TaxMatters@EY – January-February 2012

  • Share

Print View the print version.

In the latest issue of our monthly newsletter, you’ll find the following timely topics:

  • Do you have a tax-free savings account? – Every Canadian adult should consider including a tax-free savings account (TFSA) as part of their investment strategy. Learn more about the tax benefits a TFSA offers, and things you need to know.
  • Carefully consider management fees in related party planning – The Canada Revenue Agency was recently asked to share its views on establishing a reasonable basis for computing a management fee between a professional practice and its related holding company. Its response serves as a useful reminder that the fair market value of the services provided is the only basis on which such transactions should be valued.
  • Court decision clarifies the terms “pays or credits” for withholding tax purposes: Richard Lewin Re: The J.J. Herbert Family Trust #1 v. the Queen In this interesting Tax Court of Canada decision, a trust was able to obtain a deduction in respect of an unpaid distribution to a non-resident, while avoiding the imposition of immediate withholding tax.
  • Webcast 9 February: 2011–12 Tax risk and controversy survey —: a new era of global risk and uncertainty – EY’s 2011–12 Tax risk and controversy survey of tax executives, audit committee members, tax administrators and tax policymakers finds that tax administrations around the world are under pressure to raise revenues and are adopting an increasingly international focus, tax audits have become more frequent and aggressive, and transparency and disclosure requirements are rapidly increasing.

You’ll find all this — plus our latest tax publications, articles and alerts — in the current issue of TaxMatters@EY.


Do you have a tax-free savings account?
Bob Neale and Teresa Gombita, Toronto

Every Canadian resident (other than US citizens and green card holders) aged 18 and older should consider including a tax-free savings account (TFSA) as part of their investment strategy. The tax benefit of these registered accounts isn’t in the form of tax-deductible contributions, but in the tax-free earning on invested funds.

Bullet Read the full story...

var Prev_Trans = "Previous";var Next_Trans = "Next";var PrevURL = "";var NextURL = "";var sap = "CA/en/Services/Tax";var cpt = "TaxMatters@EY - January-February 2012" ;var mk_Holder = ""; if (PrevURL!="" || NextURL!="") { if (PrevURL!="") { mk_Holder = "" + Prev_Trans + ""; } if (NextURL!="") { mk_Holder = mk_Holder + "" + Next_Trans + ""; } mk_Holder = "

" + mk_Holder + "

"; document.write(mk_Holder);}