Canada Revenue Agency

News & Analysis as of

Congressional Challenges Loom for Clean Power Plan Final Rule

Before the end of the year, federal lawmakers are expected to undertake a series of actions to limit, amend, delay or repeal President Obama's Clean Power Plan (CPP) final rule. The final rule was formally published on Oct....more

FCA makes new rules

FCA’s latest Handbook Notice outlines the rule changes it has made between June and September 2015. We have previously reported all key changes in FReD. FCA made changes to its rules in the:...more

DBIS makes CRA consequential amendments

DBIS has made an order setting out amendments consequential to the commencement of the Consumer Rights Act 2015 (CRA). The amendments come into force on 1 October....more

FCA releases new handbook instruments

FCA has published two new handbook instruments: - the Fees (FEES) (Alternative Dispute Resolution Competent Authority) (Financial Ombudsman Service) (FOS) Instrument 2015 inserts provisions on the FOS alternative dispute...more

CFPB and DOJ announce redlining settlement

Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more

Banks Get Big Win in Challenge to New York Ordinance

Many big cities in the United States responded to the fallout from the 2008 financial crisis by passing local laws which pressure banks to invest more in low-income neighborhoods. Between 2010 and 2013, cities such as New...more

Ferguson Commission Urges Greater Access to Banking in Disadvantaged Communities

This week, the Ferguson Commission released an analysis of the socio-economic environment following the shooting of Michael Brown that included recommendations for financially strengthening lower-income areas. The Commission,...more

FTC Announces Settlement with Auto Loan Servicer for Alleged Violations of FCRA Furnisher Rule

The Federal Trade Commission (FTC) recently announced a settlement with a company that services auto loans for alleged violations of the Fair Credit Reporting Act (FCRA) “Furnisher Rule.” The settlement serves as a reminder...more

DBIS amends CRA 2015

DBIS has made an order setting out amendments consequential to the commencement of the Consumer Rights Act 2015 (CRA). The order confirms that the substantive provisions of the CRA, including the provisions on unfair terms,...more

Tax Court: CRA Employee May Not Testify as Expert

In HLP Solution Inc. v. The Queen (2015 TCC 41 ) the Tax Court held that a CRA employee lacked the necessary impartiality to testify as an expert witness because of her prior involvement in auditing the taxpayer....more

CRA Publishes Reminder on Charities’ Political Activities

Political activities have been a hot topic for the CRA’s Charities Directorate in the last few years. In the CRA’s 2015 Program Update, the Charities Directorate stated that its recent political activity audit included...more

European Competition Law Newsletter – September 2015

A self-described “small business” recently succeeded in obtaining an interim injunction (restraining an alleged abuse of dominance) in a UK court against the giant telecom provider Telefónica (trading in the UK under the name...more

EPA Issues Draft Guidance on Pesticide Cumulative Risk Assessment: Framework for Screening Analysis

The Environment Protection Agency (EPA) extended the comment date on its draft guidance, Pesticide Cumulative Risk Assessment: Framework for Screening Analysis, in a Federal Register notice published on August 28, 2015. ...more

CFPB Issues Monthly Complaint Snapshot – Failure to Provide Normalization and Other Necessary Comparison Metrics Continues

On August 15, 2015, the CFPB released its latest “consumer complaint snapshot.” The Bureau’s “snapshots” generally provide updated national complaint information, and further include product and geographic spotlights that...more

Beware of Telephone Tax Scams

Several clients have contacted me in recent weeks after receiving a telephone calls from individuals who claim to be from the Canada Revenue Agency. Typically, the caller will provide his name, an employee ID, a CRA office...more

FCA Dismisses Appeal of Revocation of Charity Status

In Public Television Association of Quebec v. M.N.R. (2015 FCA 170), the Federal Court of Appeal dismissed the appeal by the Public Television Association of Quebec (“PTAQ”) of the CRA’s decision to revoke PTAQ’s registered...more

Labour Fund Reporting Requirements Enacted

The Income Tax Act was recently amended to enact unprecedented and potentially onerous public disclosure obligations on labour organizations and investment funds in which labour organizations or persons represented by a...more

Zhang: BC SC Refuses to Rectify Share Transfer

In Zhang v. Canada (A.G.) (2015 BSCS 1256), the British Columbia Supreme Court refused to grant rectification of a transaction in respect of which the taxpayers had no common intention to avoid capital gains tax on a share...more

CRA: Bitcoins may be Specified Foreign Property

The CRA recently provided its views on whether digital currency, including Bitcoins, are considered “specified foreign property” under the foreign property reporting rules in section 233.3 of the Income Tax Act. Under...more

McNally: CRA Does Not Have Unfettered Discretion to Delay Assessment

In McNally v. Canada (National Revenue) (2015 FC 767), the taxpayer brought an application to the Federal Court for an order requiring the Minister to assess his tax return. The Federal Court allowed the taxpayer’s...more

Georgia Enacts “Mini”-FCRA

For more than four decades, the federal Fair Credit Reporting Act (“FCRA”) has regulated consumer reporting agencies (“CRAs”) that furnish consumer reports (i.e., background checks) to third parties such as employers. Over...more

Kruger: FX Derivatives Gains/Losses Taxed Only When Realized

In Kruger Incorporated v. The Queen (2015 TCC 119), the Tax Court held that the taxpayer could not value its foreign exchange options contracts on a mark-to-market basis, with the result that certain losses were not...more

Mac’s: Quebec CA Affirms Denial of Rectification

In Mac’s Convenience Stores Inc. v. Canada (2015 QCCA 837), the Quebec Court of Appeal affirmed a lower court decision (2012 QCCS 2745) denying rectification of corporate resolutions that had declared a dividend that...more

Baytex: ABQB Grants Rectification

In Baytex Energy Ltd. et  al. v. The Queen (2015 ABQB 278), the Alberta Court of Queen’s Bench considered whether rectification and/or rescission were available to address mistakes that could result in the taxpayer being...more

Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate

On December 19, 2014, the federal bank regulatory agencies announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank and intermediate small...more

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