On November 3, 2022, the Department of Finance released revised draft legislation proposing to implement the “excessive interest and financing expenses limitation” (EIFEL) rules first announced in Budget 2021. Initial draft legislation was released on February 4, 2022 and…
On November 4, 2022, Bill C-32 (44-1) was tabled in the House of Commons. Among other things, that Bill contains the latest version of the proposed enhanced trust reporting rules and stipulates that they would be effective for trusts’…
The Federal Government has announced that the Fall Economic Statement 2022 will be presented in the House of Commons on November 3, 2022 at approximately 4:00 p.m. ET.
The Federal Government’s 2022 Budget stated that the Fall Economic…
Effective October 25, 2022, the government of Ontario has increased the Non-Resident Speculation Tax (“NRST”) rate to 25 percent.
The increase follows changes made to the tax earlier in 2022. Introduced in April 2017, the NRST initially applied a…
In Canada Revenue Agency (“CRA”) Views document number 2021-0922301I7, the CRA considered a Canadian-resident trust deemed to dispose (for Canadian income tax purposes) of U.S. real property on its 21-year anniversary. The CRA was asked whether: (a) the trust could…
The Supreme Court of Canada (SCC) has allowed the Attorney General of Canada’s appeal in Canada (Attorney General) v. Collins Family Trust, 2022 SCC 26. In doing so, a majority of the SCC held that taxpayers may not resort to…
The Supreme Court of Canada (“SCC”) has granted the application for leave to appeal in Agence du revenue du Québec c. Des Groseillers, 2021 QCCA 906.
Des Groseillers concerns the tax treatment of donated employee stock options under…
In Nicole L. Tiessen Interior Design LTD. v Canada (2021 TCC 29), the Tax Court of Canada (“TCC”) found that 30 corporations were deemed to be associated with each other under the anti-avoidance rule in s. 256(2.1) of the federal…
The jurisdictional boundaries between the Tax Court of Canada and Federal Court over taxation matters has often been a trap for taxpayers. In Iris Technologies Inc. v. Canada (National Revenue), 2022 FCA 39 (“Iris Technologies”), the Federal Court of Appeal…
The Supreme Court of Canada (the “SCC”) has granted the application for leave to appeal in Canada v. Deans Knight Income Corporation, 2021 FCA 160 (“Deans Knight”).
Deans Knight deals with the application of the general anti-avoidance rule (“GAAR”)…