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 May 17, 2019, the Minister of Finance published proposed amendments to the GST/HST portion of the Excise Tax Act. Notable among the proposed amendments is the inclusion of “virtual payment instrument” in the definition of “financial instrument”. A…
On May 3, 2019, the Saskatchewan Court of Appeal released its decision in the Saskatchewan government’s reference regarding the constitutionality of the federal government’s carbon tax. In a 3-2 decision, the Court ruled that the federal carbon tax “backstop”…
The deadline to complete the 2018 Speculation and Vacancy Tax declaration is set for this Sunday, March 31, 2019. All registered owners or co-owners of residential property in affected areas in BC should declare before this deadline using the Declaration…
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…
