Tax Alert Archives March 2016

CRA Updates and Replaces Information Circular on Clearance Certificates

The CRA has published Information Circular (IC82-6R11), which contains information pertaining to applications for clearance certificates in respect of subsection 159(2) of the Income Tax Act (Canada).  New IC82-611 cancels and replaces its predecessor IC82-6R10 dated November 25, 2013.

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 modifies Income Tax Folio S3-F6-C1, Interest Deductibility

Income Tax Folio S3-F6-C1, which contains the CRA’s position on interest deductibility, has been modified in respect of deductibility under subparagraph 20(1)(c)(ii) of the Income Tax Act (Canada) in the context of substituted property.

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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Government of British Columbia Publishes Fact Sheet: “Competitive Business Taxes Support British Columbia Economy”

The Ministry of Finance, British Columbia, has published a fact sheet pertaining to corporate and small business income taxation in British Columbia.

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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The Federal Court of Appeal Finds in Favour of Taxpayer on Interest Deductibility Where Funds were Borrowed to Acquire Common Shares

FCA released its decision in TDL Group Co. v. The Queen, 2016 FCA 67, allowing the taxpayer’s appeal and finding that interest incurred by the taxpayer to acquire common shares was deductible.

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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