New laws to take effect this year

January 5th, 2018

Over the last half of 2017 there was a flood of information on what was going to take effect in 2018 and how we are to prepare for it all, taking the form of articles and news segments discussing controversial components of what will be implemented as of January 1st and how it will impact Canadians as a whole. […]

 

Postal Code Project – CRA Targets Wealthy Canadians

December 5th, 2017

Canada’s wealthiest individuals have been put under a microscope. The Canada Revenue Agency (CRA) has launched a project dubbed the “Postal Code Project” that is targeting taxpayers residing in affluent neighbourhoods across Canada. The Postal Code Project will be an in-depth analysis, using postal-codes in high-priced neighbourhoods, as an indicator of a taxpayer’s lifestyle.  The […]

 

Ontario Releases 2017 Fall Economic Outlook and Fiscal …

November 23rd, 2017

On November 14, 2017, Charles Sousa, the Minister of Finance for Ontario, released the 2017 Fall Economic Outlook and Fiscal Review.  The mid-year economic and fiscal outlook is intended to highlight past government initiatives and set out measures that will be introduced as part of Budget 2018. The Ontario government has promised to balance the […]

 

CRA Targeting Tax Avoiders Through Online & Mobile …

November 20th, 2017

Two online payment companies that operate within Canada have been ordered to turn over information about their account holders to the Canada Revenue Agency (CRA). On November 10, 2017, PayPal received a Federal Court Order requiring them to disclose information relating to Canadian users that hold a business account and have received or sent a […]

 

The Paradise Papers: The Risks of Offshore Tax Havens

November 13th, 2017

On November 5, 2017, another leak of offshore tax haven information, dubbed the “Paradise Papers”, was disclosed by the International Consortium of Investigative Journalists (ICIJ). As a result of the leak of confidential records comprising the Paradise Papers, a number of the world’s elite have been identified as having offshore accounts and connections including, Queen […]

 

CRA Investigating “Shadow Flipping” of Toronto Cond …

November 6th, 2017

Due to the booming real estate market in Canada over the past year, the Canada Revenue Agency (“CRA”) is scrutinizing the practice of “shadow flipping” or “assignment sales”.  This is a sales technique which involves the purchase of pre-built condos from a developer and subsequent sale to other buyers at higher prices before possession of […]

 

The Department of Finance’s Fall Economic Update

October 27th, 2017

On October 24, 2017, the Department of Finance released its Fall Economic Update.  Finance Minister Bill Morneau stated that the Government was “doubling down on a plan with proven results and reinvesting in the middle class”.  Much of optimism surrounding the Fall Economic Update can be ascribed to the roaring economy as it has helped […]

 

Update – Finance Abandons Proposed Anti Surplus S …

October 20th, 2017

Further to our earlier article regarding the Federal Government’s proposals to amend the Income Tax Act, on October 19, 2017, the Department of Finance announced that it would not be proceeding with the last of its proposed changes, namely measures dealing with the conversion of income into capital gains (“anti surplus-stripping proposals”). “Surplus stripping” refers […]

 

UPDATE – Tax Measures Targeting Privately Held Co …

October 19th, 2017

On July 18, 2017, the Department of Finance released a set of proposals to amend the Income Tax Act (the “July 18 Proposals”). The position taken by the Department of Finance and the rhetoric surrounding the July 18 Proposals were that the proposed tax measures were designed to “improve the fairness of Canada’s tax system […]

 
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