Tax Alert Archives

CRA Releases New Income Tax Folio on Income Tax Reporting Currency

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

Prepared by: Ken Jiang

Ken Jiang is a partner at the firm’s Vancouver office. His practice focuses on corporate and personal tax planning, international tax planning and representation of taxpayers in disputes with Canada Revenue Agency. Ken is fluent and proficient in Chinese (Mandarin).… more »

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CRA Releases New Income Tax Folio on Prohibited Investments – RRSPS, RRIFs and TFSAs

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…

Prepared by: Ken Jiang

Ken Jiang is a partner at the firm’s Vancouver office. His practice focuses on corporate and personal tax planning, international tax planning and representation of taxpayers in disputes with Canada Revenue Agency. Ken is fluent and proficient in Chinese (Mandarin).… more »

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CRA Releases New Income Tax Folio on Qualified Investments – RRSPS, RESPs, RRIFs, RDSPs and TFSAs

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,…

Prepared by: Ken Jiang

Ken Jiang is a partner at the firm’s Vancouver office. His practice focuses on corporate and personal tax planning, international tax planning and representation of taxpayers in disputes with Canada Revenue Agency. Ken is fluent and proficient in Chinese (Mandarin).… more »

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CRA Says It Will Issue Clearance Certificates for Partial Estate Distributions

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…

Prepared by: Ken Jiang

Ken Jiang is a partner at the firm’s Vancouver office. His practice focuses on corporate and personal tax planning, international tax planning and representation of taxpayers in disputes with Canada Revenue Agency. Ken is fluent and proficient in Chinese (Mandarin).… more »

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CRA’s Updated Folio on Disability Tax Credit

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

Prepared by: Ken Jiang

Ken Jiang is a partner at the firm’s Vancouver office. His practice focuses on corporate and personal tax planning, international tax planning and representation of taxpayers in disputes with Canada Revenue Agency. Ken is fluent and proficient in Chinese (Mandarin).… more »

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CRA Releases Statistics on Offshore Tax Informant Program

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…

Prepared by: Ken Jiang

Ken Jiang is a partner at the firm’s Vancouver office. His practice focuses on corporate and personal tax planning, international tax planning and representation of taxpayers in disputes with Canada Revenue Agency. Ken is fluent and proficient in Chinese (Mandarin).… more »

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CRA Requires Taxpayers to Provide Support for U.S. Foreign Tax Credits

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…

Prepared by: Ken Jiang

Ken Jiang is a partner at the firm’s Vancouver office. His practice focuses on corporate and personal tax planning, international tax planning and representation of taxpayers in disputes with Canada Revenue Agency. Ken is fluent and proficient in Chinese (Mandarin).… more »

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