Registered owners of residential property in Vancouver are reminded to complete their 2019 property status declarations by February 4, 2020. Owners should have already received reminder notices from the City of Vancouver. Failure to make the declaration will result in…
Prescribed-rate loans or indebtedness generally refer to loans or indebtedness that meet the following statutory requirements to qualify for an exception to certain attribution rules in the Income Tax Act (Canada):
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On December 23, 2019, the BC Government issued Order in Council No. 723 (the “Order”). Among other things, the Order establishes the Exemptions from Tax Regulation (the “Regulation”) and amends the Regulation to extend the exemption for properties subject to…
On June 17, 2019, the federal government tabled a notice of ways and means motion proposing legislative amendments to the stock option regime. Consistent with the intention announced in the 2019 federal budget, the draft legislation imposes a $200,000 annual…
On July 22, 2019, the Federal Court released its reasons for judgement in rejecting a constitutional challenge of sections 263-269 of the Income Tax Act (Canada) (the “ITA”). The full reasons can be found at 2019 FC 960 (“Deegan”).…
In the recent decision in Polubiec (2019 TCC 146), the Tax Court of Canada upheld the assessment of approximately $140,000 in penalties under the repeated failure to report income penalty under s. 163(1) of the Income Tax Act (Canada). In…
On May 17, 2019, the Minister of Finance published proposed amendments to the GST/HST portion of the Excise Tax Act. Notable among the proposed amendments is the inclusion of “virtual payment instrument” in the definition of “financial instrument”. A virtual…
On May 3, 2019, the Saskatchewan Court of Appeal released its decision in the Saskatchewan government’s reference regarding the constitutionality of the federal government’s carbon tax. In a 3-2 decision, the Court ruled that the federal carbon tax “backstop”…
The deadline to complete the 2018 Speculation and Vacancy Tax declaration is set for this Sunday, March 31, 2019. All registered owners or co-owners of residential property in affected areas in BC should declare before this deadline using the Declaration…
On December 13, 2018, Bill C-86 received Royal Assent. This bill implements various income and excise tax measures, including the introduction of a refundable tax credit for certain individuals who will be subjected to the federal carbon tax in…