Canada – Hiking individual income tax rate in Ontario budget
The Ministry of Finance in Ontario has announced plans to hike the provincial personal income tax rate, as part of the 2014 Budget and by ending tax years after December 31, 2013, the new rates and thresholds will be applied. The Budget proposes a
See MoreNew Zealand and Canada welcome WTO environmental goods discussion
As part of a multilateral trade pact being negotiated at the World Trade Organization (WTO), New Zealand and Canada have to cut their import tariffs on a number of environmental goods and it was announced on July 8, 2014. According to their
See MoreCanada: CRA offers taxpayer relief provision
The Canada Revenue Agency (CRA) has offered taxpayer relief provisions those are available to taxpayers if they are unable to meet their tax obligations due to extreme weather conditions in Alberta and Ontario. Companies who were fail to file their
See MoreUruguay-Ratification of TIEA with Australia and Canada
The government of Uruguay has announced that it has ratified the tax exchange information agreements with Australia and Canada. The TIEA between Australia and Uruguay was signed on 10 December 2012. To terminate the agreement either party will have
See MoreCanada: Guidance of FATCA clarifies IGA reporting obligations
The guidance confirms that Canadian entities could be subject to the U.S. Foreign Account Tax Compliance Act (FATCA), which takes effect from July 1, 2014 and will be interested in the CRA’s new guidance on Canada’s intergovernmental agreement
See MoreCanada: Report of MAP program during 2013-2014
The Canada Revenue Agency (CRA) has issued an annual report regarding Mutual Agreement Procedure (MAP) Program that gives an outline of the MAP Program during April 1, 2013 to March 31, 2014. The CRA inspires taxpayers to focus on double taxation or
See MoreCanada-Honduras FTA enters into force
The Free Trade Agreement (FTA) between Canada and Honduras has signed on November 5, 2013 and will enter into force on October 1,
See MoreCanada: Ready to execute 2014 Budget measures
The Ministry of Finance in Canada has introduced the receipt of Royal Assent for legislation to apply center elements and a series of tax credit reforms in the 2014 Budget. The legislation extends the 15% Mineral Exploration Tax Credit for share
See MoreCanada: CRA publishes “PTM-05R” on requests for contemporaneous documentation
The Canada Revenue Agency (CRA) has issued a memo on transfer pricing on applications for contemporaneous documentation of the auditor entitled “PTM-05R” on March 28, 2014 and it replaces preceding PTM on the same subject dated 13 October 2004.
See MoreCanada – Uruguay: TIEA ratified by Uruguay
According to the way of Law No. 19.223, Uruguay has ratified the Canada - Uruguay Tax Information Exchange Agreement (TIEA) on June 13,
See MoreCanada: Decision in Marzen Aluminum transfer pricing case has released
The Tax Court of Canada has published its judgment in Marzen Artistic Aluminum Ltd. v The Queen (2014 TCC 194) on 10 June 2014 regarding a case of transfer pricing adjustment made by the Canada Revenue Agency (CRA) in respect of fees paid by
See MoreCanada: Filing trust elections for employee benefit, foreign is due 26 June
Employee benefit plan gives benefit to employees who render services to Canadian resident employers, or a stock plan administered through a non-resident trust, require to review if the trust is deemed to be a Canadian resident and under Canada's new
See MoreCanada: Indirect tax challenges for real estate sector
Industry of real estate business may face indirect tax—GST/HST and QST—challenges. The indirect tax rules specific to the real estate industry were further complicated by numerous recent changes—i.e., changes that may significantly increase
See MoreCanada confirming South Korean FTA Terms
The Canadian Government has arranged the final text of its Free Trade Agreement (FTA) with South Korea and upon its entry into force; South Korea will immediately exclude 81.9 % tariff lines duties. Once whole implementation, South Korea will have
See MoreCanadian Tax Freedom Day delayed in 2014
After accounting for all taxes, the research organization said that the average family (with two or more people) will pay CAD43,435 (USD39,763) in taxes in 2014 which is equal to 43.5% of their annual income. The tax burden is going to be heavier if
See MoreCanada: Offering PRPP legislation in British Columbia
In British Columbia, legislation offering Pooled Registered Pension Plans (PRPP) to persons and considered substantively enacted for purposes of IFRS and ASPE as of May 29, 2014. It allows small- and medium-sized business employees and self-employed
See MoreCanada: Mining tax changes in Quebec budget
According to the 2014-15 Quebec budget, Quebec has declared several measures that will impact on the mining industry and it proposes to deduct tax credits and confirms that the mining tax regime would be effective from January 1, 2014. The budget
See MoreCanada: Tax Rules that put pensioners at risk
The pension rules in Canada have failed to cope up with long life expectancies, and impose Registered Retirement Income Fund (RRIF) holders to operate tax-deferred assets down rapidly. Federal tax rules need those with tax-deferred savings to either
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