Tax Alert Archives

OECD approves the 2017 update to the OECD Model Tax Convention

On November 21, 2017, the OECD Council approved the contents of the 2017 Update to the OECD Model Tax Convention.

The 2017 Update primarily comprises changes to the OECD Model Tax Convention and related commentary that were developed through the…

Prepared by: Ian Humphries

Ian Humphries is an Associate working out of the Vancouver office of Thorsteinssons LLP. Ian joined Thorsteinssons after articling and practicing securities law at a national law firm. Prior to law school, Ian worked as an investment banker in the… more »

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Parliamentary Budget Officer (PBO) Releases Report on Proposed Changes to Passive Investment Income

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…

Prepared by: Ian Humphries

Ian Humphries is an Associate working out of the Vancouver office of Thorsteinssons LLP. Ian joined Thorsteinssons after articling and practicing securities law at a national law firm. Prior to law school, Ian worked as an investment banker in the… more »

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Auditor General of Canada Releases 2017 Fall Report

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…

Prepared by: Ian Humphries

Ian Humphries is an Associate working out of the Vancouver office of Thorsteinssons LLP. Ian joined Thorsteinssons after articling and practicing securities law at a national law firm. Prior to law school, Ian worked as an investment banker in the… more »

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Government of Canada Announces Consultation on Proposed Excise Duty Framework for Cannabis Products

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…

Prepared by: Ian Humphries

Ian Humphries is an Associate working out of the Vancouver office of Thorsteinssons LLP. Ian joined Thorsteinssons after articling and practicing securities law at a national law firm. Prior to law school, Ian worked as an investment banker in the… more »

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Finance News Release: “Government moves to Reduce Small Business Tax Rate and Support Fairness for the Middle Class”

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

Prepared by: Leonard Gilbert

Leonard graduated from the University of Toronto, Faculty of Law (J.D. 2015) and is currently an associate practicing in the firm’s Toronto office. He previously performed extensively as a concert pianist and attended the Jacobs School of Music at Indiana… more »

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Taxpayer successful in the Federal Court of Appeal on interest dispute

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…

Prepared by: Jennifer Flood

Jennifer Flood is an associate practicing in the firm’s Vancouver office. Jennifer’s practice focuses on taxpayer representation and tax litigation (including civil and criminal matters), and also includes personal and corporate tax planning. Prior to joining Thorsteinssons, she worked as… more »

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CBA/CPA Joint Committee on Taxation – Submissions on Voluntary Disclosure Program

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…

Prepared by: Jennifer Flood

Jennifer Flood is an associate practicing in the firm’s Vancouver office. Jennifer’s practice focuses on taxpayer representation and tax litigation (including civil and criminal matters), and also includes personal and corporate tax planning. Prior to joining Thorsteinssons, she worked as… more »

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Finance Minister Releases Consultation Paper “Tax Planning Using Private Corporations”

Finance Minister Bill Morneau has released a consultation paper on certain tax planning strategies that involve the use of private corporationsThe paper focuses on the following three issues identified in Budget 2017: (1) sprinkling income using private corporations;…

Prepared by: Florence Sauve

Florence Sauve is a partner practicing in the firm’s Toronto office. Her practice focuses on all aspects of taxpayer representation and tax litigation and also includes personal and corporate tax planning. Before joining Thorsteinssons LLP, Florence clerked at the Tax… more »

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