February 2017 Executive TaxBriefs

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A. Tax Legislation

1. Parliamentary Budget Officer Develops a Corporate Tax Model

The mandate of the Parliamentary Budget Officer (PBO) is to provide independent analysis to Parliament on the state of the nation’s finances, the Government’s estimates and trends in th...

2. Budget Dates 2017

Federal - TBDAlberta - TBDBritish Columbia - February 21, 2017Manitoba - TBDNew Brunswick - February 7, 2017  Newfoundland & Labrador - TBD Northwest Territories -...

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. IC00-1R5 - Voluntary Disclosures Program Updated

The information circular IC00-1R5 - Voluntary Disclosures Program Updated has been revised to address the centralization of the VDP operations to the Shawinigan-Sud National Verification and C...

9. IC98-1R6 - Tax Collections Policies - Updated

IC98-1R6 Tax Collections Policies provides a general overview of many of CRA’s collections policies for individuals, businesses, and organizations that owe money to the Crown. It is inte...

10. CRA Report on the Charities Program 2015-2016

On December 30, 2016, CRA published its Report on the Charities Program 2015-2016 (the “Report”).  This is the first document of its kind released by CRA summarizing the programs a...

11. 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...

12. 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...

13. 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 fir...

14. 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...

15. Application of proposed ss. 13(38) and 13(42)

TI2016-0664451E5 dated November 9, 2016 deals with the application of proposed ss.13(38) and 13(42) and the new eligible capital property rules. The inquiry concerns the proposed regarding th...

16. Tax Implication for a Canadian Resident Investing in a Non-Controlled US LLC

TI2014-0548111E5 - 2016/2/3 - International Division of the Rulings Directorate Overview of U.S. LLCs A U.S. LLC is a limited liability company created by statute that is commonly described as a ...

17. Are Certain Lump-Sum Retroactive Support Amounts Paid Under Court Order Deductible

TI2016-0643671I7 - 2016/08/10 - Business and Employment Division of the Rulings Directorate Generally, spousal support payments made on a periodic basis and under a court order or written agreemen...

18. Income Tax Folio S1-F3-C1 - Child Care Expense Deduction

The Child Care Expense Deduction provisions regarding child care expenses provide some relief for taxpayers who incur child care expenses in order to work, carry on a business or undertake certain ...

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

S5-F4-C1 - Income Tax Reporting Currency S. 261 of the Tax Act contains the general rule that amounts determined for the purposes of the Tax Act are to be determined in Canadian currency. It also ...

C. Tax Court Cases

20. Onni Partnership Structure Used to Divert Income to Lossco Held not to Attract GAAR

The 594710 British Columbia Ltd. case (2016 TCC 288) concerns a tax plan allegedly straddling the line between astute tax planning and abusive tax avoidance.  As the judge indicated, this tax ...

21. Gervais - Round Two - GAAR Denies Half Loaf Deal

The Tax Court has now had a second opportunity to the “half-loaf deal in the most reason decision of Gervais 2016 CCI 180, a French language decision of the decision.  Tax Interpretation...

22. Quebec Shuffle And Inter-Provincial Tax Planning Survives – Veracity

The BCCA recently released its judgment in Veracity Capital Corporation (2017 BCCA 3), holding that a tax planning structure commonly referred to as the Québec year-end shuffle did not const...

D. Practitioners' Forum

23. BC Foreign Buyers Transfer Tax Throttles Development of Much Needed Housing

A recent article by Noah Sarna entitled, “Will BC’s Foreign Buyers’ Tax Administrators Please Speak Up?” highlights some of the serious problems with this new legislation.&n...

24. Observations on the new Canada - Israel Tax Treaty

A recent article by Jeffrey Trossman and Jeffrey Shafer of Blakes entitled, “From Israel to Canada: New Tax Treaty to Help Structure Investments” summarizes some important new changes t...

25. Tax Changes for 2017 - BDO

While we have already covered the important 2017 tax law changes it is always good to get a summary just before we launch into tax season.  So here we go from BDO.  We should note that nu...

26. CRA Launches GST/HST Compliance Program - BDO

In a recent January 2017 BDO publication entitled, “The CRA launches GST/HST compliance letter campaign” BDO provides information on a December 2016, CRA announcement regarding the fact...

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