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Canada Tax Deductions

Mintz - Tax Viewpoints

Canada’s Federal Budget 2024: More Changes to the Stock Option Rules = More Headaches for Employers

Mintz - Tax Viewpoints on

Much of the talk about Canada’s federal budget released on April 16, 2024 (“Budget 2024”) has been concentrated on the increase to the capital gains inclusion rate, highlighted by criticism from the business community that...more

Bennett Jones LLP

Supplemental Pension Plans Secured with a Letter of Credit may Soon Receive Much Anticipated Refundable Tax Relief

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On November 30, 2023, the federal government introduced Bill C-59, Fall Economic Statement Implementation Act, 2023 (Bill C-59), which included proposed amendments to the Income Tax Act (Canada) (ITA) to implement changes...more

Miller Canfield

Important Tax Changes Coming into Effect in Canada

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The new year has brought with it some important tax changes for businesses and residential property owners in Canada....more

Davies Ward Phillips & Vineberg LLP

Canada Releases Revised Draft Legislation on New Interest Deductibility Rules

The Department of Finance (Canada) (Finance) has released revised draft legislation on the proposed rules regarding excessive interest and financing expenses limitation (EIFEL). The revised draft legislation, released on...more

Blake, Cassels & Graydon LLP

Budget fédéral de 2022 – Présentation de certaines mesures fiscales

Le 7 avril 2022 (le « jour du Budget »), la ministre des Finances du Canada a présenté le budget fédéral de 2022 (le « Budget 2022 »). Certains contribuables ont peut-être été soulagés de constater que le Budget 2022 ne...more

Blake, Cassels & Graydon LLP

2022 Federal Budget: Selected Tax Measures

On April 7, 2022 (Budget Day), the Minister of Finance introduced Canada’s 2022 Federal Budget (Budget 2022). While taxpayers may be relieved that Budget 2022 does not include an increase to the capital gains inclusion rate...more

Bennett Jones LLP

Canada Introduces "Excessive Interest and Financing Expenses Limitation"

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Multinational corporations, cross-border investments and many other Canadian public and private enterprises, will likely soon face a new and complex interest expense deduction limitation in Canada....more

Blake, Cassels & Graydon LLP

Télétravail : Mise à jour concernant la déduction des dépenses de bureau à domicile

Le 14 décembre 2021, Chrystia Freeland, ministre des Finances du Canada, a publié la Mise à jour économique et budgétaire de 2021. Entre autres annonces, le gouvernement fait savoir qu’il prolongera les règles simplifiées de...more

Blake, Cassels & Graydon LLP

There’s No Place (to go) Like Home: Deducting Home Office Expenses Update

On December 14, 2021, Finance Minister, Chrystia Freeland, delivered the government’s 2021 Economic and Fiscal Update. Among the many updates provided, the federal government announced that it will extend the simplified rules...more

Fisher Phillips

Canada Makes It Easier For Workers To Deduct Home Office Expenses In Light Of COVID-19

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The Canada Revenue Agency (CRA) recently released a new, simplified process for deducting home office expenses for the 2020 tax year, which will require employers to be prepared to work with those employees seeking to take...more

Blake, Cassels & Graydon LLP

Travail de la maison : les dépenses de bureau plus faciles à déduire

L’Agence du revenu du Canada (l’« ARC ») a récemment publié des renseignements détaillés au sujet d’un nouveau processus simplifié pour la déduction des dépenses de bureau à domicile engagées en 2020. Pour des millions de...more

Blake, Cassels & Graydon LLP

Home Sweet Home: Deducting Home Office Expenses Just Got Easier

The Canada Revenue Agency (CRA) recently released comprehensive information on a new simplified process for deducting home office expenses for 2020. For millions of Canadians, this is the first year in which they are eligible...more

Blake, Cassels & Graydon LLP

Proposed Changes to Stock Option Tax Rules

On June 17, 2019, Canada’s finance minister tabled a Notice of Ways and Means Motion regarding the taxation of employee stock options. This follows from the government’s announcement in the 2019 Budget that it intended to...more

Bennett Jones LLP

The 2018 Federal Fall Economic Statement—Canada's Response to U.S. Tax Reform

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Roughly one year after U.S. tax reform, the Department of Finance has introduced amendments to Canada's income tax laws aimed at encouraging investment in Canada. The proposed changes included in the Fall Economic Statement...more

Bennett Jones LLP

Directors Need to Meet High Standard to Avoid Liability

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The Tax Court of Canada again confirmed that directors of corporations will have a high burden to meet to establish a due diligence defence and avoid liability for unremitted source deductions....more

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