In 1455257 Ontario Inc. v. Canada, 2016 FCA 100, the Federal Court of Appeal held that a dissolved Ontario corporation lacks the capacity to appeal from an assessment in the Tax Court of Canada because the Ontario Business Corporations…
The CRA has published Information Circular (IC82-6R11), which contains information pertaining to applications for clearance certificates in respect of subsection 159(2) of the Income Tax Act (Canada). New IC82-611 cancels and replaces its predecessor IC82-6R10 dated November 25, 2013.
Income Tax Folio S3-F6-C1, which contains the CRA’s position on interest deductibility, has been modified in respect of deductibility under subparagraph 20(1)(c)(ii) of the Income Tax Act (Canada) in the context of substituted property.
The Ministry of Finance, British Columbia, has published a fact sheet pertaining to corporate and small business income taxation in British Columbia.
FCA released its decision in TDL Group Co. v. The Queen, 2016 FCA 67, allowing the taxpayer’s appeal and finding that interest incurred by the taxpayer to acquire common shares was deductible.
This guide is aimed at taxpayers starting new small businesses. It explains CRA programs and online services, the obligations and entitlements of business owners, and describes how to plan for taxes, keep records, and make and report payments. The guide…
Ontario released its 2016 budget today. Among other tax measures, the Budget announced updates to the Ontario Income Tax Act to parallel changes in the federal income tax regime, measures to simplify the Personal Income Tax system, and new credits…
The CRA released Information Circular IC98-1R5 concerning the collection policies of the CRA. This information circular cancels and replaces IC98-1R4, dated May 1, 2013, and gives a general overview of many of the collections policies that the CRA has…
On February 23, 2016 the Department of Finance released the 2016 edition of the Report on Federal Tax Expenditures—Concepts, Estimates and Evaluations (http://www.fin.gc.ca/taxexp-depfisc/2016/taxexp-depfisc16-eng.pdf). This report provides estimates of the fiscal cost of federal tax measures.
On February 10, 2016, the Canada Revenue Agency (CRA) released Information Circular IC99-1R1. This circular explains the rules of the Income Tax Act and the CRA’s conditions for registering disability savings plans. It also provides information on the Canada…