In Budget 2019, the federal government continues to bolster its tools and resources to detect and prosecute tax evasion and money laundering. These proposals are relevant both to those who do not pay the amount of tax the law requires,…
Minister of Finance, Bill Morneau, tabled the 2019 Budget today (“Budget Day”). This Thorsteinssons update summarizes some of the main tax takeaways.
The tax measures introduced in the Budget should not impact the vast majority of businesses. As a pre-election…
The Australian Taxation Office (ATO) recently announced that, through a consultation process, it is examining the use and, more particularly, what it says are occasions of misuse of claims of solicitor-client privilege. The Consultation is interesting but, it also provides…
Several weeks ago the Vancouver city council passed a motion instructing its staff to develop a plan that would “improve the fairness and effectiveness of the Empty Homes Tax [or EHT]…”. This would require a review of “the fairness and…
Yesterday, the CBC reported that the CRA has transferred more than 1.6 million Canadian banking records to the United States Internal Revenue Service (“IRS”) since an information sharing agreement was entered into between the two countries in 2014. The…
On December 13, 2018, Bill C-86 received Royal Assent. This bill implements various income and excise tax measures, including the introduction of a refundable tax credit for certain individuals who will be subjected to the federal carbon tax in…
On November 20, 2018, the Office of the Auditor General of Canada released its 2018 Fall Reports, including a report on the compliance activities of the Canada Revenue Agency. The Auditor General’s audit focused on whether the CRA consistently…
On November 21, 2018, the Government of Canada released its 2018 Fall Economic Statement. The Statement is highlighted by the Government’s intention to allow accelerated tax write-offs for certain types of depreciable property. The full cost of machinery and…
Yesterday Vancouver’s municipal council approved amendments to Vacancy Tax By-law No. 11674, which governs the city’s unique 1% tax on certain residential properties. The amendments mainly serve to narrow the exemptions available to homeowners after months of conducting audits.…
The Government of British Columbia recently made a regulation that will require, effective September 17, 2018, certain corporations and trusts that acquire property to disclose additional information on their Property Transfer Tax returns. The new return will require disclosure of…
