Canada: SMEs want tax cuts at Budget 2017
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses. The CFIB has published its list of recommendations for the upcoming federal budget 2017. The recommendations for the
See MoreHong Kong signs agreements on automatic exchange of financial account information in tax matters with 6 jurisdictions
Hong Kong has signed agreements with six jurisdictions for conducting automatic exchange of financial account information on tax matters. They are Belgium, Canada, Guernsey, Italy, Mexico and the Netherlands. A Government spokesman said on 17 March
See MoreCanada: Tentative date for federal budget 2017 launched
The Finance Canada have dropped a fairly big hint on when Finance Minister will deliver the Liberal government’s sophomore budget. Currently, there are no clear clues found about the changes that will occur in the federal budget. The Federal
See MoreCanada: Guidance about CbC reporting
The Canada Revenue Agency (CRA) has released a Guide ‘RC4651’ on 2nd March 2017 regarding Country-By-Country Reporting (CbCR) in Canada, which is only available in electronic format. This is a new filing obligation for multinational enterprise
See MoreCanada, Singapore Competent authority agreement on automatic exchange of information enters into force
The Competent Authority Agreement on Automatic Exchange of Information (2016) between Canada and Singapore entered into force on 27 February 2017. The agreement is expected to make sure Canada and Singapore will be able to begin from 2018, the
See MoreCanada: The Province Budget 2017-18 for British Columbia issued
The Province Fiscal Budget 2017-18 was presented on 21st February 2017 by the Ministry of Finance of British Columbia. This budget includes a number of tax measures. The short summary of this budget are given below: Business taxation With effect
See MoreCanada: CbC report form published
A form entitled ‘RC 4649’ and instructions for completing the country-by-country (CbC) report has been published on 3rd February 2017 by the Canada Revenue Agency (CRA) for reporting the income allocation, tax allocation and business activities
See MoreCanada: New Brunswick Budget 2017 presented
The New Brunswick Province Budget 2017 was delivered on 7th February 2017 by the Finance Minister. The budget decreases the small business income tax rate from 3.5% to 3% that will be effective from 1st April
See MoreCanada: Carbon levy has been implemented in Alberta
The Alberta has executed the Climate Leadership Act along with associated regulations that forces to pay a carbon levy on fuels consumed in Alberta. It is part of Alberta’s broader climate change initiatives intended to reduce greenhouse gas
See MoreCanada: Probable changes expected in federal budget 2017
The Federal Budget 2017 will have been delivered by the Ministry of Finance of Canada soon. Till now the detailed of budget are unknown. The changes related to business tax, mining industry, personal tax, non-profit organizations and international
See MoreCanada: Special insurance premium taxes charged
The federal government and some province governments of Canada charge a tax regarding insurance premiums. Due to risks in the province, companies in Alberta must self-assess a 50% tax on certain insurance premiums. This requirement is applicable on
See MoreCanada: Trump Import Tariffs impact
The US President gave warning of raised import tariffs on Mexican exports to the United States. He also made an indication that Canadian exports could be subject to the same tax treatment. He said that he would impose 35% import tariff from
See MoreDTA protocol between Brazil and Canada confirm WHT rate on technical services
A Private Ruling 5/2017 (Solução de Consulta 5/2017) has been published in the Official Gazette on 18th January 2016. This ruling confirms that payments made by Brazilian sources to individual or companies resident in Canada for technical
See MoreUK, Canada exchange of letters to DTA enters into force
On 21 December 2016, the exchange of letters of double tax treaty (DTA) between United Kingdom and Canada was entered into force and that was signed on 11 August 2015 by the United Kingdom and on 27 July 2015 by Canada. As of 21 December 2016 the
See MoreCanada and Peru: Social Security Agreement enters into force
The Social Security Agreement between Canada and Peru will enter into force on 1st March 2017. It will be effective from 1st March
See MoreCanada: Final legislation on implementation of CbC reporting requirements
Bill C-29 was passed by the House of Commons on 15th December 2016. The Bill provides the final legislation to implement country-by-country (CbC) reporting. The final legislation formalizes the introduction of section 233.8 to the Income Tax Act,
See MoreDTA between Canada and Israel entered into force
The Income Tax Treaty (2016) between Canada and Israel has been entered into force on 21st December 2016 for avoiding double taxation and it generally applies from 1st January 2017 for withholding and other taxes. But, the provisions of article 23
See MoreCanada: Income Tax Folio on capital dividends published
The Canada Revenue Agency (CRA) has published an Income Tax Folio on 15th December 2016 regarding capital dividends (S3-F2-C1). The new Folio is open for comment up to 16th March 2017. Additionally, a general overview of capital dividends and the
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