Tax Alert Archives

Finance News Release: “Government moves to Reduce Small Business Tax Rate and Support Fairness for the Middle Class”

Federal small business rate lowered to 10% on Jan. 1, 2018; 9% on Jan. 1, 2019. Proposed capital gains exemption limitation changes abandoned. Proposed income sprinkling measures to be simplified.

Link: http://www.fin.gc.ca/n17/17-097-eng.asp

Prepared by: Leonard Gilbert

Leonard graduated from the University of Toronto, Faculty of Law (J.D. 2015) and is currently an associate practicing in the firm’s Toronto office. He previously performed extensively as a concert pianist and attended the Jacobs School of Music at Indiana… more »

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CRA RELEASES RESULTS OF EFFORTS TO COMBAT TAX EVASION

Minister of National Revenue Diane Lebouthillier has released the preliminary results of the CRA’s recent initiatives to combat tax evasion, including statistics regarding the number of cases referred for criminal investigations, search warrants executed and criminal convictions from April 1,…

Prepared by: Michelle Chang

Michelle Chang is an associate working out of the Vancouver office of Thorsteinssons LLP. Michelle’s practice focuses on domestic and international tax planning for individuals, corporations and trusts, including estate and succession planning, corporate reorganizations, business structuring and immigration/emigration planning.… more »

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BC Budget 2017, September Update – Tax Measures

BC Finance Minister Carole James has released a budget update which contains several important tax measures for individuals and corporations, namely: (1) the introduction of a new 16.8% rate on taxable income over $150,000 for individuals (increased from 14.7%);…

Prepared by: Michelle Chang

Michelle Chang is an associate working out of the Vancouver office of Thorsteinssons LLP. Michelle’s practice focuses on domestic and international tax planning for individuals, corporations and trusts, including estate and succession planning, corporate reorganizations, business structuring and immigration/emigration planning.… more »

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Taxpayer successful in the Federal Court of Appeal on interest dispute

In Grenon v. Canada (National Revenue), 2017 FCA 167, the Federal Court of Appeal overturned the Federal Court’s decision and held that the taxpayer was entitled to interest on a $12.75 million payment that was refunded to him pursuant to…

Prepared by: Jennifer Flood

Jennifer Flood is an associate practicing in the firm’s Vancouver office. Jennifer’s practice focuses on taxpayer representation and tax litigation (including civil and criminal matters), and also includes personal and corporate tax planning. Prior to joining Thorsteinssons, she worked as… more »

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CBA/CPA Joint Committee on Taxation – Submissions on Voluntary Disclosure Program

Following the CRA’s release of Draft Information Circular IC00-1R6 proposing drastic changes to the Voluntary Disclosure Program, the Joint Committee on Taxation of the Canadian Bar Association and Chartered Professional Accountants of Canada has made extensive submissions, which may…

Prepared by: Jennifer Flood

Jennifer Flood is an associate practicing in the firm’s Vancouver office. Jennifer’s practice focuses on taxpayer representation and tax litigation (including civil and criminal matters), and also includes personal and corporate tax planning. Prior to joining Thorsteinssons, she worked as… more »

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Finance Minister Releases Consultation Paper “Tax Planning Using Private Corporations”

Finance Minister Bill Morneau has released a consultation paper on certain tax planning strategies that involve the use of private corporationsThe paper focuses on the following three issues identified in Budget 2017: (1) sprinkling income using private corporations;…

Prepared by: Florence Sauve

Florence Sauve is an associate practicing in the firm’s Toronto office. Her practice focuses on all aspects of taxpayer representation and tax litigation and also includes personal and corporate tax planning. Before joining Thorsteinssons LLP, Florence clerked at the Tax… more »

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Partial Indemnity Cost Award to Taxpayer Who Was Partly Successful in Valuation Case

In Grimes v. The Queen, the Tax Court of Canada recently awarded costs above the Tariff to a taxpayer who was partly successful in an appeal turning on the determination of the fair market value of shares, and ordered…

Prepared by: Florence Sauve

Florence Sauve is an associate practicing in the firm’s Toronto office. Her practice focuses on all aspects of taxpayer representation and tax litigation and also includes personal and corporate tax planning. Before joining Thorsteinssons LLP, Florence clerked at the Tax… more »

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OECD Releases the Draft Contents of the 2017 Update to the OECD Model Tax Convention

On July 11, 2017, the OECD Committee on Fiscal Affairs released the draft contents of the 2017 update to the OECD Model Tax Convention.  The 2017 update primarily comprises changes to the OECD Model Tax Convention that have been…

Prepared by: Florence Sauve

Florence Sauve is an associate practicing in the firm’s Toronto office. Her practice focuses on all aspects of taxpayer representation and tax litigation and also includes personal and corporate tax planning. Before joining Thorsteinssons LLP, Florence clerked at the Tax… more »

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Draft Information Circular IC00-1R6 – Voluntary Disclosure Program, Released by the CRA for Discussion Purposes Only

The CRA has released Draft IC00-1R6 – Voluntary Disclosure Program for discussion purposes only.  If published in its current form, IC00-1R6 would drastically alter the existing scope and parameters of the CRA’s voluntary disclosure program.

Draft IC00-1R6 here: https://www.canada.ca/en/revenue-agency/campaigns/ic00-1r6-voluntary-disclosures-program.html

Prepared by: Asif Abdulla

Asif Abdulla is an associate working out of the Vancouver office of Thorsteinssons LLP. He practices in the area of domestic and international tax planning for individuals, trusts, corporations and other private enterprises with a view to achieving tax efficiency… more »

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CRA Continues its Crackdown on Tax Cheating in Canada’s Hottest Real Estate Markets

The CRA boasts increased reporting, compliance and audit measures in support of its commitment to protecting the fairness and integrity of the Canadian tax system, as it relates to ensuring a healthy and stable housing market.

Read more here:

Prepared by: Asif Abdulla

Asif Abdulla is an associate working out of the Vancouver office of Thorsteinssons LLP. He practices in the area of domestic and international tax planning for individuals, trusts, corporations and other private enterprises with a view to achieving tax efficiency… more »

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