On October 20, 2016, Justice Minister Jody Wilson-Raybould announced that Bruce Russell, Q.C. was appointed to the Tax Court of Canada to replace the Honourable C.J. Miller, effective immediately. The official news release and a link to his biography can…
On October 21, 2016, the Department of Finance released a Notice of Ways and Means Motion (http://www.fin.gc.ca/drleg-apl/2016/bia-leb-1016-eng.asp) implementing the balance of the 2016 federal budget measures, including the repeal of the eligible capital property rules and new rules precluding the…
On October 5, 2016, the House of Commons approved Prime Minister Justin Trudeau’s October 3, 2016 motion to impose a carbon tax starting in 2018. Pursuant to Trudeau’s plan, the federal government will set a minimum price of $10…
The City of Vancouver will levy a tax on vacant residential properties starting in 2017 in an effort to increase housing stock in Vancouver. It is proposed that the tax be administered through an annual declaration by property owners regarding…
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…
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.
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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…
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…
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…
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