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Publication cover for Tax Insights: Federal Court of Appeal limits CRA access to tax accrual working papers'

Tax Insights: Federal Court of Appeal limits CRA access to tax accrual working papers

On March 30, 2017, the Federal Court of Appeal ruled that the Minister of National Revenue does not have “general and unrestricted access” to taxpayers’ identification of their uncertain tax positions.


Publication cover for Tax Insights: Government commits to aggressive timelines for recommendations on tax avoidance and tax evasion'

Tax Insights: Government commits to aggressive timelines for recommendations on tax avoidance and tax evasion

On February 22, 2017, the Minister of National Revenue responded to the 14 recommendations in the House of Commons Standing Committee on Finance report “The Canada Revenue Agency, Tax Avoidance and Tax Evasion: Recommended Actions,” dated October 26, 2016.


Publication cover for Insights: New real property register requirement for OBCA corporations – Ensure you comply'

Insights: New real property register requirement for OBCA corporations – Ensure you comply

A recent amendment to the Ontario Business Corporations Act requires Ontario corporations to create and maintain a register of their ownership interests in land in Ontario. Corporations incorporated on or after December 10, 2016, must comply immediately. Other Ontario corporations have a two-year transition period.


Publication cover for Tax Insights: Voluntary Disclosures Program in jeopardy'

Tax Insights: Voluntary Disclosures Program in jeopardy

On December 8, 2016, the Canada Revenue Agency released “Report on the Voluntary Disclosures Program” (VDP), which sets out recommendations of the Offshore Compliance Advisory Committee. The report states that the 11 recommendations are designed to “enhance and improve” the VDP.


Publication cover for 'Tax Insights: OECD releases long-awaited multilateral instrument – What it means for BEPS'

Tax Insights: OECD releases long-awaited multilateral instrument – What it means for BEPS

On November 24, 2016, the Organisation for Economic Co-operation and Development (OECD) released the long-awaited Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, also described as the “multilateral instrument.”


Publication cover for 'Tax Insights: CRA fishing net expands'

Tax Insights: CRA fishing net expands

The Canada Revenue Agency intends to expand its review of international electronic funds transfers (EFTs); in 2017-18 it will review 100,000 EFTs involving targeted jurisdictions. As a result of this strategic audit initiative, many taxpayers can expect an “EFT letter” next year as part of their increasing compliance burden.


Publication cover for 'Tax Insights: GST/HST alert – Participating employers must remit GST/HST collected on deemed supplies to pension entities – act by December 31, 2016 '

Tax Insights: Participating employers must remit GST/HST collected on deemed supplies to pension entities – act by December 31, 2016

Proposed GST/HST legislation released by the Department of Finance on July 22, 2016, has important implications for pension entities including those that use a master pension entity (i.e. master trust).


Publication cover for 'Tax Insights: House of Commons Standing Committee on Finance targets tax avoidance and evasion'

Tax Insights: House of Commons Standing Committee on Finance targets tax avoidance and evasion

On October 27, 2016, the House of Commons Standing Committee on Finance released its report “The Canada Revenue Agency, Tax Avoidance and Tax Evasion: Recommended Actions.” The report summarizes the testimony received by the Committee during three hearings and includes 14 recommendations.


Publication cover for 'Tax Insights: GST/HST alert for pension plans and master trusts'

Tax Insights: GST/HST alert for pension plans and master trusts

On July 22, 2016, the Department of Finance released draft GST/HST legislative amendments that affect pension plans, including those that use master trusts or master corporations. Although the new rules generally apply to fiscal years starting after July 22, 2016, some are retroactive to September 23, 2009. So, you should assess their implications now.


Publication cover for 'Tax Insights: SCC strikes down Minister’s authority to demand records subject to privilege?'

Tax Insights: SCC strikes down Minister’s authority to demand records subject to privilege

Two recent Supreme Court of Canada cases are the latest of recent developments reminding taxpayers that communications involving tax risks and strategy can be subject to privilege, and therefore do not have to be disclosed to the Canada Revenue Agency.


