April 16, 2024 by Sean Grant-Young, Rosa Maria Iuliano, Myriam Lesieur, Joseph Belanger
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today tabled her fourth budget – “Fairness for Every Generation.”
The following is a brief overview of the key tax measures.
April 11, 2024 by Diana Cameron
A recently obtained Canada Revenue Agency (CRA) internal communiqué – dated May 17, 2023 – states “effective the date of this communiqué, CRA appraisers will report Fair Market Value (FMV) as inclusive of GST/HST.” This is good news for builders, reducing appeals and objections resulting from disputes with the CRA on FMV as it relates to self‑supply of residential complexes.
April 5, 2024 by Sean Grant-Young
On April 2, the Manitoba government released its 2024 budget. The following are highlights of the key tax measures.
If you want an overview of Canadian tax rates for 2024, you’ve come to the right place. Select from the resources below for personal and corporate tax rates for each province and territory.
March 27, 2024 by Sean Grant-Young
On March 26, the Ontario government released its 2024 budget.
February 27, 2024 by Sean Grant-Young
On Feb. 22, 2024, the British Columbia government released its 2024 budget. The following are highlights of the key tax measures.
December 1, 2023 by Bud Arnold
The simplest part of tax compliance and planning for a farm should be the family home. However, tax issues related to farmhouses abound! Let’s unpack a few of the more common concerns.
May 15, 2023 by Melinda Fleming
Planning to build or substantially renovate a residential rental property? Whether it’s a small rental house or large apartment tower, property developers in Canada are subject to strict GST/HST obligations.
March 24, 2023 by John F. Oakey, Brenda L. Scott
On March 23, the Ontario government released its 2023 budget. The following are highlights of the key tax measures.
March 23, 2023 by John F. Oakey, Brenda L. Scott
On March 22, the Saskatchewan government released its 2023 budget. The following are highlights of the key tax measures.
In Foix v. The King, 2023 FCA 38, the Federal Court of Appeal (FCA) ruled that a distribution of funds following a hybrid sale was subject to the application of subsection 84(2) of the Income Tax Act (ITA), affirming the Tax Court of Canada (TCC) ruling, Foix v. The Queen, 2021 TCC 52.
Want to better understand Canadian tax rates for 2023? Then you’re in the right place. We’ve put together the following fact sheets to provide a convenient comparison of relevant tax rates for every Canadian province and territory.
November 4, 2022 by John F. Oakey
On November 3, 2022, the Fall Economic Statement was provided by Deputy Prime Minister and Minister of Finance, The Honourable Chrystia Freeland, P.C., M.P. in the House of Commons.
November 1, 2022 by Kimber Amping
Tips are in the news, again! Recently, a restaurant’s tips policy made it all the way to the Federal Court of Appeal to decide whether the service staff tips are subject to Canada Pension Plan (CPP) and Employment Insurance (EI). With customers increasingly tipping electronically, the decision in this appeal is very relevant.
GST/HST is generally applicable when property and/or services destined exclusively for commercial purposes are supplied by a closely related party who is registered for that tax. To simplify tax accounting and improve cashflow, certain closely related Canadian corporations and partnerships can elect under subsection 156(2) of the Excise Tax Act, via Form RC4616, to treat certain supplies by a closely related person as if they were made without consideration.
July 26, 2022 by Riccardo Zerbino
Our new Tax Alert highlights how past amendments by the Canada Revenue Agency (CRA) to the Voluntary Disclosures Program (VDP), along with recent court decisions, demonstrate the VDP should be used with extra caution. For those seeking immunity from interest and penalties, it is clearer than ever the VDP has become more restrictive, signaling the CRA’s heightened desire to combat tax evasion.
May 4, 2022 by John F. Oakey
If you are involved with cryptocurrency mining, you need to understand the GST and HST implications of your operations. Our latest Indirect Tax Alert explores new draft proposals that would impact how activities such as Bitcoin mining are taxed.
February 23, 2022 by Kaitlin Lem
The Canada Revenue Agency’s (CRA) shutdown of its EFILE, ReFILE, and T1135 web services signals the onslaught of yet another tax-filing season, and the process has already begun.
October 22, 2021 by Julie Thacker
The sale of vacant land can be taxable or exempt for purposes of GST/HST under the Excise Tax Act. Generally, vacant land sold by individuals is exempt, subject to certain exceptions.
July 20, 2021 by John F. Oakey
Many family-owned businesses have faced higher tax burdens when transitioning their business within their family. This effect has been due, in part, to two anti-avoidance provisions in the Income Tax Act (ITA) that are designed to prevent unapproved transactions deemed abusive by the Department of Finance. Section 55 prevents unapproved, tax-deferred capital gains stripping; section 84.1 prevents unapproved, tax-free surplus stripping. In a nutshell—an oversimplified nutshell—these two complex anti-avoidance provisions recharacterize what should be tax-free transactions into taxable ones.