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Tax

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Monday, April 15, 2019 @ 8:53 AM

Federal budget allows donations to Canadian journalism canadian_journalism_sm

On March 19, the federal government tabled its 2019 budget. The budget includes a number of important tax incentives and amendments that impact the charitable and not-for-profit sector. Of those changes, the most important include the addition of registered journalism organizations (RJOs) as qualified donees, as well as legislative amendments to ensure that certain tax incentives continue to be available for eligible donations of cultural property. ... [read more]

Friday, April 12, 2019 @ 9:51 AM

Appeal decision confirms tax audits are not ‘oral examination of people’: lawyer David Rotfleisch, taxpage.com

The Federal Court of Appeal has ruled Canada Revenue Agency (CRA) does not have the power to force people to give oral interviews during an audit. Justice Donald Rennie held the CRA’s right to “inspect, audit or examine” the books and records of a taxpayer under s. 231.1(1)(a) of the Income Tax Act did not extend to oral questioning. ... [read more]

Friday, April 12, 2019 @ 9:19 AM

Senator’s request highlights CRA’s lack of Panama Papers progress panama_papers_sm

The third anniversary of the massive leak of information from Panamanian law firm Mossack Fonseca has been in the news in the first week of April, both in Canada and internationally. ... [read more]

Wednesday, April 10, 2019 @ 1:14 PM

Real reasons for high cost of Toronto housing: All in the numbers housing_calculations_sm

In my first two articles on this subject I offered four reasons why housing is so expensive in the Greater Toronto Area. Here are the remaining elephants in the affordable housing room. ... [read more]

Friday, April 05, 2019 @ 9:08 AM

More reasons to abandon the HST | Dale Barrett

In my first article in this series, I expressed the opinion that the entire HST system and its legal framework are fundamentally flawed. I outlined four of the nine problems with HST to help illustrate why it should be abandoned. Here are the remaining problems. ... [read more]

Thursday, April 04, 2019 @ 9:41 AM

Quebec looking to join ownership transparency trend id_card_sm

As our world becomes more mobile and connected, governments including at the provincial and federal levels in Canada, have taken this as a cue to legislate increased ownership transparency (i.e., to identify beneficial owners and their residence or citizenship in situations where the ownership is acquired through a nominee). This is with a view, among other goals, to combating perceived tax evasion and excessive property speculation. ... [read more]

Friday, March 29, 2019 @ 8:43 AM

HST hurts economy and should be abandoned | Dale Barrett

According to the 2008 Federal Budget, the Harmonized Sales Tax (“HST”) was claimed by the federal government to be “the single most important step provinces with retail sales taxes could take to improve the competitiveness of Canadian businesses”. They were wrong. ... [read more]

Thursday, March 28, 2019 @ 8:46 AM

Budget affects stock options, TFSAs and Individual Pension Plans Canadian_Tax_sm

Finance Minister Bill Morneau has tabled the Liberal government’s federal budget. He forecasts another year of deficits — $15 billion for the current year, $20 billion for next year, and no forecast for a return to a balanced budget any time soon. This is a far cry from the government’s pre-election promise of balancing the budget by 2019 as they will have added $75 billion to the national debt under their current mandate. ... [read more]

Wednesday, March 27, 2019 @ 9:27 AM

Share purchase agreements: Pre-closing tax liabilities corporate_tax_sm

In every share purchase agreement there are various provisions which allocate the risk associated with taxes amongst the buyer and the seller. While each agreement is unique in its details, reflecting the underlying objectives of the parties, there are general provisions, concepts and themes which can be seen in most share purchase agreements in Canada. One such theme is that buyers do not want to be responsible for taxes that relate to the target company’s pre-closing period. ... [read more]

Tuesday, March 26, 2019 @ 8:40 AM

Highly targeted federal budget has winners and losers | Alexandre Dufresne

On March 19, 2019, the Liberal government tabled a highly political and targeted budget, as it prepares for the next elections. ... [read more]