TaxMatters@EY - March 2014

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Tax Alerts – Canada

  • New Brunswick budget 2014-15
    2014 Issue No. 7
  • Northwest Territories budget 2014-15
    2014 Issue No. 8
  • Canada and the US sign intergovernmental agreement to implement FATCA
    2014 Issue No. 9

    On 5 February 2014, Canadian Finance Minister Jim Flaherty announced that Canada has signed an intergovernmental agreement (IGA) with the US regarding the enhanced exchange of tax information in connection with the Foreign Account Tax Compliance Act (FATCA). The Department of Finance also released legislative proposals to implement the IGA under Canadian law, related explanatory notes and a selection of FAQs with responses.
  • Federal budget 2014-15
    2014 Issue No. 10
  • Invoices of accommodation: TCC decision in Salaison Lévesque Inc.
    2014 Issue No. 11

    On 4 February 2014, the Tax Court of Canada rendered a key decision in Salaison Lévesque Inc. on whether the Quebec Revenue Agency was correct in refusing the taxpayer’s claim for input tax credits in respect of GST paid to certain placement agencies that had not remitted the GST to the tax authorities.
  • British Columbia budget 2014-15
    2014 Issue No. 12
  • Quebec budget 2014-15
    2014 Issue No. 13
  • OECD releases standard on automatic exchange of financial account information
    2014 Issue No. 14

    On 13 February 2014, the Organisation for Economic Cooperation and Development (OECD) released a model Competent Authority Agreement and Common Reporting Standard designed to create a global standard for the automatic exchange of financial account information.
  • Federal budget introduces new international tax measures
    2014 Issue No. 15

    The federal budget includes a number of measures targeting specific elements of Canada's international tax system including insurance, offshore regulated banks, back-to-back loans and immigration trusts. The budget also announces new public consultations on a broader range of international tax issues, and confirms the government’s intention to proceed with certain previously announced reforms.
  • Related party R&D/design costs dutiable in Canada
    2014 Issue No. 16

    In one of the most important customs cases in years, the Canadian International Trade Tribunal has just confirmed an aggressive interpretation by the Canada Border Services Agency concerning additions to the transaction value for inter-company payments outside of the invoice amount or transfer price relating to design and development costs allocated to the importer.
  • Revised Form T1135: CRA announces new transitional relief for 2013
    2014 Issue No. 17

    On 26 February 2014, the CRA announced new transitional relief for Canadians who must comply with more detailed Form T1135 information reporting requirements for foreign property with a cost of over $100,000.

Publications and articles

Global Corporate Divestment Study: Strategic divestments drive value
Companies can create shareholder value by regularly assessing whether each business unit in their portfolio is contributing to strategic goals and long-term growth. Our latest study found that more than half of surveyed companies have made a major divestment in the last two years.

Cloud taxation issues and impacts
As a linchpin of the global digital economy, cloud computing is now pervading businesses across all industries. But it’s technology companies that have not only created this transformational technology but also, in turn, pioneered its use to transform their own businesses. Technology companies need to bring tax planning to the table early on and ask the right questions to avoid high-impact surprises — for themselves as customer service providers, for their business customers and for the cloud customers.

2014 Global tax policy outlook
Across the world, tax policies are adding tax burdens to virtually every type of tax imaginable. Whether it’s corporate, personal or indirect taxes, there’s been a rapid slowdown in the number of headline rate changes compared to 2012 and 2013. The Outlook for global tax policy in 2014 provides information on 60+ countries as well as a review of the trends in legislation and known proposals for 2014.

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.

Focus on private business
Because we believe in the power of private mid-market companies, we invest in people, knowledge and services to help you address the unique challenges and opportunities you face in the private mid-market space.

Online tax calculators and rates
Frequently referred to by financial planning columnists, this popular feature on ey.com/ca lets you compare the combined federal and provincial 2012 and 2013 personal tax bills 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.

CA Store

EY's Federal Income Tax Act, 2014 (12th) Edition EY’s Federal Income Tax Act, 2014 (12th) Edition
Editors: Greg Boehmer, Fraser Gall, Jay Hutchison

Complete coverage of Canada’s Income Tax Act and Regulations. New with this edition — interactive online features! Purchase of a print book includes access to an online, updated and searchable copy of the Federal Income Tax Act.
 
EY's Guide to Preparing 2013 Personal Tax Returns EY's Guide to Preparing 2013 Personal Tax Returns
Editors: Maureen De Lisser, Janna Krieger, 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 personal 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.
 
EY's Guide to Capital Cost Allowance, 5th Edition EY's Guide to Capital Cost Allowance, 5th Edition
Editors: Allan Bonvie, John Chan, Lokesh Chaudhry, Maureen De Lisser

Takes you through the capital cost allowance and eligible capital expenditure rules in Canada with commentary and illustrative examples. Unique CCA lookup tables (by class and by item) are included.