Canada: 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
See MoreCanada-Korea (Rep.) Free Trade Agreement enters into force
The Free Trade Agreement (FTA) between Canada and Korea (Rep.) has entered into force on 1st January 2015 and signed on 22nd September 2014. South Korea has automatically removed duties on 81.9% of tariff lines from 1st January
See MoreCanada: Taxpayers to be better off in 2015
As a result of tax reforms initiated by the Canadian Taxpayers' Federation (CTF), Canadian families will have more money in their pockets during 2015. The calculations are contained within the CTF's annual New Year's Tax Changes report that
See MoreCanada & UK: Protocol to DTA entered into force
The amending protocol of the Income Tax Treaty (1978) between Canada and United Kingdom has entered into force on 18th December 2014 that was signed on 21st July 2014. The protocol usually applies from the following dates: Canada 1st January
See MoreUK & 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
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