April 2017 Executive Taxbriefs

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A. Tax Legislation

A Change in Direction at TaxMentor

As you all know, it has come time  for us at Taxmentor to say adieu.  Farewell until the next time.  After over 15 years and some 200 plus monthly seminars and Webinars we have decid...

1. 2017 Federal Budget Commentaries

Aird & Berlis Stikeman Elliot – GST/HST Blake Cassels & Graydon Moodys Gartner McCarthy Tetreault BDO KPMG  Deloitte PWC

2. 2017 Provincial Territorial Budgets - Deloitte

3. Budget Dates 2017

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

4. Proposed Federal Tax Legislation - Including Budgets

The Department of Finance Website links all pending/draft tax legislation on its website, including the recent Federal Budget introduced by Notice of Ways and Means Motion on the same day as the Fe...

5. Personal and Corporate Tax Rates

CRA - Individual Tax Rates, Corporate Tax Rates BDO - Personal Tax Rates 2017, Corporate Tax Facts 2017 E & Y - Personal Tax Calculator and Corporate Tax Ra...

6. 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...

B. CRA's Interpretations

7. CRA Publications

CRA publishes a wide variety of technical information on the application of the Income Tax Act (Canada) referred to in Executive Tax Briefs as the “Tax Act”.  Below is a list of CR...

8. CRA Prescribed Interest Rates and Exchange Rates

CRA prescribed nterest rates can be found at the following prescribed interest rates link. For exchange rates see: CRA Webpage Bank of Canada

9. GST/HST/PST Links

Executive TaxBriefs is dedicated to providing the most current monthly updates on income tax matters affecting Owner-managers.  However, for your convenience this news item contains links to i...

10. Couple under the Same Roof can be Living Separate and Apart

11. If Vehicle Allowance is too Low, Employee can Include Allowance and Deduct Expense

12. New CRA Phone Service for Complex Technical Tax Issues Limited to Ontario and Quebec CPAs

13. CRA Indicates that Damages can be Eligible for a s. 216 Election

14. S. 94(3) Trust can Cause a Trust of Which it is Beneficiary to be Subject to Part XII.2 Tax

15. Usual Statute-Barring Rules Apply to Whether Partnership Income or Loss can be Redetermined

16. Writing-Off A Statute-Barred Debt Of An Employee Triggers A S. 6(15) Benefit

17. Distribution to a Partnership Comprised of Named Trust Beneficiaries Does not Qualify

18. PHSP May Consist of Two Employee - Shareholders

19. Gross Negligence Penalty Can Be Imposed Even Where No Return Is Filed

20. CRA Considers Limited Partners Can Deal At Arm’s Length With A Canadian Subsidiary

21. Professionals Sharing Payroll Expenses Permitted to Open Single Payroll Account Not a Partnershi

22. CRA Provides Admin Relief Where Registrant Fails To Self-Assess Tax on Real Estate Puchase

23. Estate Can Make A Gift Qua GRE Before It Has Filed Its First Return

C. Tax Court Cases

24. Aeronautic Development – TCC finds Extreme Economic Dependence gave rise to De Facto Control

http://www.canlii.org/en/ca/fca/doc/2017/2017fca61/2017fca61.html See also Tax Interpretations.

25. FCA Finds That Taxpayers Should Not Be Compelled To Disclose To CRA The Uncertain Tax Positions

http://www.canlii.org/en/ca/fca/doc/2017/2017fca61/2017fca61.html See also Tax Interpretations

D. Practitioners' Forum

26. KPMG and Tax Havens for the Rich : The Untouchables

http://www.cbc.ca/fifth/episodes/2016-2017/kpmg-and-tax-havens-for-the-rich-the-untouchables

27. The CBC's Continued Attack on the Tax Profession - Moody's Blog

http://moodysgartner.com/canadian-broadcasting-corporations-continued-attack-tax-profession/

28. US Limited Partnership Can Be Useful For Outbound Property Transfer From Canada

http://www.lexology.com/library/document.ashx?g=ec3c1f5b-8c54-4d0a-bafd-7efa9b769681

29. Naming a Corporation as a Beneficiary of a Family Trust

30. IRS To Enforce Passport Revocation

In an article in the March 2017 edition of Canadian Tax Highlights published by the Canadian Tax Foundation entitled "IRS To Enforce Passport Revocation", James M. Bandoblu Jr. writes that "[t...

31. Whip That WIP: Canada’s Proposed Tax Repeal Of A Professional’s WIP Exclusion Election

http://moodysgartner.com/whip-wip-canadas-proposed-tax-repeal-professionals-wip-exclusion-election-history-explanation-critical-analysis/

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