Canada -Partnership information return for 2013
The Canadian Revenue Agency (CRA) has issued revised guidance for partnership information returns (Guide T4068), Guide for the Partnership Information Return (T5013 Forms) for the year 2013. The Guide T4068 contains changes to the forms, schedules
See MoreCanada – Making Declaration of proposed tax changes in Ontario
The Finance Ministry in Ontario has declared proposed measures to increase the tax rate on “non-eligible dividends” of up to 3.9% which was effective from January 1, 2014. Other proposed measures would include: Certain research and development
See MoreCanada will balance budget in 2015 without raising taxes
The Finance Minister of Canada released economic and fiscal projections annual update on that reports that the government is on the right track to balance the budget in 2015 without raising taxes. The government desires to balance the budget without
See MoreCanada-Serbia DTA enters into Force
The revenue agency declared that the Double Taxation Agreement (DTA) between Canada and Serbia has entered into force on October 31, 2013 and it was actually signed on April 27, 2012. On the basis of this agreement, a 5% tax withheld will be levied
See MoreCanada ratifies MIDT
The Government of Canada has ratified the Convention that was initiated for signature in 1965, and entered into force the following year on the adjustment of Investment Disputes between States and Nationals of Other States. According to
See MoreCanada –New Form due to research expenses
The Revenue Agency of Canada has released a revised version of Form T661 naming Scientific Research and Experimental Development (SR&ED) Expenditures Claim. The legislative changes proposed in the 2013 and 2012 federal budgets are addressed in
See MoreCanada – Interest-free loans and Interest rates on family loans for 2014
The Revenue Agency of Canada have declared that the formal income tax interest rates in respect of taxable benefits, overpaid taxes, and underpaid taxes will all deduct by 1% as of January 1, 2014. The prescribed rate that uses to taxable credits
See MoreCanada: Deduction of R&D tax credit rate starting from 2014
The normal rate for tax credits under the federal government’s scientific research and experimental development (SR&ED) program will be deducted from 20% to 15% starting in 2014. For claiming SR&ED tax credits during 2014, Companies
See MoreCanada and Poland –Tax treaty enters into force
Poland and Canada was signed income tax treaty on 14 May 2012, which was replaces income tax treaty from 1987. This tax treaty entered into force on 30 October 2013 and the effective date of treaty provisions are contained in Article 27. The treaty
See MoreCanada – Tax credits temporarily refundable in Quebec
The Quebec government declared three new temporary repayable tax credits. Individuals who investing in “eco-friendly” renovation work these temporary tax credits are for them. Certain corporations that acquire, or add to, buildings applied in
See MoreCanada – QST changes in Quebec
A business with total taxable supplies and those of the business' associates exceed $10 million for the preceding fiscal year is considered as large business. The Quebec Revenue recently published extra information regarding the upcoming repeal of
See MoreCanada – Legislation Implementing Tax Measures from Budget Plan
The Canada’s Federal Budget Bill contains measures from the 2013 federal budget including: Introduction of new administrative financial penalties and criminal offences to deter the use, possession, sale and development of electronic suppression
See MoreCanada-Switzerland: Exchange of letters to treaty enters into force
The exchange of letters, signed by Switzerland on June 28, 2012 and by Canada on July 23, 2012, to the Canada - Switzerland Income and Capital Tax Treaty (1997), as amended by the 2010 protocol, entered into force on October 31, 2013 and generally
See MoreCanada –Tax measures situation from Budget 2013
The Department of Finance Canada has issued a draft legislation naming “Notice of Ways and Means Motion” on October 18, 2013 to complete remaining tax measures from the 2013 federal budget and some previously declared tax measures. These
See MoreEU & Canada Free Trade Agreement
After more than four years of negotiations, the European Union (EU) and Canada have reached a political agreement on a Comprehensive Economic and Trade Agreement (CETA). When the agreement will enter into force, a larger part of obligations will be
See MoreCanada: Draft proposals on character conversion transactions
Canada’s Finance Department has published draft legislative proposals for a number of the measures on September 13, 2013 that were first introduced on 21 March 21, 2013 as part of the 2013 federal budget. By the draft proposals derivative
See MoreCanada: Quarterly formal interest rate due to include deemed interest income
The Revenue Agency (CRA) of Canada ensured that the quarterly prescribed interest rate used to determine the deemed interest income inclusion from a "pertinent loan or indebtedness" will be 5.02% for the fourth quarter of 2013 - i.e. October 1, 2013
See MoreCanada – Eligibility of certain retirement payments for pension income splitting
The Revenue Agency (CRA) of Canada has issued a technical interpretation addressing amounts received from “retirement compensation arrangements” eligible for pension income splitting, effective for tax years 2013 and later. Pension income
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