Canada: Tax proposals in Manitoba budget 2015
The Ministry of Finance in Manitoba has delivered the province's budget for the year 2015. The budget does not propose any corporate or individual tax rate changes. The province budget 2015 proposals include: The Manitoba's budget increases the
See MoreCanada: Highlights of Pre-election Federal Budget 2015
The Finance Minister delivered the Government’s 2015 pre-election federal budget on 21st April 2015. The tax highlights in the 2015 budget are given below: From the beginning of 2015, the limit for annual contributions to a tax-free savings
See MoreCanada: Small firms publish pre-Budget proposal
The Canadian Federation of Independent Business (CFIB) has requested the Government to cut the tax rate for small business and reestablish fairness in employer payroll taxes. A recent survey has made by CFIB said that cut down the payroll taxes
See MoreCanada: Federal budget due 21 April 2015
Finance Minister will deliver the Conservative government’s federal budget for 2015 on 21st April 2015. It is being expected that the budget is to be balanced and will set the platform for Conservative government’s tax and financial policies due
See MoreSpain: Council of Ministers approved protocol to treaty with Canada
The Spanish Council of Ministers approved the protocol amending the income and capital tax treaty with Canada on 13 March, 2015. The protocol was signed on 18 November,
See MoreCanada: Indirect tax responsibilities for financial organizations
Under their GST/HST and QST annual information returns, many financial institutions will have to file their final returns regarding Goods and Service Tax (GST), Harmonized Sales Tax (HST) and Quebec Sales Tax (QST) for the year 2014 by 30th June
See MoreCanada: Indirect tax compulsions for financial organizations
Many Financial institutes have to be filed their 2014 GST/HST and QST final returns on or before 30th June 2015 along with the GST/HST and QST annual information returns. Again, these institutions need to find if any changes in their organizations
See MoreCanada: New Democratic Party would aim tax agency reforms
In Canada, New Democratic Party (NDP) has declared that if the party win this year's general election, it would prioritize significant reforms to the Canada Revenue Agency (CRA). The party has committed to work with small business organizations and
See MoreCanada: New funding announces to support mining oil and gas exploration
The Canadian Finance Minister has declared the current intention of Government is to give support for the mining and oil and gas industry: Federal Mineral Exploration Tax Credit: This private tax credit has been extended to 31st March 2016. Tax
See MoreCanada: New Transfer Pricing Memorandum (TPM-16) published
The Canada Revenue Agency (CRA) has published new Transfer Pricing Memorandum (TPM-16) on 23rd February 2015 that reconfirms the CRA’s existing positions and gives proper instruction on the use of multiple-year data in determining an
See MoreCanada: Budget 2015–16 of British Columbia issued
The Finance Ministry of British Columbia has listed the province’s fiscal 2015-2016 budget. The 2015 budget did not bring any major legislative changes. It includes certain tax measures that should benefit the taxpayers. The brief summary of the
See MoreCanada: Federal budget 2015 could come in May
The Canadian Finance Minister declared that the federal budget 2015 has been postponed until April or later because of oil market volatility. Usually the budget comes in February and March. In spite of prices were somewhat less volatile than
See MoreCanada: Guidance on intra-group services published
The Canada Revenue Agency (CRA) has published Transfer Pricing Memorandum (TPM)-15 regarding intra-group services and section 247 of the Income Tax Act on 13th February 2015. TPM-15 describes the CRA’s audit policy on some audit and tax issues
See MoreCanada: Customs can seize foreign exporters’ devalued shipments
The new policy is wished to prevent exporters from devaluing shipments destined to Canada and it was declared in late January 2015. The Canada Border Services Agency (CBSA) has stated that goods destined for a Customs Self-Assessment (CSA) importer
See MoreCanada: Customs Notice permits import duty refund claims on transfer pricing adjustments
Basically, Customs Notices are issued to inform clients about proposed changes to customs procedures. Customs Notice N-15-001 has been published by the Canada Border Services Agency (CBSA) for deleting an obstacle to file import duty refund claims.
See MoreCanada: Exemption limit on capital gains for 2015
The Economic Action Plan 2013 offers to raise the Lifetime Capital Gains Exemption (LCGE) to CAD800,000 from CAD750,000 for the recognition of the importance of small business owners, farmers and fishermen. With indexing, the LCGE limit for the year
See MoreCanada: Deadline for interest payment on family income-splitting loans
The interest payment deadline on family income-splitting loans for 2014 is on 30th January 2015 given that the attribution rules not apply to investment income earned on the loans. The suggested interest rate for family loans continues at the lowest
See MoreCanada: Comments for OECD discussion draft on international VAT-GST guidelines
The Organization for Economic Co-operation and Development (OECD) has published a discussion draft on 18th December 2014 entitled “Guidelines on Place of Taxation for Business-to-Consumer Supplies of Services and Intangibles and Provisions on
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