British Columbia released its 2016 budget yesterday. Among other tax measures, the Budget terminates the temporary tax rate increase on income over $150,000 and includes significant alterations to the property transfer tax regime. More information on the Budget can be…
On February 17, 2016, the CRA released 2015-0617731E5 “55(2) and creditor proofing”. The CRA was asked (in French) whether the July 31, 2015 legislative proposals to amend 55(2.1)(b)(ii) of the ITA would apply in a situation of creditor proofing…
The CRA Annual Report to Parliament is tabled in Parliament by the Minister of National Revenue, pursuant to the statutory requirements of the Canada Revenue Agency Act. The report contain comprehensive information on the performance of the CRA for the…
This guide gives basic information on how to complete the T2 Corporation Income Tax Return. This return is used to calculate federal income tax and credits. Corporations that have a permanent establishment in any province or territory other than Quebec…
New T4015 T5 Guide – Return of Investment Income.
http://www.cra-arc.gc.ca/E/pub/tg/t4015/README.html
Federal Court of Appeal overturns the Tax Court of Canada’s finding that a sale of shares by husband to wife gave rise to income (case is in French): http://decisions.fca-caf.gc.ca/fca-caf/decisions/fr/item/127518/index.do
Department of Finance releases draft legislation on the taxation of trusts and estates: http://www.fin.gc.ca/drleg-apl/2016/trusts-estates-fiducies-successions-eng.asp
In Ellis, S. v. the Queen, 2015 TCC 285, the taxpayer appealed an assessment made pursuant to section 160 of the Income Tax Act (the “Act”) in respect of her husband’s taxes and penalties, which included a gross negligence…
In Quinte Children’s Homes Inc. v. M.N.R., 2015 TCC 250, the issue before the Tax Court was whether a worker at Quinte Children’s Homes Inc. (“QCH”) was an independent contractor or employee. QCH provides foster care and treatment for…
In Hall v. R. 2015 TCC 240, the taxpayers were husband and wife who acted as directors of a company in the alarm system business. In late 1990s, the company incurred large expenses and started to experience financial difficulties. …