Canada: Country-by-country reporting legislation introduced
Following on the Organization for Economic Cooperation and Development’s (OECD) Base Erosion and Profit Sharing (BEPS) initiative, the Finance Department has released draft legislative proposals on 29th July 2016 that would implement certain
See MoreCanada: LLPs established in Delaware and Florida will be treated as corporations
At the 26 May 2016 IFA International Tax Conference, the Canada Revenue Agency (CRA) has confirmed that limited liability partnerships (LLPs) and limited liability limited partnerships (LLLPs) established in Delaware and Florida are to be treated as
See MoreIMF report comments on Canada’s economic policy
On 9 May 2016 the IMF issued a report after the completion of consultations with Canada under Article IV of the IMF’s articles of agreement. Canada’s economy is facing a test owing to the fall in oil prices. Real GDP growth decreased from 2.5%
See MoreCanada: First reading of federal budget bill 2016 received
Federal budget bill 2016, Bill C-15, has received first reading on 20th April 2016 that contains some of the proposals announced by the 2016 federal budget. It also includes several measures, such as changes affecting the inter-corporate dividend
See MoreCanada: Tax changes in New Brunswick
New Brunswick Bill 32 has received the first reading of a tax legislation on 29th March 2016 that includes a reduction in the small business tax rates and adjustments to the dividend tax credit provisions. The following measures are in Bill
See MoreCanada: Transition rules, HST rate for New Brunswick
The government of New Brunswick has published general descriptions of the transitional rules for the proposed rate of harmonized sales tax (HST) from 13% to 15% and it will be effective from 1st July 2016. Businesses across Canada and non-resident
See MoreCanada: Business income taxation changes in Budget 2016
The Finance Ministry presented the Budget for 2016 on 22nd March 2016. Details regarding business income taxation are summarized below: New incentives have been proposed in the Budget 2016 in relation to electric vehicle charging stations,
See MoreCanada: Proposal regarding CbC reporting in Budget 2016
Canadian Budget for 2016 proposes new legislation to strengthen transfer pricing documentation by introducing country-by-country reporting for large MNEs. The new transfer pricing documentation rules will follow the base erosion and profit shifting
See MoreCanada: Increased HST rate in New Brunswick
In New Brunswick the rate of harmonized sales tax (HST) for companies that do business in the province is to increase from 13% to 15% with effect from July 1, 2016. New Brunswick announced this HST rate increase in its 2016
See MoreCanada: Tax measures regarding New Brunswick’s 2016 budget
The 2016-17 provincial budget of New Brunswick which was presented on 2nd February 2016. It includes measures as follows: The province’s rate of harmonized sales tax (HST) has increased from 13% to 15%; Increase the corporate income tax rate
See MoreCanada: WHT relief for foreign employers of cross-border workers
Under Regulation 102 of the Income Tax Act, non-Canadian resident employers with non-resident employees working in Canada can now apply to qualify for a new exception from the withholding tax requirements. Under the provisions of many of the double
See MoreCanada and Taiwan: DTA signed
A Tax Agreement between Canada and Taiwan has been signed on January 13, 2016 in Taipei and on January 15, 2016 in Ottawa. It was initialed on May 1,
See MoreCanada: CRA updates T5008 guide for return of securities transactions
The Canada Revenue Agency (CRA) has published an updated T5008 guide 2015 regarding filing securities transactions returns on 12th January 2016. Under the Income Tax Act, the term "filer" refers to the person (individual or organization) that must
See MoreCanada and Peru: Social Security Agreement ratified
The Social Security Agreement (2014) between Canada and Peru has been ratified by Peru by way of Supreme Decree No. 003-2016-EF and it was published in the Official Gazette of 14th January
See MoreCanada: Tax rates for 2015-2016 enacted as of 31 December 2016
Under the provisions of the 2015 federal budget and the 2015 provincial budgets, changes to the federal and provincial corporate tax rates for active business income earned by a Canadian-controlled private corporation (CCPC) which is eligible for
See MoreCanada: Increased tax exemption amount for small businesses in Manitoba
In December 2015 an increase was announced from the previous small business tax-free threshold of $450,000. From the beginning of 2017, Manitoba's small business threshold will increase from $450,000 to $500,000 and small businesses with taxable
See MoreCanada: Alberta fiscal budget for 2015-2016 issued
The Finance Minister of Alberta has presented the Province’s fiscal budget for 2015-2016 on 27th October 2015. The budget contains no changes to the personal income tax rates. However, some other new tax measures contained in the budget may
See MoreThe Trans-Pacific Partnership negotiation completed
On October 4, 2015, Ministers of the 12 Trans-Pacific Partnership (TPP) countries – Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam – announced conclusion of their
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