News & Events

Federal Budget

MARCH 22, 2017 FEDERAL BUDGET TAX HIGHLIGHTS The highlights of the proposed tax changes of the recent Federal budget are outlined below. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. No one should act upon such information without appropriate professional […]

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“Rectification” to Fix Tax Mistakes

  • “Rectification” to Fix Tax Mistakes
  • Request a Determination If You Have a Loss
  • RRSP, RRIF and TFSA Fees Will Have to be Paid From the Plan
  • TFSA Contribution Limits
  • Make Money Volunteering for a Charity
  • Watch Out for Short Taxation Years
  • Around the Courts

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BC Budget

Proposed Highlights Include:  Corporate Income Tax Small business corporate income tax rate is reduced to 2% from 2.5% effective April 1, 2017. Combined federal/BC small business corporate income tax rate following reduction will be 12.5%. Scientific research & experimental development tax credit is extended for five years to August 31, 2022. B.C. mining flow-through share […]

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Issue 113

We have countries trying to attract new investment: Greece, Hong Kong, Russia. Countries trying to curb avoidance: UK (both companies and individuals), Spain (rental properties). Changes to the reporting requirements for Transfer Pricing or country-by-country reporting: China, Singapore and Korea (as well as introducing an exit tax). We have countries going for greater transparency in its economy: Argentina introducing an amnesty to encourage further disclosure, Switzerland introducing automatic exchange of information and greater transparency and India attempting to curb the cash economy. Finally, we have Australia revising some of its cross-border GST provisions.

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Changes to Principal Residence Rules For Non-Residents

NOVEMBER 2016

  • Changes to Principal Residence Rules For Non-Residents
  • New Reporting Rule for Principal Residence
  • Income Attribution Rules
  • Kiddie Tax on Minors
  • New Rules for “Linked Notes”
  • Prescribed Interest Rates
  • Around the Courts

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Changes to Eligible Capital Property Rules

OCTOBER 2016

  • Changes to Eligible Capital Property Rules
  • Foreign Exchange Gains and Losses
  • What Happens on a Change of Control of a Corporation?
  • New Rules for “Switch Funds”
  • New Testamentary Trust Rules in Full Swing
  • Around the Courts

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Issue 25

New standard on accounting for leases with IFRS 16 “Leases”, the IASB published a new standard on accounting for leases on 13 January 2016. The IASB and the US standard setter FASB initiated the joint project back in 2006 with the aim of introducing improved accounting for leases, in particular by the lessee. Differences of opinion in relation to a few key areas meant that they failed to arrive at a uniform standard. The IASB decided in favour of a single-model approach at the lessee, while the FASB implemented a dual model in its new standard on leases. Based on the single-model approach of the IASB, the lessee will have to recognise assets and liabilities for most leases in the statement of financial position. While the lessee no longer has to distinguish between operating leases and finance leases, this distinction will remain in place for lessors.
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