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Audit and accounting Tax advisory
CRA proposes substantial changes to Voluntary Disclosure Program
On June 9, 2017, the Canada Revenue Agency (CRA) invited public comment on a number of proposed changes to the Voluntary Disclosure Program (VDP). The changes are outlined in Draft Information Circular IC00-1R6 (applicable to income and payroll taxes) and Draft GST/HST Memorandum 16.5 (applicable to GST/HST, excise tax and certain other taxes). Information on the current VDP guidelines, the proposed changes (including downloadable versions of the draft documents) and how Canadians can provide their comments can be found by clicking <a href="https://www.canada.ca/en/revenue-agency/campaigns/consulting-canadians-voluntary-disclosures-program.html?utm_medium=Carousel" target="_blank">here</a>.
Jul 6, 2017
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Audit and accounting Tax advisory
CRA issues proposed guidelines for GST/HST voluntary disclosures
On June 9, 2017, the Canada Revenue Agency (CRA) invited public comment on a number of proposed changes to the Voluntary Disclosure Program (VDP). The changes are outlined in Draft Information Circular IC00-1R6 (applicable to income and payroll taxes), and Draft GST/HST Memorandum 16.5 (applicable to GST/HST, excise tax and certain other taxes). Information on the current VDP guidelines, the proposed changes (including downloadable versions of the draft documents) and how Canadians can provide their comments can be found by clicking <a href="https://www.canada.ca/en/revenue-agency/campaigns/consulting-canadians-voluntary-disclosures-program.html?utm_medium=Carousel" target="_blank">here</a>.
Jul 6, 2017
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Financing options for early stage tech companies
If you are trying to find financing for an early stage tech company, you’ve got three main options: government grants, equity investment, and/or bank loans.
Jul 5, 2017
49 BUIDINGS
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IFRS 16 - A lessee’s perspective
A major change is underway for the accounting of leases by lessees with the introduction of IFRS 16 - Leases (“IFRS 16”) where many leases that were previously not reported on the balance sheet will now be included. These changes will have a significant impact on the financial position, earnings and EBITDA of entities, especially those that operate in capital intensive industries and use leasing as a method of financing. The new standards take effect for fiscal years beginning on or after January 1, 2019.
Jul 4, 2017
On The Mark-IFRS 16 - A lessee’s perspective
Audit and accounting Tax advisory
Understanding caregiver tax credit changes
Finance Minister Bill Morneau announced on March 22, 2017 that the federal government would simplify the existing caregiver credit, the infirm dependent credit and the family caregiver tax credit by consolidating the three credits into a new Canada Caregiver Credit.
Jun 29, 2017
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International Tax advisory
Canada signs Multilateral Convention to Implement Tax Treaty-Related Measures to Prevent BEPS
Canada has over 90 bilateral tax treaties and over 20 bilateral Tax Information Exchange Agreements in force, with at least a dozen more treaties or agreements in the negotiation stage. This fact alone highlights the importance such agreements play on the global tax stage. Not surprisingly, Canadian multinationals and Canadian subsidiaries of foreign multinationals have long understood the impact tax treaties may have on how their cross-border intergroup transactions will be taxed.
Jun 12, 2017
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A guide to understanding malware & how to protect your business
In today’s ever-changing business environment, digital globalization is aggressively increasing. With the world more connected than ever, it is the dawn of a new era of surging flows of data and information. The growth of the internet and use of digital technology have both transformed and disrupted the world of business. A hyper-connected universe has opened up radical new possibilities, but has also cultivated an increase in cybercrime.
Jun 7, 2017
On The Mark-A guide to understanding malware & how to protect your business
Trump’s Proposed U.S. Tax Reform and What It Means for Canadians
The announcement of the Trump administration’s plan for tax reform has left Canadians concerned regarding the impact of such drastic changes by our neighbour and largest trading partner. Tax reform is one of President Trump’s top priorities, however even with a Republican majority in both the House and the Senate, it is unlikely the proposal will be passed in its current form. At this point, the proposal or tax plan remains just that and the Republicans will likely have some compromising to do in order to obtain the super-majority generally required to formulate agreeable legislation and get it passed. Regardless of the extent of tax reform, there is no question that Canadians will be affected and we should be prepared if and when this occurs. Expanding on our recently published <a href="/en/cbn/publications/taxflash-what-trumps-tax-agenda-mean-for-canadians" target="_blank">Tax Flash</a>, consider these potential tax impacts.
Scott Dupuis May 31, 2017
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Final U.S. Rules for Related-Party Debt
On October 13, 2016, the U.S. Treasury Department and the IRS issued final and temporary regulations under Internal Revenue Code Section 385. These regulations offer some relief to the provisions of the proposed regulations which were issued on April 4, 2016. For details of the proposed regulations, see Collins Barrow - U.S. Tax Alert, <a href="/en/cbn/publications/u.s.-proposes-new-rules-for-related-party-debt" target="_blank"><em>U.S. Proposes New Rules for Related-Party Debt</em></a>.
May 30, 2017
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Multistate Foreign Corporation State Income Taxation – Factor Presence Nexus
Is it possible that a foreign corporation that has no physical presence in a state could be required to pay state income taxes resulting from business/sales within that state?  The answer is yes.  This surprises many foreign corporations, who find that additional state income taxes may result by them simply making sales in a particular state.
May 30, 2017
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International Tax advisory
What does Trump’s tax agenda mean for Canadian corporations and individuals?
Canadians with business or personal interests in the United States and American citizens living in Canada may want to take a renewed look at the fast-changing tax environment south of the border. Tax reform was one of the key planks in Donald Trump’s election platform, although it’s unclear how many of these ideas he’ll be able to implement. It would be prudent to consider some possible implications for your business, your family and yourself. Of course, any steps you take depend on your personal circumstances and they should be taken only after consultation with a qualified business professional. But in broad strokes, here are some ideas to consider.
May 25, 2017
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