News & Analysis as of

Income Tax Act

The Federal Government takes aim at private corporations and their shareholders

by Dentons on

On July 18, 2017, the Federal Government released a package of tax measures aimed to “improve fairness”, “close loopholes” and limit tax planning strategies that involve the use of private corporations. The suite of measures...more

Budget 2017: Changes to Canadian Exploration Expense and Flow-Through Shares

by Bennett Jones LLP on

Canadian exploration expenses (CEE) are certain types of expenses incurred by oil and gas, mining and renewable energy corporations. CEE is 100 percent deductible in the year the expense is incurred. Certain types of CEE also...more

Draft interpretation note on withholding tax on royalties

by Hogan Lovells on

The South African Revenue Service has issued a draft interpretation note on the application of the withholding tax imposed on royalties in terms of sections 49A to 49H of the Income Tax Act. ...more

Connected persons

by Hogan Lovells on

The South African Revenue Service has issued a revised interpretation note relating to "connected persons" for comment by 31 March 2017....more

Retention of records - Quotidian but necessary

by Dentons on

To keep or not to keep its records - in considering this question, a Singapore-incorporated company should be aware of certain statutorily-provided minimum retention periods it must comply with. This article discusses the...more

Auditor General Provides Recommendations for Improving CRA Review of Objections

by Dentons on

Under the federal Income Tax Act, the Canada Revenue Agency must consider a taxpayer’s objection and must vacate, confirm or vary the underlying tax assessment. This review must be completed “with all due dispatch”....more

The Latest Word on Subsequent Legislative History and the GAAR

by Bennett Jones LLP on

Two recent decisions of the Tax Court involving the general anti-avoidance rule (GAAR), Univar Holdco Canada ULC v The Queen, 2016 TCC 159 [Univar] and Oxford Properties Group Inc v The Queen, 2016 TCC 204 [Oxford...more

Changes to the principal residence exemption

by Dentons on

On October 3, 2016, the Minister of Finance of Canada announced changes to the federal Income Tax Act that will affect the availability of the principal residence exemption to non-residents and those who hold their principal...more

Structured Thoughts: News for the financial services community, Volume 7, Issue 9

Updating Unregistered Structured Note Programs: How Frequently? - For some types of securities offering programs, we have “black letter law” that instructs issuers how frequently the program documentation should be...more

Gordon: CRA May Not Fetter Discretion on Interest Relief Application

by Dentons on

In Gordon v Canada (Attorney General) (2016 FC 643), the Federal Court granted the taxpayer’s application for judicial review and reminded the CRA that it may not fetter its discretion when considering applications for...more

Legal Advisers’ Files Are Not Archives for Tax Authorities, SCC Rules

The Supreme Court of Canada (SCC) released two decisions last week regarding the power of the Canada Revenue Agency (CRA) to demand production of information and documents, including accounting records, from lawyers and...more

Sell now to avoid paying higher taxes upon disposition of goodwill and other intangibles

by Dentons on

The 2016 Federal Budget proposed changes to the Income Tax Act (Canada), expected to come into force effective January 1, 2017, that will alter the manner in which the sale of certain intangible property, such as goodwill, is...more

A Quick Guide to the Taxation of Retiring Allowances

by Dentons on

When an employee’s employment is terminated without cause, the employee will typically receive some form of a termination/severance payment. All or part of this termination/severance payment may be considered a “retiring...more

New Rules Provide Relief from Canadian Withholding on Salary Paid to Cross-Border Employees

by Dickinson Wright on

Proposed amendments to the Income Tax Act (Canada) (ITA) will provide relief from Canadian payroll withholdings for many non-resident employers whose employees work in Canada on a temporary or short-term basis....more

Bill 186: Ontario Retirement Pension Plan Act (Strengthening Retirement Security for Ontarians), 2016, Introduced

On April 14, 2016, the Ontario government introduced the Ontario Retirement Pension Plan Act (Strengthening Retirement Security for Ontarians), 2016, as Bill 186 (Bill or Act) in the Ontario legislature. The government...more

Update On The Exemption For Non-Residents From Payroll Withholding

by Dentons on

The Canada Revenue Agency (“CRA”) recently introduced a program to ease the administrative burden associated with Canadian withholding on the salary, wages, or other remuneration paid to non-resident employees performing...more

CRA: Drones Depreciable at 25%

by Dentons on

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

2016 Federal Budget – Selected Tax Measures

On March 22, 2016, the Minister of Finance tabled Canada’s 2016 Federal Budget (the 2016 Budget). This was the first budget presented by the newly-elected Liberal government, which won a strong majority in the fall 2015...more

FC Dismisses JR Application for Delay

by Dentons on

A party may bring an application pursuant to section 18.1 of the Federal Courts Act for review of a discretionary decision of a government board, commission or other tribunal.  Generally, the application must be made within...more

New UK Withholding Tax Exemption For Qualifying Private Placements

by Allen & Overy LLP on

On 1 January 2016, a new exemption from UK withholding tax for interest paid on “qualifying private placements” came into force. The conditions to the new exemption focus on various attributes that HMRC consider to be...more

Kruger: Appeal Allowed … Crown Awarded Costs

by Dentons on

How should the Tax Court award costs where the taxpayer’s appeal was allowed but no changes were made to the assessment at issue? This unusual situation was considered by the Tax Court in Kruger Incorporated v. The...more

CRA Positions on Deferred Share Unit Plans and Private Health Services Plans

In November of this year at the Canadian Tax Foundation’s 67th Annual Tax Conference (Conference), the Canada Revenue Agency (CRA) announced its current positions on Deferred Share Unit (DSU) conversions; payment events for...more

Rectification in a Tax Context: The Intention Standard Prevails

A drafting mistake in an agreement can result in significant and unintended tax consequences. In the recent case of Baytex Energy Ltd. v. Canada (Attorney General) (Baytex), the Court of Queen’s Bench of Alberta (Court)...more

CRA Publishes Reminder on Charities’ Political Activities

by Dentons on

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

SCC Dismisses Appeal in Tax Advisor Penalty Case

by Dentons on

The Supreme Court of Canada has dismissed the appeal of the taxpayer and determined that the tax advisor penalty in section 163.2 of the Income Tax Act is administrative in nature. The Court’s 4-3 decision in Guindon v. The...more

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