Publication cover for 'Tax Insights: July 1, 2016 – Ontario recapture rate for recaptured input tax credits declines

Tax Insights: July 1, 2016 – Ontario recapture rate for recaptured input tax credits declines

On July 1, 2016, Ontario’s rate for certain businesses to recapture the provincial portion of Ontario HST claimed as ITCs in respect of specified property and services will decline from 75% to 50%. The rate is being phased out over four years.


Publication cover for 'In Print: The

In Print: The "Purpose" of Subsection 55(2)

Subsection 55(2) of the Income Tax Act is a specific anti-avoidance rule aimed at "capital gain strips" and has been in the Act for over 30 years.


2016 Federal budget: A new era with a majority Liberal government

2016 Federal budget: A new era with a majority Liberal government

On March 22, 2016, the Federal Minister of Finance, Bill Morneau, presented the new majority government’s first budget. This Tax Insights discusses the tax initiatives proposed in the budget.


Publication cover for 'Newfoundland and Labrador increases HST rate to 15% and reintroduces 15% RST on property and casualty insurance premiums '

Tax Insights: Newfoundland and Labrador increases HST rate to 15% and reintroduces 15% RST on property and casualty insurance premiums

Newfoundland and Labrador’s 2016 budget increases the province’s HST rate to 15% on July 1, 2016, with the provincial portion of the HST increasing from 8% to 10%.


Tax Insights: New initiatives target tax evasion and tax avoidance

On April 11, 2016, the Honourable Diane Lebouthillier, Minister of National Revenue, outlined measures that the government will implement to combat what it perceives as “aggressive” tax avoidance – strategies that adhere to Canada’s tax laws but may contravene its intention – and tax evasion.


Tax Insights: 2016 Federal budget – GST/HST relieving measures for non-arm’s length cross-border reinsurance

Tax Insights: 2016 Federal budget – GST/HST relieving measures for non-arm’s length cross-border reinsurance

The March 22, 2016 federal budget announced measures concerning the application of GST/HST on reinsurance premiums that are paid to non-arm’s length non-resident insurers. These measures will apply to any year ending after November 16, 2005.


Tax Insights: Partnership exemption for Ontario land transfer tax retroactively eliminated for trusts and partnerships

Tax Insights: Partnership exemption for Ontario land transfer tax retroactively eliminated for trusts and partnerships

On February 18, 2016, the Ontario Ministry of Finance introduced certain retroactive amendments to Regulation 70/91 under the Land Transfer Tax Act (the Amendments). The Amendments disqualify trusts and partnerships from using the land transfer tax exemption that is available for transfers of a beneficial interest in land by way of certain transfers of partnership interests.


Tax Insights: Newfoundland and Labrador’s HST rate to remain 13%

Tax Insights: Newfoundland and Labrador’s HST rate to remain 13%

Newfoundland and Labrador’s Premier-designate, Dwight Ball, has confirmed that the province’s HST rate will remain 13%. The former government had planned to increase the rate to 15% on January 1, 2016 (i.e. the provincial portion of the rate was to increase from 8% to 10%).


In Print: George Weston and the Characterization of Gains on Derivatives

In Print: George Weston and the Characterization of Gains on Derivatives

The authors of this article argue that the Tax Court of Canada’s decision in George Weston Limited v. The Queen is a natural and expected result of 75 years of UK and Canadian jurisprudence on the treatment of foreign exchange gains and losses and gains and losses arising from hedging activity such as currency swaps and commodity futures trading.


Tax Insights: New QST filing and reporting requirement for investment plan managers – Action required by November 20, 2015

Tax Insights: New QST filing and reporting requirement for investment plan managers – Action required by November 20, 2015

Significant QST legislative amendments concerning investment plan managers received royal assent on October 21, 2015.


