IMF Issues a Report After Consultations with Canada
On 16 July 2016 the IMF issued a report following the conclusion of consultations with Canada under Article IV of the IMF’s articles of agreement. The Canadian economy has avoided a recession, with GDP growth expected to increase slightly in
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Canada enacts 3% digital service tax
Canada’s federal government, in a notice on 28 June 2024, announced it authorised the implementation of a digital services tax (DST),which received royal assent on 20 June, 2024. The government states that the implementation of the Digital
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Canada releases revised consolidated Income Tax Act
Canada’s Minister of Justice Arif Virani, published an updated version of Canada's Income Tax Act. (Revised Canadian Statutes (R.S.C.), 1985, c. 2 (5th Supp.). Under this Act, residents in Canada should pay income tax on the taxable income
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Canada implements legislation for global minimum tax, digital service tax
Canada's Department of Finance announced that the Fall Economic Statement Implementation Act, 2023 (Bill C-59) and the Budget Implementation Act, 2024, No. 1 (Bill C-69) received royal assent on 20 June, 2024. The key measures from the 2023 Fall
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Canada: Parliament tables capital gains inclusion rate
Canada’s Department of Finance announced that the Notice of Ways and Means Motion was tabled in Parliament on 10 June, 2024, to deliver greater tax fairness and implement the changes in capital gains taxation announced in Budget 2024. The
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Canada releases revised FATCA and CRS guidance
The Canada Revenue Agency (CRA) revised the guidance under the FATCA and Common Reporting Standard (CRS) regimes on 5 April, 2024. The updated guidance specifies that Canadian financial institutions must obtain the Global Intermediary Identification
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G7 finance ministers pledge for a fairer global tax system
The G7 Finance Ministers and central bank governors held a meeting from 23–25 May, 2024, at Stresa, Italy, during which they issued a Communiqué reaffirming their commitment to creating a more stable and equitable international tax system. The
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Canada: Parliament discusses 2024 Budget Implementation Bill No. 1
Canada’s Bill C-69, Budget Implementation Act, 2024, No. 1, was presented to the House of Commons of Canada’s Parliament on Thursday, 2 May, 2024. Bill C-69 enacts the provisions outlined in the Notice of Ways and Means Motion (NWMM)
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Canada: CFIB opposes capital gains changes
The Canadian Federation of Independent Business (CFIB) published a release, on Thursday, 9 May, 2024, regarding its opposition to the proposed capital gains tax changes in the 2024 federal budget. The proposal aims to increase the capital gains
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Canada: New federal budget proposal may impact charities
Canada’s 2024 federal budget proposal may affect charities due to amendments made to the donation receipt requirements, and modification to the communication process between Canada Revenue Agency (CRA) and charitable organisations. The budget
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Canada: 2024 budget implementation act includes pillar two global minimum tax
Canada's Department of Finance announced, on 30 April 2024, that it tabled the “Notice of Ways and Means Motion to introduce an Act to implement certain provisions of the budget tabled in Parliament on 16 April 2024”. This legislation will
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Canada 2024 federal budget includes higher capital gains rate and other tax measures
On 16 April 2024, Canada’s Finance Minister delivered the 2024 federal budget. The following are some of the key tax measures of the budget: Capital gains inclusion rate The 2024 Budget proposes increasing the capital gains inclusion rate
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Canada: CRA releases new circular on advance pricing arrangements (APAs)
On 22 February 2024, the Canada Revenue Agency (CRA) released the Information Circular 94-4R2 on International Transfer Pricing: Advance Pricing Arrangements (APAs). This circular offers detailed guidance on APAs, focusing on the prerequisites for
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Canada mulls tax credits for clean hydrogen and tech manufacturing
On 20 December 2023, Canada's Department of Finance launched consultations on introducing tax credits for clean hydrogen investment and Clean Technology Manufacturing investment. As detailed in the 2023 Fall Economic Statement, the government is
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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
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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.
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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
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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
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