Canada Revenue Agency

News & Analysis as of

CRA Provides Update on Efforts to Combat Tax Evasion

Following the release of the “Panama Papers” and the Canadian federal government’s budget announcement that additional resources will be directed to the CRA to collect existing tax debts and combat tax evasion, the CRA has...more

DOL’s Proposed Overtime Rule Advances Ahead of Schedule

On March 14, 2016, the Department of Labor (“DOL”) submitted its overtime rule, entitled “Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees,” to the...more

Update on Publication of the New FLSA Overtime Regulations

The final overtime rule is edging closer to release: the U.S. Department of Labor (USDOL) has sent its final changes for determining which workers are eligible for overtime pay to the Office of Management and Budget (OMB) for...more

CRA: Drones Depreciable at 25%

Aerial drones appear to have many commercial uses. If you use a drone in your business, you may be able to deduct capital cost allowance in respect of the drone. In CRA Document 2016-0633111E5 “CCA Class of a Drone”...more

Labor Secretary Testifies Before House Committee but Stays Silent on Overtime Proposal

In testimony before the House Education and Workforce Committee on Tuesday, March 16, 2016, U.S. Secretary of Labor Thomas E. Perez commented about several regulatory priorities and other U.S. Department of Labor (DOL)...more

DOL Delivers Final Overtime Regulation Revisions to OIRA Ahead of Schedule

The U.S. Department of Labor’s (DOL) Wage and Hour Division just delivered its proposed final revisions to the Fair Labor Standards Act’s (FLSA) Part 541 overtime regulations to the Office of Information and Regulatory...more

What’s Driving the 2016 Regulatory Agenda for Labor and Employment Regulations?

As President Barack Obama enters the final year of his term in office, his far-reaching regulatory agenda for 2016 is full of labor and employment proposals that have eluded his predecessors. "In Washington, no bad idea ever...more

Taxpayers’ Ombudsman Addresses CBA Meeting

On January 27, 2016, Sherra Profit, the Taxpayers’ Ombudsman, addressed a meeting of the Canadian Bar Association Tax Section on the subject of assisting taxpayers in resolving their service complaints....more

Federal Bank Regulatory Agencies Release CRA Asset-Size Thresholds for Small and Intermediate Small Institutions

On December 22, 2015, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency (collectively, Agencies) announced the annual adjustment to the...more

ESMA updates CRA Q&A

ESMA has updated its Q&A on the application of the Credit Rating Agencies (CRA) Regulation. The revised Q&A clarifies the definition of unsolicited credit ratings,...more

ESMA publishes CRA market share calculation

ESMA has published its annual market share calculation for CRAs as required by the CRA Regulation. ...more

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

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