Publication cover for 'Tax Insights: July 1, 2015'

Tax Insights: GST/HST and QST alert – Investment plans are required to obtain investor percentages – actions required by September 30, 2015

Distributed investment plans that are a selected listed financial institution are required to obtain information from investors to determine the plan provincial attribution percentage, so that the plan's GST/HST and QST liabilities can be calculated. Exchange-traded funds and exchange-traded series are excluded from this requirement.


Publication cover for 'Tax Insights: July 1, 2015'

Tax Insights: July 1, 2015 – Ontario phases out recapture rate for recaptured input tax credits

This Tax Insights summarizes the changes to the recaptured input tax credit (RITC) reporting requirements.


Publication cover for 'In Print: Recommended Amendments to the Upstream Loan Rules'

In Print: Recommended Amendments to the Upstream Loan Rules

The upstream loan rules announced on August 19, 2011 and enacted on June 26, 2013 require an analysis of all loans or indebtedness owing to foreign affiliates of a Canadian taxpayer.


Publication cover for 'Tax Insights: Indirect tax deadlines — Ensure you comply'

Tax Insights: Indirect tax deadlines — Ensure you comply

If you are responsible for your company’s indirect tax obligations, ensure you meet the deadlines discussed in this Tax Insights: Environmental fees, SLFI returns and Financial Institution GST/HST Annual Information Returns (GST 111), Election for nil consideration (Section 156 of Excise Tax Act), VAT refund related to expense report (non resident).


Publication cover for 'Top 10 considerations if you're being audited by the CRA'

Top 10 considerations if you're being audited by the CRA

Whether this is the first time you have been selected for an audit, or you have undergone previous audits by the Canada Revenue Agency (CRA), there are a number of key actions by the taxpayer that can minimize the effort and time invested, reduce the potential for reassessment and allow you to exercise some control over the conduct of the audit.


Publication cover for 'Tax Insights: QST tax alert for investment plan managers: Act now to fix reporting errors'

Tax Insights: QST tax alert for investment plan managers – Act now to fix reporting errors

Investment plan managers may need to act now to fix QST reporting errors. This affects investment plan managers that made tax transfer adjustment elections for GST/HST purposes with investment plans that allow the manager to effectively charge the plans a “blended rate” of GST/HST throughout the year.


Publication cover for 'Tax Insights: GST/HST alert: Reinsurance premiums paid to non-resident related parties — An update'

Tax Insights: GST/HST alert: Reinsurance premiums paid to non-resident related parties — An update

The Department of Finance (Finance) has clarified its “policy intent” for determining the amount of GST/HST that is payable by Canadian-resident insurers on reinsurance premiums paid to non-arm’s length non-resident insurers.


Publication cover for 'Tax Insights: GST/HST and QST elections for nil consideration – Form will have to be filed!'

Tax Insights: GST/HST and QST elections for nil consideration – Form will have to be filed!

The GST/HST and QST rules allow members of closely related groups to elect to treat certain taxable supplies made between the members as being made for nil consideration, if certain conditions are met. Generally, making this election gives the group a cash flow benefit.


Publication cover for 'Tax Insights: GST/HST and QST alert – Investors must issue notification of investor percentages – November 15, 2014 deadline'

Tax Insights: GST/HST and QST alert – Investors must issue notification of investor percentages – November 15, 2014 deadline

Distributed investment plans are required to obtain information from investors to determine the plan’s provincial attribution percentage, so that the plan's GST/HST liabilities can be calculated in accordance with the selected listed financial institution (SLFI) GST/HST reporting rules. Exchange-traded funds and exchange-traded series are excluded from this requirement.


Publication cover for 'Tax Insights: Trust loss restriction rules – Proposed amendments'

Tax Insights: Trust loss restriction rules – Proposed amendments

On October 20, 2014, the Department of Finance released a Notice of Ways and Means Motion to implement tax relief measures that include proposed amendments to the “trust loss restriction rules.”


Publication cover for 'Tax Insights: Recommendations on countering treaty abuse – Where are we now?'

Tax Insights: Recommendations on countering treaty abuse – Where are we now?

