Tax Alert – Canada

Tax Alert – Canada

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Tax Alerts cover significant tax news, developments and changes in legislation that affect Canadian businesses.

Yukon budget 2015-16
No. 23, 2 April 2015

Finance Minister Darrell Pasloski tabled Yukon's fiscal 2015-16 budget on 2 April 2015.

New Brunswick budget 2015-16
No. 22, 1 April 2015

Finance Minister Roger Melanson tabled New Brunswick's fiscal 2015-16 budget on 31 March 2015.

Alberta budget 2015–16
No. 21, 26 March 2015

Finance Minister Robin Campbell tabled Alberta's fiscal 2015-16 budget on 26 March 2015.

Quebec budget 2015–16
No. 20, 26 March 2015

Finance Minister Carlos J. Leitão tabled Quebec's fiscal 2015-16 budget on 26 March 2015.

Final Report of the Québec Taxation Review Committee
No. 19, 20 March 2015

On 19 March 2015, after eight months of deliberations, the Québec Taxation Review Committee made public its final report.

Saskatchewan budget 2015-16
No. 18, 18 March 2015

Finance Minister Ken Krawetz tabled Saskatchewan's fiscal 2015-16 budget on 18 March 2015.

New funding to support mining and oil and gas exploration in Canada
No. 17, 5 March 2015

On 1 March 2015, the federal government announced the extension of the Mineral Exploration Tax Credit and the new tax treatment of costs for environmental studies and community consultations related to obtaining an exploration permit.

Intra-group services and section 247 of the Income Tax Act
No. 16, 4 March 2015

Recently, the Canada Revenue Agency released new transfer pricing memorandum TPM-15, which clarifies the CRA's policy on several audit and tax issues commonly encountered during the audit of intra-group services. The content of this TPM expands on the guidance discussed in Part 6 of Information Circular IC87-2R.

Investment plan managers: QST compliance requirements
No. 15, 3 March 2015

Following the further QST harmonization on 1 January 2013, some investment plan managers that are not resident in Quebec and not QST registrants wrongly reported a QST "tax adjustment transfer amount" in the GST/HST returns filed with the Canada Revenue Agency. Affected non-registered managers are required to correct the mistake by filing Form VD-406.2, Transfer of a tax adjustment by an investment plan manager not registered for QST purposes.

Cross-currency swap was a hedge
No. 14, 2 March 2015

On 19 February 2015, the Tax Court of Canada (TCC) released its decision in George Weston Limited v. The Queen, 2015 TCC 42. The case challenges the Canada Revenue Agency's (CRA) prior administrative positions regarding the characterization of foreign exchange gains and losses on forward contracts.