Tax Alert Archives October 2014

CRA on s. 75(2) and Contributions of Limited Partnership Interests

In 2013-0476871E5, the CRA commented on whether subsection 75(2) of the Income Tax Act (Canada) applies where a settlor contributes an interest in a limited partnership to a trust and under the terms of the trust the partnership interest…

Prepared by: Asif Abdulla

Asif Abdulla is a partner 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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Government of Canada Tables Notice of Ways and Means Motion

On October 20, 2014, the Government of Canada tabled in the House of Commons a Notice of Ways and Means Motion, which includes various measures tabled on October 10, 2014, in addition to a new measure that amends…

Prepared by: Asif Abdulla

Asif Abdulla is a partner 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 on Net Capital Losses for Health & Welfare Trusts

In 2013-0506691I7, the CRA stated that Health & Welfare Trusts are permitted to deduct net capital losses when computing taxable income under Division C of the Income Tax Act or adjusted taxable income under Division E.1 of the Income…

Prepared by: Asif Abdulla

Asif Abdulla is a partner 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 comments on whether the premium on the redemption of foreign affiliate shares is a dividend or proceeds of disposition

In 2014-0528361E5, the CRA responded to a query in respect of previous Rulings document 2012-0439741I7 which had indicated that the premium on redemption of certain foreign affiliate shares (mandatory redeemable preference shares) would be characterized as a dividend. …

Prepared by: Asif Abdulla

Asif Abdulla is a partner 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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Former CRA Employee Fined and Sentenced to 18-month Conditional Sentence for Income Tax Evasion

Former CRA Employee Fined and Sentenced to 18-month Conditional Sentence for Income Tax Evasion. Click here for more information.

Prepared by: Asif Abdulla

Asif Abdulla is a partner 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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Department of Finance – Annual Financial Report Released

On October 6, 2014 the Department of Finance Released its Annual Financial Report for the Fiscal Year 2013-2014 and the Backgrounder: Highlights From the Annual Financial Report for 2013-14

Prepared by: Asif Abdulla

Asif Abdulla is a partner 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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