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
On September 2, 2016, the CRA released new Income Tax Folio S3-F10-C2, Prohibited Investments – RRSPs, RRIFs and TFSAs, which discusses the anti-avoidance rules for prohibited investments or advantages that apply to RRSPs, RRIFs and TFSAs. The Folio can be…
On September 2, 2016, the CRA released new Income Tax Folio S3-F10-C1, Qualified Investments–RRSPs, RESPs, RRIFs, RDSPs and TFSA, which discusses various types of qualified investments and the consequences of acquiring, holding and disposing of a non-qualified investment under RRSPs,…
The CRA said that legal representatives of a graduated rate estate may apply for a clearance certificate for a partial distribution of assets and the process to request a partial clearance certificate is the same as with other types of…
The CRA has recently updated the income tax folio “S1-F1-C2, Disability Tax Credit”. The updated folio can be viewed here: http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s1/f1/s1-f1-c2-eng.html
CRA released statistical information regarding its Offshore Tax Informant Program (OTIP). Since its launch on January 15, 2014, the OTIP allows the CRA to make financial awards to individuals who provide information related to major international tax-non-compliance. The details of…
At the 2016 STEP Round Table, the CRA noted that since 2015, taxpayers are required to provide supporting documents for claims of U.S. foreign tax credits. The same requirement has always applied to all countries other than the U.S. The…
On Monday, the B.C. government announced a new property transfer tax that will apply to Vancouver real estate buyers who are not Canadian citizens or permanent residents. Details can be found here: http://www.theglobeandmail.com/news/british-columbia/bc-to-target-foreign-real-estate-buyers-with-new-tax/article31096550/.
According to a government document leaked to various media outlets, the Canada Revenue Agency has initiated a broad investigation into Vancouver’s housing market. Details can be found here: http://www.theglobeandmail.com/real-estate/vancouver/canada-revenue-agency-launches-vancouver-housing-probe/article30932513/.
On July 8, 2016, the Canada Revenue Agency released the latest chapter of its Income Tax Folios, which addresses the federal tax treatment of benefits and allowances received from employment. The full text of the chapter can be found here:…