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Corporate finance Audit and accounting Private enterprise Indirect tax Tax advisory
Amendments to the Income Tax Act and status of proposed measures
On December 13, 2017, Amendments to the Income Tax Act and Regulations and Explanatory Notes to simplify measures to restrict income sprinkling were released by Finance Canada. Today’s Tax Flash will focus on the changes to the July 18 proposals, exclusions, reasonableness test and a brief update on the status of the proposed measures related to passive investments.
Dec 14, 2017
Corporate finance Cross border and international Tax advisory
Year-end tax planner: looking back at 2017 and forward to 2018
<strong>Topics include: </strong> <ul> <li>Federal and Provincial Highlights;</li> <li>Entrepreneurs;</li> <li>Personal and U.S. tax matters;</li> <li>International matters;</li> <li>Key tax dates</li> </ul>
Nov 23, 2017
Corporate finance Transaction services Audit and accounting Private enterprise Tax advisory
Venture Capital concerns are heard
On October 20, 2017, the Department of Finance (“<strong>Finance</strong>”) responded to several concerns raised by the venture capital and angel investor sectors in respect of the proposed taxation of private corporation measures (see CBT’s summary <a href="https://www.collinsbarrow.com/en/toronto-ontario/publications/finance-targets-tax-planning-for-private-corporations" target="_blank">here</a>). 
Oct 20, 2017
Corporate finance Audit and accounting Private enterprise Tax advisory Succession and estate planning
Proposed changes: Finance takes hard stance on passive income of private corporations
On October 18, 2017, the Department of Finance (“<strong>Finance</strong>”) provided more details on its proposals (see CBT’s summary <a href="https://www.collinsbarrow.com/en/toronto-ontario/publications/finance-targets-tax-planning-for-private-corporations" target="_blank">here</a>) to target the deferral of tax benefits of passive investments within a private corporation.   .
Oct 18, 2017
Corporate finance Audit and accounting Private enterprise Tax advisory
What is a Retirement Compensation Arrangement (“RCA”)?
An RCA is a plan that is funded by contributions from employers and employees to a custodian who manages the funds. RCAs are used to fund the retirement of an employee, their loss of employment or a substantial change in the services that they provide. 
Jesse Genereaux Jul 26, 2017
Corporate finance Audit and accounting Private enterprise
Finance targets tax planning for private corporations
On July 18, the Department of Finance released a consultation paper outlining a number of measures designed to close down various tax planning strategies currently available to owners of private corporations in Canada with hopes to halt “unfair advantages.”  The paper was accompanied by draft legislation and explanatory notes for some of the proposed measures. The Government had previously signaled its intent to change how Canadian-controlled private corporations (“CCPCs”) were taxed in its March 2017 budget. 
Jul 20, 2017
Corporate finance Transaction services Private enterprise
Implementation of IFRS 9 Financial Instruments for credit unions
IFRS 9 <em>Financial Instruments</em> (IFRS 9) introduces major accounting changes for financial assets that are likely to significantly impact the financial statements of credit unions and other lending organizations, such as leasing companies. This article focuses on classification and measurement – including impairment loss provisions – of credit union financial assets. Other significant changes that may impact credit unions (such as the simplification of hedge accounting) are not covered in this article.
Dec 8, 2016
Corporate finance Cross border and international Tax advisory
Year-end Tax Planner: Looking back at 2016 and forward to 2017
<strong>Topics include: </strong> <ul> <li>Federal and Provincial Highlights;</li> <li>Entrepreneurs;</li> <li>Personal and U.S. tax matters;</li> <li>International matters;</li> <li>Key tax dates</li> </ul> <br /> <em>*Updated on January 4, 2017</em>
Nov 29, 2016
Corporate finance Tax advisory
Ownership structures for life insurance policy-funded buy/sell agreements
In our July 2016 Tax Alert we noted that new income tax legislation will impact the taxation of life insurance policies. Most notably, it will be advantageous, for estate planning purposes, to purchase life insurance before the end of 2016 to maximize the tax benefits associated with current life insurance rules.   
Oct 12, 2016
Corporate finance Audit and accounting Cross border and international
New IRS regulations for corporate inversions
Companies have long used corporate inversions to reduce their U.S. taxes. Prior to 2004, the IRS was concerned that U.S. corporations that carried out inversion transactions could remove non-U.S. operations from the U.S. tax system and strip earnings by becoming subsidiaries of foreign companies (typically organized in low-tax jurisdictions). In 2004, the IRS implemented legislation, known as the “anti-inversion rules,” to prevent these perceived abuses. With more regulations having come into effect on November 19, 2015, there are new areas to be mindful of when planning for corporate restructuring.
Feb 16, 2016
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