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Friday, March 03, 2017 @ 04:23 PM

Osler welcomes 10 new partners

Osler, Hoskin & Harcourt LLP announces the addition of 10 new partners across five offices. ... [read more]

Friday, March 03, 2017 @ 03:02 PM

Access to Justice: Thinking big about access to justice | Thomas Cromwell

Access to justice is the biggest challenge facing our legal system. And just about every lawyer I know cares deeply about the health of that system and many are trying to help. But do we understand the problem and are we making progress? Those questions will be the jumping off spot for my exclusive to The Lawyer’s Daily column dedicated to access to civil and family justice in the coming months. ... [read more]

Friday, March 03, 2017 @ 08:47 AM

FEDERAL INCOME TAX - Foreign income - Tax treaties - Appeals - Tax Court of Canada - Determination of preliminary questions - Questions of law

Appeal by the appellant, Société Générale Valeurs Mobilières (SocGen), from a preliminary determination of questions of law. The appellant was a Canadian tax resident that earned bond interest income in Brazil, and income from other Canadian taxable sources. At issue was interpretation of the tax sparing provision in the double tax Treaty between Brazil and Canada. Generally, the provision required Canada to provide a foreign tax credit on qualifying Brazilian income as if Brazilian tax had been imposed, even if the income was not taxed in Brazil. The parties sought determination of whether the relevant Treaty provision required Canada to provide a foreign tax credit calculated by reference to Canadian tax on gross income, with determination of the proper test for determining inclusions and deductions from gross income arising from Brazilian sources. The Tax Court determined that Canada was entitled to limit the foreign tax credit to actual Canadian tax on net bond interest. SocGen appealed on the basis the relevant amount should be calculated with reference to gross bond interest multiplied by the Canadian tax rate. ... [read more]

Thursday, March 02, 2017 @ 07:00 PM

Taxation - Federal income tax - Foreign income - Tax treaties - Appeals - Tax Court of Canada - Determination of preliminary questions - Questions of law

Appeal by the appellant, Société Générale Valeurs Mobilières (SocGen), from a preliminary determination of questions of law. The appellant was a Canadian tax resident that earned bond interest income in Brazil, and income from other Canadian taxable sources. At issue was interpretation of the tax sparing provision in the double tax Treaty between Brazil and Canada. Generally, the provision required Canada to provide a foreign tax credit on qualifying Brazilian income as if Brazilian tax had been imposed, even if the income was not taxed in Brazil. The parties sought determination of whether the relevant Treaty provision required Canada to provide a foreign tax credit calculated by reference to Canadian tax on gross income, with determination of the proper test for determining inclusions and deductions from gross income arising from Brazilian sources. The Tax Court determined that Canada was entitled to limit the foreign tax credit to actual Canadian tax on net bond interest. SocGen appealed on the basis the relevant amount should be calculated with reference to gross bond interest multiplied by the Canadian tax rate. ... [read more]

Thursday, March 02, 2017 @ 07:00 PM

Hollywood north still a boon for business, tax lawyers

Not applicable ... [read more]

Friday, February 17, 2017 @ 12:47 PM

Proposed changes to Income Tax Act spark conversation on succession planning 'problem'

Calgary business lawyer Cameron MacCarthy was not surprised when Bill C-274 didn't pass last week and was referred to a standing committee. The bill, tabled by Quebec MP Guy Caron, aims to amend the Income Tax Act to help business owners avoid a higher tax when selling their businesses to their children. ... [read more]

Thursday, February 16, 2017 @ 01:04 PM

New software can give tax lawyers leg up in court

Lawyers looking to give the best advice to clients dealing with tax issues before the courts can now turn to software to assist them in predicting in how a court might rule in a case. ... [read more]

Monday, February 13, 2017 @ 11:28 AM

LIQUOR CONTROL - Liquor control and licensing boards - Powers - Constitutional issues

Appeal by the Toronto Distillery Company (TDC) from a decision dismissing the TDC’s application for a declaration that the Liquor Control Board of Ontario’s (LCBO) spirits price mark-up was an unconstitutional tax. The TDC was a small distillery. The Alcohol and Gaming Commission of Ontario granted the TDC a Manufacturer’s Licence and Retail Store Authorization to sell its spirits to the public on-site on condition that it enter into a contract with the LCBO. The LCBO’s contract was non-negotiable and required TDC to first sell its spirits to the LCBO before putting the spirits up for sale in the distillery store. The TDC would then sell the spirits to the public as the LCBO’s agent. The contract also granted the LCBO the power to set mark-up and commission rates on the spirits sold. The total mark-up, 139.7 percent, insured that prices at the TDC store were the same as prices at LCBO stores. The contract provided TDC would receive a 13 percent commission for acting as the LCBO’s agent in selling the spirits. TDC’s application for a declaration that the LCBO’s mark-up was an unconstitutional tax was dismissed. The application judge found that the levy escaped classification as a tax because it was a proprietary charge. ... [read more]

Friday, February 10, 2017 @ 09:29 AM

Valuating employee stock options for separating spouses

​​​​Under the Family Law Act, when spouses separate they are required to equalize assets. Where a spouse has received employee stock options (ESOs) as part of their compensation, these assets are subject to equalization and reported on the statement of net family property (NFP). This article discusses certain issues that arise in the valuation of ESOs. ... [read more]

Thursday, February 09, 2017 @ 10:52 AM

Torys announces four new partners

The international business law firm Torys has added four new partners to the firm.  ... [read more]