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Monday, May 08, 2017 @ 10:36 AM

Norton Rose Fulbright opens Luxembourg office

Norton Rose Fulbright announced it is opening an office in Luxembourg. The new office will be fully operational from June 2017. ... [read more]

Thursday, May 04, 2017 @ 12:32 PM

Richardson joins Cassels Brock as tax partner

Cassels Brock announces the arrival of Doug Richardson as partner in the taxation group, based in the firm’s Calgary office. ... [read more]

Monday, May 01, 2017 @ 8:58 AM

Softwood lumber duties seen as Trump’s opening salvo on NAFTA Softwood lumber

On April 24, the U.S. Department of Commerce announced preliminary countervailing duties (CVDs) on Canadian lumber imports. Among the investigation respondents, West Fraser received the highest rate of 24.12 per cent, followed by Canfor at 20.26 per cent, Tolko at 19.5 per cent, Resolute at 12.82 per cent and J.D. Irving at only 3.02 per cent. All other producers in Canada will be subject to the “all others rate” of 19.88 per cent, which is a weighted average of the CVDs levied on the respondents. The commerce department noted in its release that imports of softwood lumber from Canada were valued at an estimated $5.66 billion in 2016. ... [read more]

Monday, May 01, 2017 @ 7:18 AM

FEDERAL INCOME TAX - Appeals - Tax Court of Canada - Motions - Evidence on motions

Appeal by CBS Canada from a Tax Court decision striking an affidavit. CBS appealed the Minister's reassessment in respect of the application of certain non-capital losses to income in particular taxation years. Counsel for CBS proposed a settlement offer which included a schedule of CBS's losses. The parties finalized minutes of settlement that incorporated the schedule. Thereafter, the Minister concluded that no non-capital losses were available to CBS. CBS filed a motion to enforce the settlement. The deponent of the supporting affidavit was a lawyer within the firm representing CBS. The affidavit set out the events surrounding the purported settlement. During cross-examination by counsel for the Minister, the CBS deponent refused to answer certain questions on the ground of privilege. The Minister consequently moved to strike the CBS affidavit. The Tax Court determined that the central issue in the CBS motion to enforce the settlement was the accuracy, truth and origin of the non-capital losses outlined in the settlement schedule. The Tax Court found that the paucity of information surrounding the schedule due to the objections taken during cross-examination rendered the schedule's contents hearsay and unreliable. Due to the contentious and crucial nature of the schedule information, a representative of CBS was a more appropriate deponent than counsel. The limits on the Minister's ability to cross-examine counsel as the deponent gave rise to prejudice. The affidavit was accordingly struck. CBS appealed. ... [read more]

Wednesday, April 26, 2017 @ 2:13 PM

Tax changes will affect real estate lawyers' paperwork Dan Pinnington

Lawyers in Ontario who handle real estate transactions will now need to collect extra information when it comes to the provincial land transfer tax and the new 15 per cent non-resident speculation tax. ... [read more]

Tuesday, April 25, 2017 @ 10:09 AM

Harper Grey adds associate to business law group

Scott Howie has joined Harper Grey LLP as an associate with the business law group in the firm's Vancouver office. ... [read more]

Friday, April 21, 2017 @ 10:43 AM

FEDERAL INCOME TAX - Capital gains and losses - Calculation of gains and losses - Appeals - Tax Court of Canada - Judgments disposing of an appeal

Appeal by Struck from a Tax Court judgment quashing his appeal. In 2005, the appellant transferred shares in a numbered company and a half interest in a rental property to his son. They reached an agreement on the fair market value of the assets and the manner of payment. The appellant did not report any taxable capital gain arising from the transaction. In 2009, a reassessment included taxable capital gains of $163,000. The appellant served a notice of objection and the reassessment was reduced to $110,500, with $75,000 attributable to the real property disposition, and $35,500 attributable to the share sale. The appellant appealed to the Tax Court of Canada. In 2013, a consent order allowed the appeal and reduced the total taxable capital gains to $72,100, of which $49,850 was attributable to the sale of the property. Following a reassessment issued to reflect the consent judgment, the appellant filed a notice of appeal alleging the total taxable capital gains should be calculated with regard to reserves. The Crown moved to quash the appeal. In 2016, the Tax Court allowed the Crown's motion. Struck appealed. ... [read more]

Thursday, April 20, 2017 @ 9:46 AM

Tax Views: Enforcement of tax law in foreign courts | Vern Krishna

As multinational corporations increasingly engage in international trade, there is a risk that they may exploit the tax laws of countries to reduce their domestic taxes. ... [read more]

Thursday, April 20, 2017 @ 9:34 AM

Americans beware — don’t move to Canada without knowing consequences of U.S. exit tax

Last year more than 30,000 Americans were refused entry into Canada, a jump of 31 per cent over 2015 and four times the total from 2014. That is according to the Canada Border Services Agency, which is responsible for border security. ... [read more]

Thursday, April 13, 2017 @ 10:09 AM

CETA is coming, and here’s what it means to importers

It is expected that the Canada-European Union Comprehensive Trade and Economic Agreement (Canada-EU CETA) will come into provisional effect soon — the exact date is not yet known. The Canada-EU CETA covers virtually all sectors and aspects of Canada-EU trade. Most Canadian customs duty rates will reduce to “free” or zero per cent at the time of provisional implementation. Canadian importers should start to consider what goods may enter Canada duty free when the CETA green light is turned on. ... [read more]