Tax Alert Archives

CRA updates prescribed interest rates for leasing rules

The Canada Revenue Agency recently updated the prescribed interest rates for the leasing rules in section 16.1 of the Income Tax Act (Canada). The rates for January and February, 2015 are now available and can be found on the CRA’s…

Prepared by: E. Rebecca Potter

Becky Potter is a partner practicing in the firm’s Toronto office. Known for her strategic approach, honed advocacy skills, and breadth of tax knowledge, Becky Potter is a highly sought-after tax litigator. She has successfully represented her clients at every… more »

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Tax Court makes rare award of solicitor-client costs

In the recent decision in Simard v. Canada (2015 TCC 2), the Tax Court of Canada made a rare award of costs on solicitor-client basis due to the fact that the Crown had made a number of unfounded allegations of…

Prepared by: E. Rebecca Potter

Becky Potter is a partner practicing in the firm’s Toronto office. Known for her strategic approach, honed advocacy skills, and breadth of tax knowledge, Becky Potter is a highly sought-after tax litigator. She has successfully represented her clients at every… more »

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CRA releases 2014 meal and vehicle rates for calculating travel expenses

On Monday, January 5th, 2015, the Canada Revenue Agency released the 2014 meal and vehicle rates used for calculating travel expenses. The rates can be found on the CRA’s website here: http://www.cra-arc.gc.ca/travelcosts/

Prepared by: E. Rebecca Potter

Becky Potter is a partner practicing in the firm’s Toronto office. Known for her strategic approach, honed advocacy skills, and breadth of tax knowledge, Becky Potter is a highly sought-after tax litigator. She has successfully represented her clients at every… more »

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Tax Court holds GST not payable on certain special mutual fund trust distributions

In the recent decision in Invesco Canada Ltd. v. Canada (2014 TCC 375), the Tax Court of Canada held that certain management fee reductions paid on a monthly or quarterly basis by way of special distributions from various mutual fund…

Prepared by: E. Rebecca Potter

Becky Potter is a partner practicing in the firm’s Toronto office. Known for her strategic approach, honed advocacy skills, and breadth of tax knowledge, Becky Potter is a highly sought-after tax litigator. She has successfully represented her clients at every… more »

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New Chief Justice of the Tax Court of Canada

On December 19, 2014, Prime Minister Stephen Harper announced the appointment of the Honourable Eugene Rossiter as Chief Justice of the Tax Court of Canada.  He replaces the Hounourable Gerald J. Rip.

 

Prepared by: Kim Ho

Kim Ho received a B.A.(Honours) in economics from Queen’s University and a LL.B from the University of Victoria. While at the University of Victoria, he was awarded the 2008 Stikeman Elliot/Carswell National Tax Award, the British Columbia Superior Court Judges… more »

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Update of SR&ED Policies

On December 18, 2014, the CRA released 17 revised policies on SR&ED expenditures and the calculation of investment tax credits.  A list of revised policy documents can be found on the CRA’s website: http://www.cra-arc.gc.ca/txcrdt/sred-rsde/whtsnw/fnnclplcydcmnts-eng.html

Prepared by: Kim Ho

Kim Ho received a B.A.(Honours) in economics from Queen’s University and a LL.B from the University of Victoria. While at the University of Victoria, he was awarded the 2008 Stikeman Elliot/Carswell National Tax Award, the British Columbia Superior Court Judges… more »

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CRA announces Q1 2015 prescribed interest rates

The CRA announced the prescribed interest rates for the period from January 1, 2015 to March 31, 2015.  There are no changes to the prescribed interest rates since last quarter except for the interest rate for corporate taxpayers’ pertinent loans

Prepared by: Kim Ho

Kim Ho received a B.A.(Honours) in economics from Queen’s University and a LL.B from the University of Victoria. While at the University of Victoria, he was awarded the 2008 Stikeman Elliot/Carswell National Tax Award, the British Columbia Superior Court Judges… more »

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December 31, 2014 Deadline for Taxpayer Relief

A reminder: Individuals have until December 31, 2014 to apply for relief under the “Taxpayer Relief Provisions” with respect to their 2004 year.

Prepared by: Kim Ho

Kim Ho received a B.A.(Honours) in economics from Queen’s University and a LL.B from the University of Victoria. While at the University of Victoria, he was awarded the 2008 Stikeman Elliot/Carswell National Tax Award, the British Columbia Superior Court Judges… more »

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The Latest Income Tax Folio – S4-F7-C1: Amalgamations of Canadian Corporations

The CRA is replacing its interpretation bulletins with Income Tax Folios. This project will take several years. The latest chapter released by the CRA is on the amalgamation of Canadian corporations, which replaces and cancels Interpretation Bulletin IT-474 R2, Amalgamation…

Prepared by: Kim Ho

Kim Ho received a B.A.(Honours) in economics from Queen’s University and a LL.B from the University of Victoria. While at the University of Victoria, he was awarded the 2008 Stikeman Elliot/Carswell National Tax Award, the British Columbia Superior Court Judges… more »

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New Era of Cooperation Between the CRA and CPA Canada

The Canada Revenue Agency (the “CRA”) and the Chartered Professional Accountants of Canada (“CPA Canada”) signed an agreement on November 26, 2014.  The agreement is intended to promote collaboration and dialogue between the two organizations.  The central part of the

Prepared by: Ken Jiang

Ken Jiang is a partner in the Vancouver office of Thorsteinssons LLP. His practice focuses on domestic and international tax planning.  His clients include individuals, private and public corporations, trusts, charities, financial institutions, and public bodies. He also represents clients… more »

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