Canada: Newfoundland and Labrador budget for 2014
In Canada the Finance Minister of the province of Newfoundland and Labrador has issued the budget proposals for 2014. Under these proposals the corporate income tax for small businesses in the province would be reduced from 4 percent to 3 percent.
See MoreCanada: No tax rate changes in 2014 budget
In Canada the 2014 budget for Saskatchewan was published on 19 March 2014. There is no increase in the general rate of corporate or individual tax but the dividend tax credit rate in the province is to increase. There would also be a reduction in
See MoreTIEA between Canada and the British Virgin Islands enters into force
The Tax Information Exchange Agreement (TIEA) between Canada and the British Virgin Islands entered into force on March 11, 2014. The TIEA provides for information exchange in relation to assessing and collecting taxes as well as in matters related
See MoreCanada: New tax on digital imports
Canada is considering a sales tax on E-commerce supplies made by foreign businesses to residents of Canada. At present people that import digital services should self-assess GST unless the services are used at least 90% for business purposes.
See MoreCanada: First Meeting in connection with Colombia FTA
An initial meeting has been held in connection with the negotiation of a free trade agreement (FTA) between Canada and Colombia. Colombia is Canada’s fifth-largest trading partner in Latin America and is an established market for Canadian
See MoreCanada signs FIPA with Cameroon
The Canada-Cameroon Foreign Investment Promotion and Protection Agreement (FIPA) was recently signed at the Prospectors and Developers Association of Canada (PDAC) International Convention, Trade Show and Investors Exchange in Toronto. The FIPA is a
See MoreCanada: No tax rate changes in Manitoba 2014 budget
On 6 March 2014, Manitoba Finance Minister delivered the province’s 2014 budget. The 2014 budget does not include any corporate or individual income tax rate changes, but proposes changes to certain tax credits, including the Co-op Education and
See MoreCanada expand Commercial Ties with China
The Canadian Minister of State (Foreign Affairs and Consular) has recently concluded a four-day visit to Hong Kong, Guangzhou and Beijing, China, where she met with government and business leaders. The visit aimed to help position Canada as a
See MoreCanada: 100% surtax may be imposed on selected U.S. imports
Canada may go ahead with the imposition of a 100% surtax on selected U.S. imports in the first half of 2015. The surtax may affect Canadian businesses that import or export products. This proposed measure is a result of the United State's refusal to
See MoreCanada: Budget 2014 incorporates transfer pricing rules and financial services
It has been announced by the OECD that the Budget for 2014 includes the announcement of a consultation on international tax planning by multinational enterprises as input into Canada's participation in the action plan on the basis of erosion and
See MoreCanada: Tax Break for 2015-16 financial year
Canada's Finance Minister has said that his "number one priority" is reducing the taxes faced by Canadian families. Tax cuts are to take preference over plans to lower the country's debt or boost government spending. After the tax cuts are achieved,
See MoreCanada: Insurance companies, banks, and security dealers face new indirect tax challenges
Many insurance and financial institutions have a high compliance burden from indirect taxes, owing to the need to distinguish between taxable and exempt supplies and the restriction that many face in reclaiming all the VAT paid on their inputs.
See MoreCanada: Draft Legislation Concerning Taxation of Canadian Banks With Foreign Affiliates
On February 27, 2014, Canada’s Department of Finance released draft legislative proposals relating to the taxation of Canadian banks with foreign affiliates. The proposals contain modifications to those released for consultation on November 27,
See MoreCanada Highlights Trade and Investment Opportunities with Southeastern Europe
Canada’s Parliamentary Secretary to the Minister of International Trade has highlighted Canada’s growing trade relationship with Southeastern Europe during remarks he delivered at the NATO Council of Canada Conference on Investment and Business
See MoreCanada: GST compliance changes
The Canadian budget for 2014 includes a range of changes to the Canadian Goods and Services Tax (GST) and Harmonized Sales Tax (HST) regime. The tax changes include the following: Extension of the GST exemption on certain health and disability
See MoreCanada: 2014 Budget introduces no new taxes
The Canadian 2014 Budget introduces “no new taxes” on families or businesses, but does crack down on aggressive tax avoidance and overhauls a number of tax credits. The Finance Minister’s Economic Action Plan 2014 contains a series of reforms
See MoreCanada: No tax rate changes in Quebec’s budget for 2014
On 20 February 2014, Quebec's Minister of Finance and the Economy, delivered the 2014 Québec budget. The budget does not include any general corporate or individual (personal) income tax rate
See MoreCanada: Tax provisions in British Columbia’s 2014 budget
On 18 February 2014, British Columbia’s Finance Minister delivered the province’s 2014 budget. The British Columbia 2014 budget: Does not propose any general corporate or individual (personal) income tax rate changes; Would extend the
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