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The Department of Finance re-released draft legislative proposals with regards to income tax that were announced in Budget 2017.  These proposals include measures respecting: 1.    The Ecological Gifts Program; 2.    Clean energy generation equipment: geothermal energy; 3.    The Canadian exploration expense: oil and gas discovery wells; 4.    The reclassification of expenses renounced to flow-through share investors; 5.    The meaning of factual control; and 6.    Extending the base erosion rules to foreign branches of life insurers. The draft income tax proposals also include other measures that have been modified based on previous consultations, respecting: 1.    The anti-avoidance rules for registered plans; 2.   ...
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Public consultations were announced recently for the draft legislative and regulatory proposals relating to the Goods and Services Tax / Harmonized Sales Tax (GST/HST) and excise duty. The proposals relating to GST/HST and Excise Duty include new and previously released proposals. New proposals include changes to: 1.    Revise the timing of requirements for GST/HST rebate applications by public service bodies; 2.    Extend the application of the GST/HST rules applicable to selected listed financial institutions to include investment limited partnerships, and provide GST/HST relief to investment limited partnerships with non-resident investors where certain conditions are met; and 3.    Revise the federal excise...
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Last July 2017, the government announced its plan to close tax loopholes that give unfair tax advantages to business owners.  Understandably, there has been a lot of backlash from business owners regarding the proposed tax changes to address tax planning strategies used by private corporations.  The proposed changes can potentially harm the business community which is why we encourage everyone affected by these changes to take action.  There are a number of ways to let your opinions be heard. 1.    Participate in the Department of Finance’s public consultation by sending your comments to: fin.consultation.fin@canada.ca.  Be sure to send in your consent...
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Currently, the CRA is proposing some changes to narrow the eligibility for the Voluntary Disclosure Program and impose additional conditions on applicants. The most significant change is to offer less generous relief in certain circumstances.  Major cases of non-compliance that are disclosed will not receive the same level of relief as they would through the current program.  Other measures are being proposed to the Voluntary Disclosure Program include: -      Require the payment of the estimated taxes owing as a condition of qualifying for the program; -      Exclude applications that involve transfer pricing and applications from corporations with gross revenue in excess...
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