March 2017 Executive TaxBriefs

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A. Tax Legislation

1. Northwest Territories Budget 2017

The NWT tabled its 2017-2018 budget on February 1, 2017. The tax highlights are as follows: The budget does not include any new taxes or tax rate changes; property tax mill rates and a number ...

2. New Brunswick Budget 2017

On February 7, 2017, New Brunswick introduced the 2017-2018 Budget. The Budget introduced the following tax measures: No new taxes or tax increases. the budget confirmed the previously announce...

3. British Columbia Budget 2017

B.C. presented the 2017-2018 BC Budget on February 21, 2017.   The following is a summary of the tax measures: MSP Effective January 1, 2018, Budget 2017 reduces MSP premiums by 50% f...

4. Nunavut Budget 2017

Details of the Nunavut Budget 2017-18 can be found at Budget 2017-18. Budget Highlights

5. Budget Dates 2017

Federal - March 22, 2017Alberta - March 16, 2017British Columbia - February 21, 2017Manitoba - April 11, 2017New Brunswick - February 7, 2017  Newfoundland &...

6. Accounting Firm 2017 Budget Commentaries

For information on 2017 Federal, Provincial and Territorial budgets please see the following sites: PricewaterhouseCoopers Deloitte

7. Law Firm 2016 Federal Budget Commentaries

2016 Federal Budget Commentaries by Law Firms (to be updated once the 2017 Federal Budget is released): Aird & BerlisStikeman Elliot – GST/HST Blake Cassels & Graydon

8. 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...

9. 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 ...

10. 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

11. CRA Updates Information Circular Checklist

IC-Checklist The IC publications provide CRA’s views on the application of various provisions of the Income Tax Act such as the application of Voluntary Disclosures Program, Electronic Recor...

12. CRA Release on Split Receipting

In a recent release, CRA provides some examples of how the “split receipting” rules are used to calculate the eligible amount of a gift for receipting purposes when the donor ...

13. 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...

14. 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...

15. CRA Prescribed Interest Rates and Bank of Canada Exchange Rates

Interst rates for the second calendar quarter of 2017 remain the same as the first calendar quarter. They are as follows: Overdue taxes 5% Overpaid taxes/non-corporate 3% Benefits an...

16. 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...

17. CRA Describes What a s. 115(5) Remittance Letter Should Disclose

Question 14 from the CPA Alberta Roundtable - May 2016 In response to Q.14 of the may 2016 Alberta CPA Roundtable, CRA provides its views on the s.116(5) remittance procedure. Question: A T2...

18. Deductibility of Rent Paid by Corporation for Use of its Shareholder’s Home

Question 15 of the CPA Alberta Roundatble - May 2016 responded to the following query: A practitioner recently reported an experience with a CRA auditor who indicated that a monthly rental pa...

19. Distribution of Trust Property to Beneficiary

TI2015-0576751E5 is a French language TI released 2017/01/19 by the  Financial Industries Division of the Rulings Directorate and translated by Tax Interpretations.  The full translation ...

20. Failure to Make a GRE Designation in the First Estate Return Accomodated by CRA

In response to Question 8 from the May 2016  CPA Alberta Roundtable CRA states that it will accommodate failures to make a GRE designation in the first estate return. To be a graduated r...

21. What Constitutes Regular Places of Employment for Travel Reimbursements to be Taxable Benefiit

In this tax news item, Tax Interpretations summarizes Question 3 from the May 2016 CPA Alberta Roundtable which considers,  if an individual has multiple regular places of employment (RPE) and...

22. Penalties for Failure to Report pre-2015 Income not to Garner Current Favourable Rate

Tax Interpretations Neal Armstrong points out that the amended version of s. 163(1) imposes penalties for the 2015 and subsequent taxation years in accordance with a more favourable formula than pr...

23. Principal-Business Corporations in the Resource Industries - Folio S3-F8-C1

The Act provides various incentives for principal-business corporations operating in resource industries. This Chapter discusses the criteria for determining whether a corporation qualifies as a pr...

24. Business Use of Home Expenses - Folio S5-F2-C2

This newly published Folio Chapter deals with expenses incurred in earning income from a business that are normally deductible in computing income to the extent they are reasonable. This Chapt...

25. Manufacturing and Processing - Folio S4-F15-C1

S.125.1 of the Tax Act provides for the taxation of corporations at a reduced rate on their Canadian manufacturing and processing profits. This takes the form of a deduction from Part I tax otherwi...

26. Business Investment Losses - Folio S4-F8-C1

A taxpayer’s business investment loss is basically a capital loss from a disposition of shares in, or a debt owing to the taxpayer by, a small business corporation (SBC) w...

C. Tax Court Cases

27. Deemed Dividends Arising in Course of Reorganization Re-characterized as Capital Gains

101139810 Saskatchewan Ltd. (“810”) and 101139807 Saskatchewan Ltd. (“807”) (2017 TCC 3) is a decision of the TCC pursuant to which 810 and 807 were reassessed pursuant to s...

28. Gold Hedge Profits Form Part of Gross Resource Profits from Producing Gold Mines

Barrick Gold Corporation (2017 TCC 18) deals with the question of a taxyer that was in business of producing and processing gold in Canada.  Barrick owned two mines and held 50 per cent intere...

D. Practitioners' Forum

29. Time to Say Adieu

It has come time  for all of us at Taxmentor to say adieu.  Farwell until the next time.  After over 15 years and some 200 plus monthly seminars and Webinars we have decided to shift...

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