2020
APRIL 19
Working From Home in the Time of COVID-19
Given the large numbers of people, both employed and self-employed, who are currently working from home in order to comply with physical distancing guidelines, it is useful to review the rules surrounding the deduction of home office expenses, for purposes of the Income Tax Act (Canada) (herein the "Act"). While there are many similarities, there are some subtle differences in the restrictions that apply to employees earning employment income versus self-employed individuals earning income from carrying on a business at home.
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MARCH 19
Federal Government Announces Support Plan for Canadian Households and Business
On March 18, 2020, the Federal Government released an $82 billion package in financial support - $27 billion in direct relief to workers and business, and $55 billion to meet liquidity needs of Canadian businesses and households through the deferral of certain income tax obligations.
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2019
SEPTEMBER 04
Cross Border Tax - Regulation 105: Part I
Regulation 105 to Paragraph 153(1)(g) of the Income Tax Act (Canada) requires a Canadian customer of a non-resident of Canada to withhold 15% of the amount invoiced by the non-resident for the latter's services rendered in Canada...
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MAY 29
Daniel LaPlante v. The Queen: Family Trusts and Corporate Transactions Gone Awry
Many trustees do not follow the legalities surrounding family trusts in corporate transactions. On a share sale transaction, the trustees (often one or both of the patriarch or matriarch of the business) purport to allocate sale proceeds received by the family trust to its beneficiaries (often children, grandchildren or other close relatives)...
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2018
DECEMBER 24
The New Refundable Dividend Tax On Hand Regime
Starting on January 1, 2019, Canadian controlled private corporations earning investment income will be subject to a new set of complex tax rules relating to their refundable dividend tax on hand ("RDTOH") balance...
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DECEMBER 11
Dividend Allocations to a Corporate Beneficiary Subject to Part IV Tax in a Share Sale Transaction
OCTOBER 15
Section 7 and "Agreement" - There Must Be a Legally Binding Agreement
In Transalta v. The Queen (2012 DTC 1106) ("Transalta"), the Tax Court of Canada concluded that for the stock option rules in section 7 of the Income Tax Act (the "ITA") to apply there must be a "legally binding agreement" by the corporate employer to issue shares to the employee...
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OCTOBER 12
Beware of State and Local Taxes on Remote Sales into the United States
The recent decision of the Supreme Court of the United States (the "USSC") in South Dakota v. Wayfair, Inc. (No. 17-494), has substantially expanded the taxation powers of the U.S. States to collect sales tax.
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MARCH 26
Univar Holdco Canada ULC v. Canada - The Relevance Of Alternative Transactions, Subsequent Amendments And Finance Commentary To The GAAR Analysis
On October 13, 2017, the Federal Court of Appeal released its decision in Univar Holdco Canada ULC v. Canada, 2017 FCA 207. The Federal Court of Appeal overturned the decision of the Tax Court of Canada, 2016 TCC 159, and held that GAAR did not apply to the transactions at issue...
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MARCH 26
Capping Political Contributions From Beyond The Grave
Although not a bequest that I often see in my estate planning practice, some people with distinct political leanings have historically taken advantage of an exemption from limits to political contributions in each calendar year by making such contribution in their Wills. Prior to the introduction of Bill C-23, dubbed the Fair Elections Act, which received Royal Assent on June 19, 2014, politically-inclined individuals could take advantage of former subsection 405(2) of the Canada Elections Act, S.C. 2000, c.9 (the "Act"), which permitted unlimited political contributions by way of testamentary disposition...
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2017
DECEMBER 19
Revised Income Splitting Proposals
On July 18, 2017, the Department of Finance released a series of controversial tax proposals aimed at closing perceived tax "loopholes" that involve the taxation of private corporations and their shareholders...
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OCTOBER 12
Significant Restrictions To The Voluntary Disclosures Program
The Voluntary Disclosures Program (VDP) is a "tax amnesty" program administered by the Canada Revenue Agency ("CRA")...
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JULY 19
Major Proposed Changes To The Taxation Of Private Corporations And To Severely Limit Income Splitting
The Federal Government released a set of proposals on July 18, 2017 that, in the government’s words, are designed to "improve fairness in the tax system by closing loopholes and addressing tax planning strategies" and to ensure "that the richest Canadians pay their fair share of taxes and that people in similar circumstances pay similar amounts of tax" (a summary of the proposals and related documentation can be found at http://www.fin.gc.ca/n17/17-066-eng.asp)...
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APRIL 24
Dollars and Sense Spring 2017
Ontario announced a 15% tax on the purchase or acquisition of an interest in residential property located in the Greater Golden Horseshoe ("GGH") by individuals who are not citizens or permanent residents of Canada and by foreign corporations ("foreign entities") and certain taxable trustees.
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APRIL 19
Reporting Now Required To Claim The Principal Residence Exemption ("PRE")
The long-standing administrative policy of the CRA was not to require an individual to report the disposition of a principal residence if there was no capital gain remaining after applying the PRE...
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FEBRUARY 09
Dollars and Sense: The End of the Death Tax
The repeal of the U.S. Federal estate and gift tax took a major step forward. Bill HR198 (the Death Tax Repeal Act 2017) was recently reintroduced in the Senate and the House of Representatives. An earlier version of the same legislation had been introduced in the Senate in April of 2015 but never became law. The Bill would apply to all gifts made, generation skipping transfers and the estates of persons dying after the enactment date of the Bill...
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2016
DECEMBER 15
Death of Taxpayer, 11th Edition
Co-authored by Suzanne Hanson and Shaun M. Doody Death of a Taxpayer offers a comprehensive review of the relevant income tax implications that occur at death. Fully updated to reflect the latest budgetary pronouncements, legislative changes, new case law, CRA administrative positions, this exclusive edition provides guidance to help minimize the tax burden on the estate of the deceased taxpayer.
Designed as an all-in-one resource for tax professionals, it contains detailed information on the intricacies of estate planning and income tax compliance, with expert commentary you can trust to address even the most complex tax issues that can arise at death. It is a key tool for lawyers, accountants, financial planners, executors, trustees and other professional advisors.
Topics Include:
- The tax treatment on death of income from rights and things, periodic payments, refund of premiums from RRSPs, etc.
- The tax treatment of capital property at death
- Rollovers to spouses, common law partners and qualifying trusts
- Special issues regarding partnerships and farm property
- Taxation of estates and testamentary trusts
- Obtaining a clearance certificate
- Distributions to beneficiaries
- U.S. estate tax and tax issues affecting non-residents
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OCTOBER 17
Dollars and Sense Fall 2016
The principal residence exemption ("PRE") is one of the most significant "tax breaks" available under the Income Tax Act (Canada) (the "Act")...
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JULY 18
Dollars and Sense Summer 2016
The 2015 Federal Budget contained significant amendments to section 55 of the Income Tax Act (Canada) (the "Act"). These amendments recently became law and will generally apply retroactively to dividends received after April 20, 2015
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2015
OCTOBER 29
FR Dollars and Sense
2014
DECEMBER 03
FR Dollars and Sense
MAY 13
FR Dollars and Sense
MARCH 21
Tax Law Bulletin
MARCH 07
Tax Law Bulletin
2013
AUGUST 27
Tax Law Bulletin
JULY 01
Tax Law Bulletin
2011
MARCH 31
Eliminating the Corporate Tax Deferral
Eliminating the Corporate Tax Deferral Using Partnerships - Resolution 41 of the 2011 Federal Budget
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2009
APRIL 01
Tax Law Bulletin
Get the latest news with the Tax Law Bulletin featuring articles written by our Tax Group.
