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.

Finance releases draft legislation for sales tax technical amendments
No. 30, 16 April 2014

On 8 April 2014, the Department of Finance released for public comment draft legislative proposals and explanatory notes relating to technical changes to the Excise Tax Act and related regulations.

Prince Edward Island budget 2014-15
No. 29, 9 April 2014

Finance Minister Wesley J. Sheridan tabled Prince Edward Island’s fiscal 2014-15 budget on 8 April 2014

OECD releases digital economy and hybrid mismatch Discussion Drafts
Nos. 27 and 28, 8 April 2014

The Organisation for Economic Cooperation and Development (OECD) has released Discussion Drafts in connection with Action 1, Tax challenges of the digital economy, and Action 2, Hybrid mismatch arrangements, under its Action Plan on Base Erosion and Profit Shifting (BEPS).

Nova Scotia budget 2014–15
No. 26, 4 April 2014

Finance Minister Diana Whalen tabled Nova Scotia’s fiscal 2014-15 budget on 3 April 2014.

OECD hosts second webcast update on BEPS project
No. 25, 3 April 2014

On 2 April 2014, the Organisation for Economic Cooperation and Development (OECD) hosted its second webcast on its Action Plan on Base Erosion and Profit Shifting. The discussion focused on progress and deliverables related to the Actions that have a September 2014 delivery date.

Newfoundland and Labrador budget 2014–15
No. 24, 28 March 2014

Finance Minister Charlene Johnson tabled Newfoundland and Labrador’s fiscal 2014-15 budget on 27 March 2014.

Nonresident trust rules – relieving elections
No. 23, 27 March 2014

Amendments to the nonresident trust rules, which had been in proposal form for many years, were finally enacted on 26 June 2013. A nonresident trust to which these rules apply will be deemed to be resident in Canada for certain purposes and taxed on its worldwide income and gains. Certain relieving elections are available, the filing deadlines for which are either 31 March 2014 or 25 June 2014.