Canada: 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
See MoreUS signs an IGA with Canada to implement the FATCA
The United States signed an intergovernmental agreement (IGA) with Canada on 5 February 2014 to implement the Foreign Account Tax Compliance Act (FATCA). In 2010, the U.S. passed the Foreign Account Tax Compliance Act, to target non-compliance
See MoreCanada: FTA with Israel is under negotiation
A first round of negotiations for a Free Trade Agreement (FTA) between Canada and Israel was held from 3 to 9 February 2014, in
See MoreBahrain ratifies its TIEA with Canada
An Agreement between Canada and Bahrain for the exchange of information on tax matters which was signed on June 4, 2013 it was ratified by Bahrain on February 4, 2014. The Agreement provides for the mutual exchange of tax information that is
See MoreTIEA between Canada and Liechtenstein entered into force
The Agreement between Canada and Liechtenstein for the Exchange of Information on Tax Matters entered into force on January 26, 2014. The Agreement was signed on January 13, 2013. The Agreement has effect in accordance with the provisions of
See MoreEthiopia intends to negotiate a tax treaty with Canada
Following a meeting held on 27 January 2014, Ethiopia has expressed its intentions to negotiate and sign a Double Tax Treaty (DTA) with Canada. In recent years Ethiopia has been one of the fastest growing economies in Africa. The country is one of
See MoreCanada: Lower Tax Rates demanded for Small Businesses
The Canadian Federation of Independent Businesses (CFIB), in presenting budget requests to the Finance Minister, has recommended a gradual reduction of the small business tax rate from 11% to 9%. CFIB feels that these changes will help the small
See MoreCanada: New Anti-Avoidance Program
The Canada Revenue Agency (CRA) has announced the Offshore Tax Informant Program (OFTP) that offers financial rewards for information that helps address major international tax non-compliance. Rewards will be paid to individuals for evidence with
See MoreCanada and Taiwan: DTA negotiations
Canada and Taiwan have confirmed that they are in negotiations towards a double taxation agreement (DTA), which could be signed during
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