    TaxMentor provides easy access to tools to assist in providing my clients the correct tax advice in a timely cost saving manner ...
  • TaxMentor - The Canadian Tax Resource Centre
    Lawrence Low
    It is a time efficient and cost effective way of keeping up with all the changes in the world of taxation ...
Read More Testimonials