Category: Tax

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Ontario Introduces a 15 Per Cent Non-Resident Speculation Tax on Certain Real Estate

April 25, 2017

On April 20, 2017, the Ontario government announced that it is imposing a 15 per cent non-resident speculation tax (NRST) on the purchase or acquisition of interests in residential property located in the Greater Golden Horseshoe (GGH). The GGH incorporates the greater Toronto area, including Toronto itself as well as Brant, Dufferin, Durham, Haldimand, Halton, Hamilton, Kawartha Lakes, Niagara, Northumberland,…

Cannabis in Canada: A Changing Legal Landscape

April 19, 2017

The anticipated legalization of recreational cannabis in Canada by July 2018 is multi-faceted. Several areas of law will come into play, potentially impacting many types of businesses. We delve into some of these areas.

2017 Federal Budget – Selected Tax Measures

March 23, 2017

On March 22, 2017 the Minister of Finance introduced Canada’s 2017 Federal Budget (2017 Budget). Despite persistent rumours, no change was proposed to the capital gains inclusion rate. The 2017 Budget does include a mix of targeted anti-avoidance rules, legislative responses to recent jurisprudence, and other narrow changes to address perceived problems in the existing provisions of the Income Tax…

From Israel to Canada: New Tax Treaty to Help Structure Investments

January 23, 2017

On December 21, 2016, the new Canada–Israel tax treaty entered into force. The new treaty was signed on September 21, 2016 in New York, and replaces the existing treaty that dates from 1975. For most purposes, the provisions of the new treaty took effect as of January 1, 2017. Overall, the new treaty modernizes the rules applicable to Israeli investments…

Mergers & Acquisitions: Trends to Watch in 2017

December 21, 2016

2016 AND LOOKING FORWARD Canadian M&A activity rose once again in 2016, surpassing a record-breaking 2015 to become the most active year in Canadian deal-making history. In terms of deal value, 2016 will be second only to the peak of 2007. The aggregate value of announced deals to date is C$399.9-billion, while announced deal volume reached an impressive 3,100 transactions….

Some Changes Ahead for the Tax Objection and Appeal Process of the Canada Revenue Agency

December 12, 2016

On November 29, 2016, the Auditor General of Canada released the 2016 Fall Reports, including “Income Tax Objections”, regarding the Canada Revenue Agency’s (CRA) management of income tax objections. This bulletin provides an overview of the Report and highlights its recommendations and the CRA’s responses and plans for improvement. The Office of the Auditor General sought to answer a simple…

Alberta Follows Through With Consumer, Small Business Aspects of Climate Leadership Plan, Passes New Act

June 13, 2016

After significant debate, the Alberta legislature passed the Climate Leadership Implementation Act (Act) on June 7, 2016. While it has yet to receive royal assent, the Act represents a significant step in converting portions of the Government of Alberta’s Climate Leadership Plan (Plan), into law. In particular, the Act structures the carbon levy and certain energy efficiency aspects of the…

Legal Advisers’ Files Are Not Archives for Tax Authorities, SCC Rules

June 8, 2016

The Supreme Court of Canada (SCC) released two decisions last week regarding the power of the Canada Revenue Agency (CRA) to demand production of information and documents, including accounting records, from lawyers and notaries in the context of audit or enforcement action against a client or against the legal adviser personally. The SCC declared that the CRA’s power to require…

Your Guide to the 2016 Federal Budget

April 15, 2016

We have summarized key aspects of the Liberal government’s 2016 federal budget that may impact your business. Please see 2016 Federal Budget – Selected Tax Measures for more information. For pension-related matters, see Federal Budget 2016 – Pension Issues. For financial services, see 2016 Federal Budget – Financial Services Highlights. For infrastructure, see Change Orders: Analyzing Proposed New Infrastructure Spending in 2016 Budget. In…

Legal Trends 2016: Tax

April 7, 2016

ONE | A NEW LIBERAL GOVERNMENT Elected in October 2015, Canada’s new Liberal government has proposed a tax platform featuring significant changes, including a four per cent increase (to 33 per cent) in the federal tax rate for individuals on income over C$200,000 and a 1.5 per cent drop in the middle-income tax rate. The new government has also pledged to limit the amount of…

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