UK & Canada: DTA ratified by UK
The United Kingdom has ratified its DTA with Canada on December 10,
See MoreCanada: Small business income tax rate decreases
The New Brunswick has introduced Legislation (Bill 2) that would cut the small business income tax rate from 4.5% to 4% as of 1st January 2015. Bill 2 has taken first reading on 4th December
See MoreFTA between Canada and Korea effective from January 2015
The Free Trade Agreement (FTA) between Canada and South Korea has been ratified by both countries. This treaty will be effective from 1st January 2015. It contains principles for determining the rules of source and other guidance. The agreement also
See MoreCanada: Exemption of tax for immigrant trusts ends
The immigrated individuals in Canada within the previous 5 years and has built a non-Canadian resident trust prior to their immigration need to be alert that the income tax exemption from immigrant trusts expires after 31st December 2014. According
See MoreCanada Revenue Agency’s findings on research tax credit
The tax credit program of Scientific Research and Experimental Development (SR&ED) proposes generous incentives for business undertaking eligible research or experimental development work and it has administrated by the Canada Revenue Agency
See MoreCanada: Pension contribution boundaries for 2015
The Canada Revenue Agency (CRA) has declared the 2015 contribution bounds for retirement-related and pension plans. It incorporates Money Purchase Registered Pension Plans, Registered Retirement Savings Plans, and Deferred Profit Sharing
See MoreCanada-Spain Signs protocol to Income and Capital Tax Treaty
The amending protocol to Income and Capital Tax Treaty (1976) between Canada and Spain has signed on 18th November 2014 in Madrid. The protocol was authorized by the Spanish Cabinet on 17 October 2014. The Protocol would enter into force after a
See MoreCanada: Family tax cut to be effective instantly
The Prime Minister of Canada has announced tax changes on 30 October 2014 that would give tax savings to families starting in 2014. The initiation of this new family tax cut credit would outcome in tax savings of up to $2,000 for families with
See MoreCanada: New business tax reminder mobile app introduces
The Canada Revenue Agency (CRA) has created new business tax reminder mobile app by which small and medium-sized businesses get alert about their tax deadlines. It costs no charge for Apple iOS, Google Android, and Blackberry mobile platforms for
See MoreSpanish Cabinet authorizes the signing of the protocol between Spain and Canada
The Spanish Cabinet authorized the signing of the Protocol between the Kingdom of Spain and Canada, amending the agreement between the two countries to avoid double taxation and prevent fiscal evasion with respect to taxes on income and on capital,
See MoreCanada: Income tax rate reduction for small business in New Brunswick
New Brunswick declared that the State will reduce its small-business income tax rate from 4.5% to 4% and will start from 1 January 2015. Any business whose taxable income is less than CAD500, 000 per year would apply this rate. Government has a plan
See MoreCanada: Relief for US persons with Canadian retirement plans
The Internal Revenue Service (IRS) has issued direction announcing that it is removing the official requirements that U.S. taxpayers had to abide by every year by the time of filing their U.S. tax returns. This return uses to claim a deferral of
See MoreCanada-Korea (Rep.) Free Trade Agreement signs
The Free Trade Agreement (FTA) between Canada and Korea (Rep.) (CKFTA) has been signed on 22 September 2014 that will remove duties on all but all tariff lines. After the CKFTA's entry into force, Korea republic will instantly eliminate duties on
See MoreNew Zealand- Canada: Second protocol to tax treaty
New Zealand and Canada signed a second protocol to income tax treaty on 12 September 2014. This protocol delivered specific right to tax to New Zealand regarding pensions. This specific right to tax uses on only to pensions under a government
See MoreCanada: Impact of FTOs in Brazil for Canadian companies
The tax authority for Brazil verifies how to manage foreign tax offsets (FTO) and how to apply income tax treaty provisions for cross-border payments for services fees and described that under the presumed profit method, companies that are taxed are
See MoreCanada: Income tax cuts prioritization
The Prime Minister of Canada has declared that tax cuts may be feasible for families while the Government has balanced the budget. The Government's recent declaration on tax relief in payroll as an example of the Government's commitment to reducing
See MoreCanada: Legislative proposals regarding thin-capitalization, loans, other items
The Finance Department has published a draft legislative proposal to implement certain exceptional measures actually declared in the 2014 federal budget. The proposals contained 105 pages of draft legislation and 128 pages of explanatory notes,
See MoreCanada: New CRA tax compliance agenda for SMEs
The Canada Revenue Agency (CRA) has taken a new approach for developing tax compliance among small- and medium-sized enterprises (SMEs). This approach is proposed to help for preventing errors in business tax returns after they are filed. In
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