Taxpayers engaged in international transactions should be aware of the work of the OECD/G20 Base Erosion and Profit Shifting Project, as well as Canada’s initiatives, to target what is perceived as treaty abuse, so that they can prepare for and respond to these developments.


Publication cover for 'Tax Insights: GST/HST reporting for the real estate sector: Are you compliant?'

Tax Insights: GST/HST reporting for the real estate sector – Are you compliant?

The Canada Revenue Agency (CRA) is auditing the Goods and Services Tax/Harmonized Sales Tax (GST/HST) reporting of many taxpayers in the real estate sector. However, CRA Notice 284 grants taxpayers temporary relief for a bare trust or nominee that reports GST/HST on behalf of the members of a joint venture, but for periods ending before January 1, 2015 only.


Publication cover for 'Tax Insights: GST/HST pension plan compliance obligations'

Tax Insights: GST/HST pension plan compliance obligations

This Tax Insights discusses Goods and Services Tax/Harmonized Sales Tax (GST/HST) compliance issues relevant to employers that have registered pension plans.


Publication cover for 'Tax Insights: Structuring a partnership: CRA attacks GST/HST-exempt treatment of partnership distributions'

Tax Insights: Structuring a partnership – CRA attacks GST/HST-exempt treatment of partnership distributions

Incorrectly structuring the activities of a partnership can cause GST/HST deeming rules to apply; resulting in a GST/HST liability for person’s involved in the partnership’s business.


Publication cover for 'All’s Well That Ends Well… the happy result of long delay'

All’s Well That Ends Well… the happy result of long delay

The Canada Revenue Agency (the “CRA”) has for many years been concerned with taxpayers who transfer commuted pension plan benefits to individual pension plans where such transfers result in significant surplus assets in the new plan and, in the CRA’s view, insignificant amounts of salary earned by the taxpayer.


Publication cover for 'The Inward Investment and International Taxation Review'

The Inward Investment and International Taxation Review

The Inward Investment and International Taxation Review provides topical and current insights from leading experts on the tax issues and opportunities in their respective jurisdictions.


Publication cover for 'Tax Insights: GST/HST issues affecting the real estate and construction industries'

Tax Insights: GST/HST issues affecting the real estate and construction industries

This Tax Insights highlights Goods and Services Tax/Harmonized Sales Tax (GST/HST) issues relevant to the real estate and construction industries relating to the Retail Sales Tax (RST) Transitional New Housing Rebate, GST/HST reporting (including Canada Revenue Agency (CRA) Notice 284), partnerships, documentary requirements to claim input tax credits (ITCs)


Publication cover for 'Tax Insights: Federal Court rules on 95(6)(b) in Lehigh'

Tax Insights: Federal Court rules on 95(6)(b) in Lehigh

On April 23, 2014, the Federal Court of Appeal (FCA) released an important decision on the scope of paragraph 95(6)(b), an anti‑avoidance rule found in the part of the Income Tax Act (the Act) that governs the tax treatment of ‘foreign affiliates’ of Canadian corporations.


Publication cover for 'Tax Insights: Tax Court of Canada finds corporate reorganization abuses section 84.1'

Tax Insights: Tax Court of Canada finds corporate reorganization abuses section 84.1

In a judgment (Descarries) rendered on March 7, 2014, under the Informal Procedure, the Tax Court of Canada provided an example of a situation where, in the Court’s view, the object and spirit of section 84.1 had been abused, triggering the application of the general anti-avoidance rule (GAAR).


Publication cover for 'Tax Insights: Supreme Court of Canada ruling in Daishowa-Marubeni — Tax treatment of reforestation obligations on sale of forestry assets'

Tax Insights: Supreme Court of Canada ruling in Daishowa-Marubeni — Tax treatment of reforestation obligations on sale of forestry assets

The Supreme Court of Canada (SCC) ruled in favour of the taxpayer in Daishowa-Marubeni International Ltd. v. The Queen (DMI). The SCC released its unanimous decision today.