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Tax

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Monday, December 18, 2017 @ 8:57 AM

Tax Views: Year-end tax planning for business | Vern Krishna

Canadian-controlled private corporations (CCPCs) that carry on an active business in Canada are taxable at special low rates. In 2017, the first $500,000 of income from such active business income (ABI) is taxable at a combined federal and provincial rate of about 15 per cent. Income above $500,000 is taxable at about 27.5 per cent. Hence, it is important to plan for shareholder and corporate taxation before the year end to maximize rates of return, and minimize the overall tax burden. ... [read more]

Friday, December 15, 2017 @ 10:35 AM

FEDERAL INCOME TAX - Partnerships - Limited partnership - Administration and enforcement

Appeal by nine corporate partners in a limited partnership for the purpose of challenging the enforceability of a settlement agreement with Canada Revenue. ... [read more]

Friday, December 15, 2017 @ 8:47 AM

The perils of taking tax advice from the CRA helpline_tax_sm

There was no income tax in Canada until the Income War Tax Act came into effect on Sept. 20, 1917. The purpose of the Act was to finance the addition of 100,000 men into the Canadian armed forces in support of Canada’s efforts in the First World War. The income tax rates of the United States were used as a model and the Act was thought to be a temporary measure. Of course, we all know how temporary that was, but based on the recent report by federal auditor general Michael Ferguson, taxpayers have a lot of concerns, not the least of which is the competence of the CRA’s “Help” line. ... [read more]

Wednesday, December 13, 2017 @ 9:34 AM

‘Curious’ wording of tax law informs Appeal Court decision on municipal services John Mascarin, Aird & Berlis LLP

The Federal Court of Appeal has ruled that municipal services as defined by federal tax legislation can also apply to services provided by the provincial and federal government, a decision a prominent municipal lawyer is calling correct legally despite a “curious” definition of what municipal services are under the Excise Tax Act (ETA). ... [read more]

Tuesday, December 12, 2017 @ 8:56 AM

CRA investigating ‘shadow flipping’ of Toronto condos condo_flipping_sm

The booming residential real estate market in Canada has caused the Canada Revenue Agency (CRA) to engage in increased scrutiny of the practice of “shadow flipping” or “assignment sales.” This is a sales technique which involves the purchase of prebuilt condos from a developer and subsequent sale to other buyers at higher prices before possession of the condo has been taken. By relying on an assignment clause in the agreement of purchase and sale, the potential purchaser can transfer or sell his interest in the property to another purchaser before the closing date at a profit.   ... [read more]

Friday, December 08, 2017 @ 11:52 AM

BLG partner elected to American College of Trust and Estate Counsel

Peter A Wong, a partner in the tax group of Borden Ladner Gervais LLP’s Vancouver office, has been elected as an international fellow of the American College of Trust and Estate Counsel (ACTEC). ... [read more]

Thursday, December 07, 2017 @ 9:44 AM

Sin tax on cannabis disproportionately hurts medical users cannabis_tax_sm

Canada’s expanding cannabis industry is expectantly awaiting July 1, 2018, when prohibition will end and cannabis will be regulated for adult use in Canada. The excitement around ending prohibition has been dampened by an inevitable reality: taxation. The dual markets of the cannabis industry have introduced a tension into appropriately taxing cannabis. ... [read more]

Wednesday, December 06, 2017 @ 3:21 PM

New partner for Dentons’ Toronto office

Nicole Woodward has joined Dentons Canada LLP as a partner in the tax group and as a member of the firm’s trusts, estates and wealth preservation group. ... [read more]

Monday, November 27, 2017 @ 1:15 PM

Davies adds tax litigation partner Sood

Bobby Sood has joined the Toronto office of Davies Ward Phillips & Vineberg LLP as a partner in its tax litigation practice. ... [read more]

Monday, November 27, 2017 @ 9:42 AM

IP infringement: Accounting of profits, pre-judgment interest and taxation

Unlike in many other areas of law, in intellectual property infringement cases where the award is an accounting of the defendant’s profits courts have generally granted pre-judgment interest (PJI) a) at rates that are higher than those generally prescribed by statute, and b) on a compound (not simple) basis. ... [read more]