Finance releases revised rules for capital dividend account (CDA) computations
Budget 2024 announced an increase to the capital gains inclusion rate from one-half to two-thirds for all corporations and trusts, and an increase to two-thirds on capital gains realized by individuals on or after June 25, 2024 in excess of […]
Taxpayer relief in Maverick Oilfield Services Ltd.
Despite their best efforts, taxpayers may sometimes fail to comply with their obligations under the Income Tax Act (Canada) (the “ITA”) and incur interest and penalties as a result. In such circumstances, subsection 220(3.1) of the ITA provides the Canada […]
Reportable uncertain tax treatment rules
The mandatory disclosure rules contained in Bill C-47 are now in effect. While there has been a great deal of discussion regarding the reportable and notifiable transaction rules, Bill C-47 also introduced new reporting obligations in respect of “reportable uncertain […]
Canadian individuals and corporations may have an underused housing tax filing obligation even when no tax is owed
Editor note: On March 27, 2023, the Canada Revenue Agency announced that “no penalties or interest will be applied for UHT returns and payments that the CRA receives before November 1, 2023”. This announcement effectively extends the filing and payment […]
Books and records: Document retention policies and best practices when dealing with the CRA
The proper maintenance of a business’ books and records is essential when dealing with an audit initiated by the Canada Revenue Agency (the “CRA”). Taxpayers should be cognisant of their recordkeeping obligations under the Income Tax Act (Canada) (the “Act”) […]
