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…
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…
Finance Minister Bill Morneau has released a consultation paper on certain tax planning strategies that involve the use of private corporations. The paper focuses on the following three issues identified in Budget 2017: (1) sprinkling income using private corporations;…
In Grimes v. The Queen, the Tax Court of Canada recently awarded costs above the Tariff to a taxpayer who was partly successful in an appeal turning on the determination of the fair market value of shares, and ordered…
On July 11, 2017, the OECD Committee on Fiscal Affairs released the draft contents of the 2017 update to the OECD Model Tax Convention. The 2017 update primarily comprises changes to the OECD Model Tax Convention that have been…
The CRA has released Draft IC00-1R6 – Voluntary Disclosure Program for discussion purposes only. If published in its current form, IC00-1R6 would drastically alter the existing scope and parameters of the CRA’s voluntary disclosure program.
Draft IC00-1R6 here: https://www.canada.ca/en/revenue-agency/campaigns/ic00-1r6-voluntary-disclosures-program.html
The CRA boasts increased reporting, compliance and audit measures in support of its commitment to protecting the fairness and integrity of the Canadian tax system, as it relates to ensuring a healthy and stable housing market.
Read more here: Prepared by:
Asif Abdulla
On June 27, 2017, the Honourable Diane Lebouthillier, Minister of National Revenue, released a report on the CRA’s 2016 Serving You Better consultations with small and medium businesses.
Report published here: https://www.canada.ca/en/revenue-agency/campaigns/consultations-small-businesses.html?utm_campaign=not-applicable&utm_medium=vanity-url&utm_source=canada-ca_cra-serving-you-better
The Minister of Finance (Ontario) introduced Bill 134, Budget Measures Act (Housing Price Stability and Ontario Seniors’ Public Transit Tax Credit), 2017 yesterday, providing a first look at legislation regarding the non-resident speculation tax for land transfers in the Greater…
The Minister of Finance (Canada) has announced that the 2017 federal budget will be tabled in the House of Commons on March 22, 2017. For more information, please visit: http://www.fin.gc.ca/n17/17-013-eng.asp