Tax Alert Archives September 2016

Employment Insurance Premium Rate Will Decrease in 2017

On September 14, 2016, the Canada Employment Insurance Commission, the body responsible for monitoring and assessing the Employment Insurance (EI) program, announced that the EI premium rate for 2017 will be $1.63 per $100 of insurable earnings, a decrease from…

Prepared by: Kyle Lamothe

Kyle is a partner in the Toronto office of Thorsteinssons LLP, Canada’s largest firm practicing exclusively in tax law. Kyle’s practice focuses on Canadian tax planning for businesses, individuals, and trusts, with a particular emphasis on high net worth families,… more »

Share

CRA Releases Information on Audits and Criminal Investigations of Offshore Activities

On September 7, 2016, Honourable Diana Lebouthillier, the Minister of National Revenue, announced that the CRA is currently conducting audits of over 750 taxpayers and criminally investigating 20 cases of tax evasion related to offshore activities.

Read the full press…

Prepared by: Kyle Lamothe

Kyle is a partner in the Toronto office of Thorsteinssons LLP, Canada’s largest firm practicing exclusively in tax law. Kyle’s practice focuses on Canadian tax planning for businesses, individuals, and trusts, with a particular emphasis on high net worth families,… more »

Share

Finance Proposes Amendment to Capital Dividend Account Definition

On September 16, 2016, the Department of Finance released proposed amendments to the Income Tax Act (Canada). Contained in that package is a proposed amendment to the definition of “capital dividend account” (CDA) in subsection 89(1), which is part of…

Prepared by: Kyle Lamothe

Kyle is a partner in the Toronto office of Thorsteinssons LLP, Canada’s largest firm practicing exclusively in tax law. Kyle’s practice focuses on Canadian tax planning for businesses, individuals, and trusts, with a particular emphasis on high net worth families,… more »

Share

Finance Proposes Amendments for Disposing of an Interest in a Life Insurance Policy

On September 16, 2016, the Department of Finance released proposed amendments to the Income Tax Act (Canada). Contained in that package are a series of proposed amendments to the rules in section 148 for determining the income tax consequences of…

Prepared by: Kyle Lamothe

Kyle is a partner in the Toronto office of Thorsteinssons LLP, Canada’s largest firm practicing exclusively in tax law. Kyle’s practice focuses on Canadian tax planning for businesses, individuals, and trusts, with a particular emphasis on high net worth families,… more »

Share

Finance Proposes Amendments for Bank of Canada Currency Exchange Rates

On September 16, 2016, the Department of Finance released proposed amendments to the Income Tax Act (Canada). Contained in that package are a series of proposed amendments in respect of how taxpayers convert foreign currencies to Canadian dollars for the…

Prepared by: Kyle Lamothe

Kyle is a partner in the Toronto office of Thorsteinssons LLP, Canada’s largest firm practicing exclusively in tax law. Kyle’s practice focuses on Canadian tax planning for businesses, individuals, and trusts, with a particular emphasis on high net worth families,… more »

Share

CRA Releases New Income Tax Folio on Income Tax Reporting Currency

On September 2, 2016, the CRA released new Income Tax Folio S5-F4-C1 Income Tax Reporting Currency, which discusses functional currency tax reporting for corporations.  The Folio can be viewed here: http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s5/f4/s5-f4-c1-eng.html

Prepared by: Ken Jiang

Ken Jiang is a partner in the Vancouver office of Thorsteinssons LLP. His practice focuses on domestic and international tax planning.  His clients include individuals, private and public corporations, trusts, charities, financial institutions, and public bodies. He also represents clients… more »

Share

CRA Releases New Income Tax Folio on Prohibited Investments – RRSPS, RRIFs and TFSAs

On September 2, 2016, the CRA released new Income Tax Folio S3-F10-C2, Prohibited Investments – RRSPs, RRIFs and TFSAs, which discusses the anti-avoidance rules for prohibited investments or advantages that apply to RRSPs, RRIFs and TFSAs.  The Folio can be…

Prepared by: Ken Jiang

Ken Jiang is a partner in the Vancouver office of Thorsteinssons LLP. His practice focuses on domestic and international tax planning.  His clients include individuals, private and public corporations, trusts, charities, financial institutions, and public bodies. He also represents clients… more »

Share

CRA Releases New Income Tax Folio on Qualified Investments – RRSPS, RESPs, RRIFs, RDSPs and TFSAs

On September 2, 2016, the CRA released new Income Tax Folio S3-F10-C1, Qualified Investments–RRSPs, RESPs, RRIFs, RDSPs and TFSA, which discusses various types of qualified investments and the consequences of acquiring, holding and disposing of a non-qualified investment under RRSPs,…

Prepared by: Ken Jiang

Ken Jiang is a partner in the Vancouver office of Thorsteinssons LLP. His practice focuses on domestic and international tax planning.  His clients include individuals, private and public corporations, trusts, charities, financial institutions, and public bodies. He also represents clients… more »

Share