Canada announces legislation to implement digital services tax
On 28 November 2023, Ms. Chrystia Freeland, Deputy Prime Minister and Minister of Finance, tabled the Notice of Ways and Means Motion to introduce the Fall Economic Statement Implementation Act, 2023. This legislation, which delivers on key
See More
Canada updates electronic filing requirements for business entities
On 16 August 2023, the Canada Revenue Agency (CRA) announced that businesses filing six or more information returns must file them electronically to avoid penalties. Recent legislation has amended mandatory electronic filing thresholds.
See More
Canada releases revised draft DST Act for public comments
On 4 August 2023, the Department of Finance Canada published a revised draft of the Digital Services Tax (DST) Act for public consultation. These legislative proposals would implement the Digital Services Tax Act. The Act would impose a tax
See More
Canada releases draft Global Minimum Tax Act for public comments
On 4 August 2023, Canada issued draft legislation aimed at implementing the "Pillar Two" global minimum tax framework established by the Organisation for Economic Co-operation and Development (OECD) and the G-20 Inclusive Framework on Base Erosion
See More
Canada plans to enact DST in 2024
On 12 July 2023, Canadian Deputy Prime Minister and Minister of Finance said “two years ago, we agreed to pause the implementation of our own Digital Services Tax (DST), in order to give time and space for negotiations on Pillar One. But we were
See More
Canada releases consultation paper on reforming transfer pricing rules
On 6 June 2023, the Canadian Department of Finance issued a consultation paper on reforming and enhancing Transfer Pricing Rules. Budget 2021 announced the government’s intention to consult on Canada’s transfer pricing rules with a view of
See More
Canada: Tax measures in federal budget 2023
On 28 March 2023, Ms. Chrystia Freeland, the Deputy Prime Minister and Minister of Finance released Budget 2023. Canada’s economic growth was the strongest in the G7 over the last year, and today, 830,000 more Canadians are employed than before
See More
Canada releases Fall Economic Statement Implementation Act 2022
On 15 December 2022, Bill C-32, the Fall Economic Statement Implementation Act 2022, received Royal Assent in Canada. Key measures adopted in Bill C-32 to make life more affordable include: Permanently eliminating interest on Canada Student
See More
Canada: Consultation on Strengthening the General Anti-Avoidance Rule
On 9 August 2022 the Canadian government published a consultation paper on strengthening the general anti-avoidance rule (GAAR). Comments are invited by 30 September 2022. The paper notes that the GAAR, which was first introduced in 1988, has
See More
Canada enacts Budget for 2022
Canada has published the Budget Implementation Act, 2022, No. 1, which received royal assent on 23 June 2022 and provides for the implementation of certain measures proposed as part of the Budget 2022. Key measures in Budget Bill C-19 include:
See More
Canada enacts federal budget bill 2022
On 23 June 2022, Canada's Budget Implementation Act 2022, No. 1, Bill C-19 which includes several tax measures received Royal Assent. Bill C-19 implements tax measures announced in the 2022 and 2021 federal budgets, as well as various other
See MoreCanada: Government invites feedbacks on draft legislation regarding hybrid mismatches
On 29 April 2022, the Finance Department published a draft legislation proposals that would address hybrid mismatch arrangements, which are used primarily by multinational enterprises to avoid paying their fair share of tax, as committed to in
See MoreCanada: Bill-19 receives its first reading to implement some measures of Budget 2022
On 28 April 2022, Bill C-19, introduced by the Deputy Prime Minister and Minister of Finance, was received its first reading for implementing some measures of Budget 2022. Some highlighting points are given below: Government banned foreign
See MoreCanada: Finance Ministry presents Budget 2022
On 7 April 2022, the Finance Ministry presented Budget 2022. Some of the tax measures for business in the Budget are given below: Small business tax rate According to the Budget, qualifying businesses benefit from the small business 9%
See MoreCanada: Finance Department invites public comments on draft tax proposals
On 4 February 2022, the Canadian federal government released draft legislation to implement a variety of proposed tax measures including the new "Excessive Interest and Financing Expenses Limitation" (EIFE Limit) first announced in the April 2021
See MoreCanada: Public comments of draft tax Proposals for Certain Budget 2021
On 7 February 2022, the Department of Finance released for public comment a set of draft legislative proposals to implement previously announced and other tax measures. Specifically, the proposals would implement Budget 2021 measures to: Allow
See MoreCanada CRA publishes a notice regarding the effect of MFN provisions with Lithuania
Recently, the Canada Revenue Agency (CRA) has published a Notice regarding the impact on the Most Favoured Nation (MFN) provision of the Canada–Lithuania Income Tax Convention with respect to certain royalties. Effective January 1, 2019, the
See MoreCanada: CRA publishes a notice regarding the effect of MFN provisions with Latvia
Recently, the Canada Revenue Agency (CRA) has published a Notice regarding the impact on Most Favoured Nation (MFN) provision of the Canada–Latvia Income Tax Convention with respect to certain royalties. Effective January 1, 2018, the
See More