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Canada Revenue Agency

Trump Administration: 2017 Recap and 2018 Outlook

On January 20, 2017, businessman Donald J. Trump was sworn in as the 45th President of the United States following a contentious and unconventional 2016 presidential election. Republicans also successfully maintained control...more

October and November Developments

by Sullivan & Worcester on

For the first time in my memory, the Congress passed a joint resolution to disapprove a final regulation of a federal agency—in this case the CFPB and the rule was related to arbitration clauses in contracts for consumer...more

EU Authority Acts on New Third-Country Endorsement and Equivalence Regime for Credit Ratings

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published updated Guidelines on the application of the endorsement regime and Technical Advice on the equivalence of certain third-country legal and supervisory frameworks...more

Community Reinvestment Act Regulations: Notice of Proposed Rulemaking

On September 22, 2017, multiple government agencies announced “… a proposed rule that would revise their regulations implementing the Community Reinvestment Act (CRA) (12 USC 2901 et seq.). The proposed rule would amend the...more

Asset Management Regulatory Roundup - September 2017 - Issue 5

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on the European Commission’s consultation on post-trade barriers, the responses received...more

ESMA Clarifies Timelines for Publication of Credit Ratings and Rating Outlooks

by Reed Smith on

Credit rating agencies (‘CRAs’) that operate in the EU will be interested to hear that on 30 March 2017, ESMA published an update to its Questions & Answers (Q&A) on the ‘CRA’ Regulation (Regulation 1060/2009, as amended in...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards - On October 19, 2016, the Federal Reserve Board, the Federal Deposit Insurance...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

Canadians Who Invested in U.S. LLPs and LLLPs Need to Rethink Their Choice of Entity

by Snell & Wilmer on

Historically, Canadian investors in U.S. partnerships benefitted from an extremely efficient income tax structure – i.e., a single level of tax, credit against Canadian taxes for taxes paid in the U.S., and an ability to...more

Wilson: SCC Overhauls Standard of Review?

by Dentons on

Tax professionals who advise clients on judicial review of the CRA’s discretionary decisions should monitor developments in the standard of review in light of the Supreme Court of Canada’s decision in Wilson v Atomic Energy...more

CRA Provides OTIP Update

by Dentons on

The CRA’s Offshore Tax Informant Program (OTIP) was launched in January 2014. From the CRA’s webpage describing the program: Launched as part of the Canada Revenue Agency’s (CRA) efforts to fight international tax...more

ESMA Consultation on Validation and Review of Credit Rating Agencies’ Methodologies

On July 13, 2016 the European Securities and Markets Authority published a new consultation paper relating to Credit Rating Agency methodologies. This follows on from a discussion paper published on November 17, 2015 and an...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

The New FLSA Regulations: Impact Will Be More Than Just Higher Salaries for Exempt Employees

by Bryan Cave on

As has been widely publicized in the press, on May 18, 2016, the U.S. Department of Labor (“DOL”) released the final rule updating the regulations regarding the white collar exemptions from overtime compensation under the...more

Is Today Overtime D-Day?

by Baker Donelson on

May 16th may be a significant day for employers across the country. After more than two years of debate, analysis and overall panic from employers across the country, this is the deadline that was widely reported when the...more

One Year Later: The DOL’s “New” Overtime Rules Are Finally On The Way – Get Ready!

by Williams Mullen on

Almost one year ago, we reported that “the speculation was over” regarding the U.S. Department of Labor’s (DOL) long-awaited “Notice of Proposed Rulemaking” (NPRM) which addressed overtime exemptions and minimum salary...more

CRA Provides Update on Efforts to Combat Tax Evasion

by Dentons on

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

by Miles & Stockbridge P.C. on

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

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

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

by Dentons on

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

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