May 2017 Executive Taxbriefs - Links Edition

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A. Tax Legislation

1. TaxMentor's Change in Direction

We hope you are all finding some benefit in our new complimentary format of links to information on changes in tax legislation, interpretaions by CRA, cases considered by the courts and professiona...

2. B.C. Gives Transfer Tax Relief to Foreign Homebuyers

See Exemptions discussion in BC publication:  Additional Property Transfer Tax also B.C. Gives Transfer Tax Relief to Foreign Homebuyers

3. New land transfer tax rates for Ontario

New land transfer tax rates for Ontario New land transfer tax rates for Ontario Article Ontario Unveils a New 15% Land Transfer Tax and Expanded Rent Controls

4. 2017 Federal Budget Commentaries

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

5. 2017 Provincial Territorial Budgets - Deloitte

6. Budget Dates 2017

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

7. 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...

8. 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 T...

9. 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

10. 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...

11. CRA Prescribed Interest Rates and Exchange Rates

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

12. 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...

13. CRA ruled that annually recurring dividends are not a series of transactions

TI 2016-0672321C6    CRA ruled that annually recurring dividends are not a series of transactions for safe income determination purposes

14. Partnership of individuals can change to a different non-calendar year end

CRA indicates that a partnership of individuals can change with CRA’s permission to a different non-calendar year end 2014-0534341E5 F    

15. CRA:Generally is no 3rd party requirement to report benefits under $500

CRA:Generally is no 3rd party requirement to report benefits under $500 2016 TEI Roundtable, Q.2, 2016-0670911C6

16. Financial Institutions Get Ready for New Common Reporting Standard Rules

Information for entities holding accounts with Canadian financial institutions Financial Institutions Get Ready for New Common Reporting Standard Rules

17. Test of a real property security under the Canada-U.S. Treaty is a point-in-time test

TI 2016-0658431E5 Test of a real property security under the Canada-U.S. Treaty is a point-in-time test

18. Non-resident director who attends all Canadian board meetings by phone or internet is not subjec

TI 2016-0677351E5  Non-resident director who attends all Canadian board meetings by phone or internet is not subject to source withholding

19. Contingent secondary call right of a non-resident on shares of minority residents disqualifies

TI 2016-0662381E5 CRA finds that a highly contingent secondary call right of a non-resident on shares of minority residents undercuts for CCPC purposes their USA right to appoint half the boa...

20. Unconsolidated balance sheet must reflect the same accounting standards applied in the consolida

TI 2015-0618511I7 Unconsolidated balance sheet must reflect the same accounting standards applied in the consolidated financials for Thin Cap Rules

21. Income paid to a minor beneficiary in contravention of the trust deed is non-deductible under s.

TI 2016-0663971I7 Income paid to a minor beneficiary in contravention of the trust deed is non-deductible under s. 104(6)

22. CRA states that T1135s are prepared without regard to the attribution rules

TI 2016-0669081E5 CRA states that T1135s are prepared without regard to the attribution rules

23. NR4s are required even where there is no Part XIII tax

26 April 2017 IFA Roundtable, Q.8  NR4s are required even where there is no Part XIII tax

C. Tax Court Cases

24. CRA’s broad tax audit powers restrained by Federal Court of Appeal - BP Canada Ene

BP Canada Energy Company v. MNR, 2017 FCA 61 Canada Revenue Agency’s broad tax audit powers restrained by Federal Court of Appeal

25. TCC finds s. 96(1.1) income from an accounting firm is business income - not retiring allowance

Freitas v. The Queen, 2017 TCC 46 TCC finds that a s. 96(1.1) allocation of income from an accounting firm was business income rather than a retiring allowance

26. TCC finds use of class PUC-averaging to bump the PUC of personally-held shares abusive under s.

1245989 Alberta Ltd. v. The Queen, 2017 TCC 51 TCC finds use of class PUC-averaging to bump the PUC of personally-held shares abusive under s. 245(4)

27. Birchcliff Energy Ltd - Lossco Deal - TCC Decision a Nullity on FCA Appeal

Birchcliff Energy Ltd 2017 FCA 89 High-Crest and Birchcliff Energy – Federal Court of Appeal nullifies cases that were decided by a 2nd judge based on the trial transcript before the 1st judge

D. Practitioners' Forum

28. CRA to Put Holds on Refunds for GST Non-Compliance

29. S. 69(11) can apply to non-rollover transactions

Perry Truster, "Loss Trading and Subsection 69(11)," Tax for the Owner-Manager, Vol. 17, No. 2, April 2017 S. 69(11) can apply to non-rollover transactions

30. Doing Business in Canada - McCarthys

31. Trump's Tax Proposals

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