A. Tax Legislation
1. Budget Dates 2017
Federal – March 22, 2017
Alberta – March 16, 2017
British Columbia – February 21, 2017
Manitoba – April 11, 2017
New Brunswick – February 7, 2017
Newfoundland & Labrador – April 6, 2017
Northwest Territories – February 1, 2017
Nova Scotia – April 27, 2017
Nunavut – February 22, 2017
Ontario – April 27, 2017
Prince Edward Island – April 7, 2017
Quebec – March 28, 2017
Saskatchewan – March 22, 2017
Yukon – April 20, 2017
2. Proposed Federal Tax Legislation - Including Budgets
The Department of Finance Website links all pending/draft tax legislation on its website, including the recent Federal Budget introduced by Notice of Ways and Means Motion on the same day as the Federal Budget.
This is where you can find links to the various Notices of Ways and Means Motions and draft technical legislative proposals which have not yet become law, as well as the Department of Finance’s explanatory notes for the proposed tax changes.
For additional details on tax legislation contact the Finance official responsible for the particular piece of legislation whose contact details are typically included with each piece of Draft Legislation.
3. Specified Cooperative Income - Specified Corporate Income Fix
See KPMG article in D below
4. Status of Tax Treaty Negotiations
For the Status of International Tax Treaty Negotiations on the Department of Finance website, scroll down past the yearly Notices to see the: In Force; Signed but Not Yet In Force and Under negotiation/re-negotiation details. Also included in this section of the Department of Finance website is an update on TIEA’s. There are no new Treaties or TIEA’s this month.
5. Personal and Corporate Tax Rates
NOTE – KPMG’s new Digital Tax Facts – the easiest to use in the business
Deloitte – Personal and Corporate Tax Rates Archive
PwC – Combined Tax Rates
6. 2017 Federal Budget Commentaries
7. 2017 Provincial Territorial Budgets - Deloitte
B. CRA's Interpretations
8. CRA Publications
CRA publishes a wide variety of technical information on the application of the Income Tax Act (Canada) referred to in Executive Tax Briefs as the “Tax Act”. Below is a list of CRA Publications and links, where available to those CRA resources, as follows:
- The Canada Revenue Agency (CRA) issues income tax folios to provide technical interpretations and positions regarding provisions of the Tax Act and related legislation. The comments in a particular Folio represent the views of CRA as they relate to provisions of the Tax Act in force at the time they were made but should not be considered to be a substitute for a review of the actual wording of the Tax Act as enacted from time to time. CRA’s views are not always shared by the courts and indeed the views of the Tax Court can be superseded by the views of the Federal Court of Appeal and, ultimately, the Federal Court of Appeal. The results of the final court finding on particular questions of law where no further appeal is available are considered to have for all times since the introduction of the legislation to be the law of the land.
- It should be noted that the system of Folios is gradually being introduced to replace the former system of, now archived, Interpretation Bulletins and Technical News releases
Interpretations Bulletins (ITBs”)
Technical Interpretations (“TIs”)
- TIs are published on a regular basis by the Rulings Directorate of CRA in Ottawa in both Official languages( with no available translations) and provide by far the most current views of CRA on the interpretation of provisions of the Tax Act in a variety of situations.
- TIs are not published on CRA’s website although inquiries regarding such items may be made directly to the Rulings Directorate by e-mail to email@example.com.
- Currently, a website called Tax Interpretations is providing free access to these copyright protected materials on a limited basis – weekends and the first week of every month. To locate a specific technical interpretation, go to http://taxinterpretations.com/ and enter the number of the TI in their search box.
- We highly recommend the Tax Interpretations Website – at $750 a year for what they offer, there is no better resource material – keep in mind that the bulk of the most significant tax news is found in CRA’s Tax Interpretations, all of which are published in only one official language and are not available to the public!!! Tax Interpretations has now taken on the job of translating the French TIs to English – invaluable!
CRA Income Tax Audit Manual
- CRA’s Income Tax Audit Manual sets out the internal audit policies and procedures for CRA employees involved in income tax audits of small and medium-sized businesses.
- Access to the Income Tax Audit Manual is now provided on the Tax Interpretations website and can provide a very useful insight into the assessing positions taken by CRA’s auditors.
9. CRA Prescribed Interest Rates and Exchange Rates
CRA prescribed interest rates can be found at this prescribed interest rates link.
For exchange rates see:
10. GST/HST/PST Links
Executive TaxBriefs is dedicated to providing the most current monthly updates on income tax matters affecting Owner-managers. However, for your convenience this news item contains links to important GST/HST/PST resources.
CRA pages on GST/HST:
New GST/HST Forms, Guides or Releases are found under CRA’s Recently Added Forms and Publications.
11. CRA confirms previously incurred trivial ECE may generate better ECP transitional results
12. CRA indicates GST gross negligence penalty can be levied on amounts not attributable to gross negligence
13. CRA Advises no T4A for rent
14. CRA maintains position of no foreign tax credit for US taxes paid by Canadian member on undistributed LLC Income
15. Taxation of Airline Passes for Employees
16. Specified Corporate Income Trap Examples
17. CRA holds appraisal increment increased corporation’s retained earnings for Part I.3 purposes
18. CRA checklist for determining whether LLLP legislation provides for a corporation
19. CRA will exclude contingent-fee WIP from professionals’ post-Budget income
C. Tax Court Cases
20. TCC Holds that Agreements Reached Under the Mutual Agreement Procedure are Binding on the CRA
21. FCA confirms finding of gross negligence for failure of executive to review tax return
22. TCC finds that structuring to deduct most of cost of land was unsuccessful
23. TCC indicates that defence under s. 163.2(6) of “good faith” reliance on information is unavailable
24. TCC finds that a taxpayer is not bound by the statement of boot set out in its s. 97(2) election
25. QCA finds that a promoter could be convicted of evading taxes of others – Gagné
a href=”https://taxinterpretations.com/tax-topics/income-tax-act/section-239#node-453373″>QCA finds that a promoter could be convicted of evading taxes of others – Gagné
26. FCA Holds that Limited partnership at-risk rules do not apply to partnerships as members – Green
27. Crown must produce all documents “considered by officials involved in or consulted during” a GAAR
D. Practitioners' Forum
28. Finance Provides Tax Relief to Farmers and Fishers from new Specified Corporate Income Rules
Watch out for this potential application of Specified Corporate Income Rules in small town dealings