Tax Alerts — Canada

• Asset management year-end update – 2012 Issue No. 45
  On 24 October 2012, the Department of Finance released a Notice of Ways and Means Motion to implement a comprehensive package of technical income tax legislation.
• MAP report shows continued high volume of CRA transfer pricing audits – 2012 Issue No. 46
  On 5 November 2012, the Canada Revenue Agency released its Mutual Agreement Procedure (MAP) Program Report for the fiscal year ending 31 March 2012. The report provides an overview of the MAP program and covers cases dealing with resolution of double taxation or taxation not in accordance with a bilateral tax treaty.
• Alberta Bill 9 - insurance corporations tax update – 2012 Issue No. 47
  On 23 October 2012, the Alberta legislative assembly substantively enacted Bill 9, which includes proposed changes to the Alberta tax legislation in respect of insurers’ discretionary policy reserves for income taxes and broadens the definition of insurers and insurance contracts for purposes of premium taxes.
• Canada signs tax treaty with Hong Kong – 2012 Issue No. 48
  On 11 November 2012, the Canadian and Hong Kong governments signed a comprehensive double taxation agreement. Assuming that the ratification procedures are completed in 2013, the treaty will enter into force in both jurisdictions in 2014.
• Quebec budget 2013–14 – 2012 Issue No. 49
  Quebec Minister of Finance and the Economy Nicolas Marceau tabled the government’s fiscal 2013–14 budget on 20 November 2012.
• Bill C-48 – 24 October federal tax measures substantively enacted – 2012 Issue No. 50
  On 21 November 2012, Bill C-48, Technical Tax Amendments Act, 2012, was substantively enacted. The bill implements all the measures from the government’s 24 October 2012 omnibus notice of ways and means motion.
• Quebec fosters business investment and innovation – 2012 Issues No. 51 and No. 52
  In its 2013–14 budget released on 20 November 2012, the Quebec government included tax measures to encourage major business investment and innovation.

Publications and articles

Understanding taxpayer relief
In the November issue of our series Tax Intelligence, we look at the relief options available to taxpayers who have neglected to file a tax return, want to disclose accurate or complete information without facing penalties or are seeking a waiver or cancellation of penalties and interest.

Global economic uncertainty shakes Canadian confidence
Our seventh twice-yearly Capital Confidence Barometer finds that leading companies see little immediate prospect of a recovery for the global economy. While the situation has stabilized in some markets, most Canadian executives expect the downturn to last another year or two, with many taking a more pessimistic view of longer than two years.

Managing your personal taxes 2012–13: a Canadian perspective
Available in English and French editions, our popular and helpful annual guide offers tips, strategies and suggestions to help you achieve the following goals:

• Understanding your tax situation
• Reducing your income tax
• Benefiting from government incentives
• Executing tax-effective investment strategies
• Thinking about your future

Our special feature this year is the Canadian chapter from our International Estate and Inheritance Tax Guide.

Websites

Business immigration alerts and updates
For the latest information on Canadian and US business immigration issues from Egan LLP, a business immigration law firm allied with Ernst & Young LLP in Canada, visit EganLLP.com.

Global Center for Entrepreneurship and Innovation
Our Global Center for Entrepreneurship and Innovation connects and informs entrepreneurs of all shapes and sizes as they progress on their growth journey.

Online tax calculators and rates
Frequently referred to in financial planning columns, this popular feature on ey.com lets you compare the combined federal and provincial 2012 personal tax bill in each province and territory. The site also includes an RRSP savings calculator and personal tax rates and credits for all income levels. Our corporate tax-planning tools include federal and provincial tax rates for small-business rate income, manufacturing and processing rate income, general rate income and investment income.

Tax counsel and litigation
For news and thought leadership from Couzin Taylor LLP, a tax law boutique allied with Ernst & Young LLP in Canada, visit CouzinTaylor.com.

	Ernst & Young’s Guide to Preparing 2012 Personal Tax Returns Editors: Maureen De Lisser, Gena Katz, Gael Melville and Yves Plante This is the guide busy tax professionals rely on for quick answers, practical examples, and relevant reference materials when preparing tax returns. The guide contains everything you need in one searchable collection with full coverage of the latest tax measures. Available as an internet collection or PDF e-book.
	Ernst & Young’s Complete Guide to GST/HST, 2012 (20th) Edition Editors: Jean-Hugues Chabot, Sania Ilahi, David Douglas Robertson Canada’s leading guide on GST includes HST commentary and legislation, as well as a GST–QST comparison. Written by Ernst & Young indirect tax professionals, the guide is consolidated to 15 July 2012. Purchase a copy today.

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