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Thursday, September 19, 2019 @ 9:02 AM

Consequences of non-resident speculation tax Grass_home_percent_sign

The Non-Resident Speculation Tax (NRST) was introduced in the Ontario budget in 2017 as part of the provincial government’s measures to increase the affordability of housing. It applies to purchases of residential real property closing on or after April 21, 2017, when the property is located within the Greater Golden Horseshoe Region, which includes Toronto and Hamilton. ... [read more]

Wednesday, September 18, 2019 @ 9:13 AM

Timing liability under subsection 160(1) in Eyeball Networks case Clock and calendar

In Eyeball Networks Inc. v. Canada 2019 TCC 150, the Tax Court of Canada alerted tax planners to the pitfalls of issuing and cancelling a promissory note with nominal value in the context of a tax-neutral rollover under s. 85 of the Income Tax Act. This two-part series analyzes the Tax Court’s decision and its implications for tax practitioners. ... [read more]

Tuesday, September 17, 2019 @ 9:32 AM

New legislative changes to federal support enforcement laws Lawyer writing and court pillars

Through their enforcement efforts, federal, provincial and territorial governments disburse about $2 billion annually to Canadian families to satisfy outstanding support debts. At the federal level, it is estimated that approximately $185 million in support payments was garnisheed in 2017 and 2018 under the Family Orders and Agreements Enforcement Assistance Act. ... [read more]

Friday, September 13, 2019 @ 8:50 AM

Investing in Africa: What you need to know africa_money_sm

While visiting South Korea a few years ago to present investment opportunities in Africa, Acha Leke, the chairman of McKinsey & Company Africa, was welcomed by a top executive with this remarkable remark: “Our Chinese competitors are going in Africa, I don’t know what they are looking for, but we need to understand.” This statement is a testament of a growing interest for Africa among investors in developed economies over the last decade. ... [read more]

Thursday, September 12, 2019 @ 8:35 AM

Senate report on charitable sector: Modernizing the framework charity_report_sm

As reported Sept. 6 in The Lawyer’s Daily, the Special Senate Committee on the Charitable Sector released its final report, Catalyst for Change: A Roadmap to a Stronger Charitable Sector on June 20, 2019. The report provides 42 recommendations for strengthening the charitable and not-for-profit sector, and for modernizing the legal and regulatory landscape governing it. ... [read more]

Wednesday, September 11, 2019 @ 11:27 AM

Amendments to new QST registration regime for suppliers outside Quebec Shopping cart w laptop

In 2018, the Quebec government announced the implementation of a new and parallel Quebec sales tax (QST) registration system under which (i) non-Canadian suppliers with no physical or significant presence in Quebec are required to collect and remit the QST on taxable incorporeal movable property and services they supply in Quebec to Quebec consumers; and (ii) Canadian suppliers with no physical or significant presence in Quebec are required to collect and remit the QST on taxable corporeal movable property they supply in Quebec to Quebec consumers. ... [read more]

Wednesday, September 11, 2019 @ 10:36 AM

Art as loan collateral: What lenders want art_collection_sm

You are a collector in Canada of Canadian and international art and now have an opportunity to purchase another important artwork for your collection. You do not have ready cash. You do not want to tie up your personal or business credit, since it may be needed for other purposes. You think about whether you can utilize your existing art collection as collateral, normally a non-revenue generating asset.   ... [read more]

Tuesday, September 10, 2019 @ 9:16 AM

‘Absurd consequences’ if government position on restructuring prevailed, Alberta Appeal Court says Geoffrey Loomer, University of Victoria faculty of law

A majority on the Alberta Court of Appeal has ruled that remittances to the federal government don’t take ultimate priority over payments to a court-appointed monitor and others in a business restructuring case, but a legal expert is saying the decision raises questions of statutory interpretation that could find their way to the Supreme Court. ... [read more]

Thursday, September 05, 2019 @ 12:56 PM

Inheriting bad money Dollar sign in water

A federal judge in the U.S. recently imposed prison sentences of four to six months on the four adult children of deceased Wall Street money manager Harry Seggerman. Seggerman passed away in 2001, leaving his widow and six children more than US$20 million. More than half of that was in Swiss and other foreign accounts and had never been reported to the Internal Revenue Service. ... [read more]

Thursday, September 05, 2019 @ 11:45 AM

SCC alumni’s role in legal controversies sparks new debate over ex-judges’ return to practice Amy Salyzyn

Is it in the public interest for former Supreme Court of Canada justices to be allowed to provide legal services to governments or other well-heeled clients facing public controversies that could arguably blow back on the reputations of the ex-judges’ former courts or otherwise harm public confidence in the judiciary? ... [read more]