On November 23, 2017, the PBO released its analysis estimating the potential fiscal magnitude of changes to passive income taxation based on Finance Canada’s July 18, 2017, consultation document.
The PBO’s analysis also factors in the October 18, 2017 Department…
On November 21, 2017, the Auditor General released its Fall Report containing the results of 6 audits completed since the summer, including an audit of the timeliness and accuracy of information provided by Canada Revenue Agency Call centres.
Some key…
On November 10, 2017, the Department of Finance released proposed legislation concerning an excise duty framework for cannabis products for comment. The proposed duty would apply to all cannabis products available for legal sale, including fresh and dried cannabis, cannabis…
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
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,…
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%);…
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…
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…
Finance Minister Bill Morneau has released a consultation paper on certain tax planning strategies that involve the use of private corporations. The paper focuses on the following three issues identified in Budget 2017: (1) sprinkling income using private corporations;…
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…