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Tuesday, April 26, 2022 @ 3:04 PM

2022 Budget confirms tax treatment for contract service margin set out in IFRS 17 2 people with financial statement

On April 7, the federal government released the 2022 Budget (the budget), confirming plans to adopt International Financial Reporting Standard 17 (IFRS 17), the international accounting standard relating to insurance contracts. (See Department of Finance Canada, Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, Cat No.:1719-7740, p. 210. [Budget 2022]). ... [read more]

Tuesday, April 26, 2022 @ 1:41 PM

Cox & Palmer welcomes new partner, associate

Cox & Palmer has welcomed a new partner to the Halifax office, Carolle Fernando, and new associate Jenn Power. ... [read more]

Monday, April 25, 2022 @ 2:59 PM

Resellers of pre-construction real estate: Budget 2022 has some bad news, some good news Building under construction2

A typical purchase agreement for a pre-construction residential property has a closing date scheduled months, often years, in advance. As purchasers wait for the construction to complete/the transaction to close, some choose to assign their rights under the purchase agreement for the property for a fee. Federal Budget 2022 proposes new tax rules that will affect both such assignors and assignees. ... [read more]

Monday, April 25, 2022 @ 9:02 AM

Nightmare on law street | Mark Borkowski

I caught up with an old friend the other day. When I met Murray Gottheil years ago, he was your typical law firm partner. He chased billable hours. He brought in clients. At one point he was the managing partner of his medium-sized firm. After 40 years the stress got to him and he got out. He retired, moved to the country and bought a pickup truck. ... [read more]

Friday, April 22, 2022 @ 1:15 PM

Being charitable across borders People sending money around the world

When deciding which charities to benefit, many Canadians have philanthropic objectives that extend beyond the border. ... [read more]

Wednesday, April 20, 2022 @ 2:31 PM

Can a not-for-profit engage in business activities? words non and profit seperated by a hand

An issue that has arisen for Canadian not-for-profit organizations (NPOs) with increased frequency in the past few years is the extent to which, as a means to generate supplemental revenue, NPOs can engage in supplemental business activities that are not directly related to its core purposes. Supplemental business activities should be considered carefully by a NPO prior to undertaking them, as these business activities can potentially impact an NPO’s tax-exempt status. ... [read more]

Wednesday, April 20, 2022 @ 1:18 PM

Federal Budget 2022: What you and your clients need to know Income tax form

On April 7, the federal government introduced Budget 2022, “A Plan to Grow Our Economy and Make Life More Affordable.” I’ll take you through a selection of the notable tax measures that may impact you and your clients. ... [read more]

Thursday, April 14, 2022 @ 3:02 PM

CRA had no duty to indemnify company for costs incurred in dealing with audit, Appeal Court says Laurie Goldbach, Borden Ladner Gervais LLP

A recreational vehicle manufacturer has been dealt a blow in its attempts to get back the costs it incurred as part of an audit, with Ontario’s top court rejecting arguments that legislation made the company an agent of the federal government while collecting sales tax and therefore entitled to indemnity. ... [read more]

Thursday, April 14, 2022 @ 12:33 PM

Two new members join Lavery’s Montreal office

Lavery Lawyers welcomed two new members to its Montreal office. Mathias Rancourt joins as a partner in the firm’s litigation and dispute resolution group, while lawyer Maxime Chabot is now a member of the business law group, more specifically the tax law team. ... [read more]

Thursday, April 14, 2022 @ 10:49 AM

Inevitable changes since birth of special purpose acquisition companies Fishies

The heyday and allure of special purpose acquisition companies (SPAC) — blank-cheque companies — is coming to its finale. ... [read more]