TaxMatters@EY

Tax issues affect everyone.

TaxMatters@EY is a monthly Canadian summary to help you get up to date on recent tax news, case developments, publications and more. From personal and corporate tax issues to topical developments in legislation and jurisprudence, we bring you timely information to help you stay in the know.

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TaxMatters@EY – November 2020

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Tax calculators & rates

Calculate your annual federal and provincial combined tax rate with our easy online tool.

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Tax Alerts – Canada

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

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Publications and articles

Additional resources

EY’s Global Capital Confidence Barometer
The 22nd edition of EY’s Global Capital Confidence Barometer is out.

2019-20 Worldwide Personal Tax and Immigration Guide
This EY guide summarizes personal tax systems and immigration rules in more than 160 jurisdictions, including Australia, Brazil, Canada, France, Germany, Mexico, the Netherlands, the Russian Federation, the UK and the US.

EY’s Worldwide Capital and Fixed Assets Guide 2020
Capital expenditures represent one of the largest items on a company’s balance sheet. This guide helps you to reference key tax factors needed to better understand the complex rules relating to tax relief on capital expenditures in 31 jurisdictions and territories.

EY’s Worldwide Estate and Inheritance Tax Guide 2020 
This guide summarizes the gift, estate and inheritance tax systems and describes wealth transfer planning considerations in 42 countries and territories.

Worldwide Corporate Tax Guide 2020
Governments worldwide continue to reform their tax codes at a historically rapid rate. Chapter by chapter, from Albania to Zimbabwe, this EY guide summarizes corporate tax systems in more than 160 jurisdictions.

Worldwide VAT, GST and Sales Tax Guide 2020
This guide summarizes the value-added tax (VAT), goods and services tax (GST) and sales tax systems in 134 jurisdictions, including the European Union.

Worldwide R&D Incentives Reference Guide 2020
The Worldwide R&D Incentives Reference Guide offers taxpayers the information necessary to identify and leverage opportunities to benefit from available incentives, especially relevant if they are contemplating new or expanded investments in R&D.

2019-20 Worldwide Transfer Pricing Reference Guide
The EY Worldwide Transfer Pricing Reference Guide 2019−20 is designed to help international tax executives quickly identify transfer pricing rules, practices and approaches.

The information included in the guide covers 134 jurisdictions. It is meant to provide an overview for the covered jurisdictions regarding their transfer pricing tax laws, regulations and rulings; OECD Guidelines treatment; documentation requirements; transfer pricing returns and related party disclosures; transfer pricing documentation and disclosure timelines; BEPS Action 13 requirements; transfer pricing methods; benchmarking requirements; transfer pricing penalties and relief from penalties; statutes of limitations on transfer pricing assessments; likelihood of transfer pricing scrutiny and related audits by tax authorities; and opportunities for advance pricing agreements (APAs).

The content for the guide is updated as of April 2020.

EY Center for Board Matters
The EY Center for Board Matters supports board members in their oversight role by helping them address complex boardroom issues.

EY TradeWatch
Trade forms the backbone of the world’s economies, spurring investment, job creation and economic growth, and raising standards of living. To read more, access the global site by clicking on the link above.

EY TradeWatch, Issue 2, 2020
How has COVID-19 impacted global supply chains? What impact will Brexit have on multinationals in the EU? To learn about the latest updates, download our latest edition of TradeWatch, here.

Websites

EY Law LLP
Our national team of highly qualified lawyers and professionals offers comprehensive tax law services, business immigration services and business law services. Serving you across borders, our sector-focused, multidisciplinary approach means we offer integrated and comprehensive advice you can trust. Visit eylaw.ca.

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, our mobile-friendly calculators on ey.com/ca let you compare the combined federal and provincial 2019 and 2020 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 Insights for business leaders
Tax Insights provides deep insights on the most pressing tax and business issues. You can read it online and find additional content, multimedia features, tax publications and other EY tax news from around the world.

CPA Canada Store

EY’s Complete Guide to GST/HST, 2020 (28th) Edition

Canada’s leading guide on GST/HST, including GST/HST commentary and legislation, as well as a GST-QST comparison. Written in plain language by a team of EY indirect tax professionals, the guide is consolidated to July 15, 2020 and updated to reflect the latest changes to legislation and CRA policy.

Editors: Jean-Hugues Chabot, Sania Ilahi, David Douglas Robertson

EY's Federal Income Tax Act, 2020 Supplement to 2019 Edition

The print supplement contains proposed and passed legislative changes to the Income Tax Act and regulations from April 2, 2019 to May 31, 2020. This book is intended as a companion volume to your copy of the 2019 edition of EY’s Federal Income Tax Act. Now available.

Editors: Albert Anelli, Warren Pashkowich, Murray Pearson


EY’s Guide to the Taxation of Insurance Corporations in Canada, 2nd edition

An easy-to-use reference guide designed to assist Canadian tax professionals in understanding the main aspects of the Canadian federal and provincial corporate taxation of insurance corporations. Available November 2020.

Archived issues

  • 2019

    December 2019

    • Asking better year-end tax planning questions
    • Year-end remuneration planning
    • An “advantage” received in the first year from TFSA swap transactions continued to produce advantage in subsequent years

    November 2019

    • Boost education savings by making year-end RESP contribution
    • Finance issues comfort letter on application of advantage tax rules to investment management fees
    • CRA’s views on employer contributions to a crowdfunding campaign
    • How can your company thrive rather than survive in this era of digital Darwinism?
    • Reassessment of an estate well beyond the normal reassessment period was valid

    October 2019

    • Student income tax recap
    • Intelligence without trust: a risky business
    • How a growing procurement footprint can increase your tax footprint
    • Tax Court of Canada considers a claim of an ABIL, interest deduction and capital loss in respect of a failed investment

    September 2019

    • When can you deduct interest on a loan?
    • Worldwide Estate and Inheritance Tax Guide 2019
    • Five takeaways from the 2019 proxy season
    • TCC finds due diligence defence applied where failure to file T1135 on a timely basis

    July 2019

    • New rules for charities’ political activities: are you compliant?
    • Updated online tax calculators and rates for 2019
    • New regulations for short-term rentals in Québec target owners
    • How blockchain could transform the world of indirect tax
    • FCA affirms that a “return of capital” prohibits interest deductibility

    June 2019

    • Fertility expenses: tax credits for current and past years
    • Ontario estate administration: partial tax relief coming
    • More digital tax administration means more risks for boards to consider
    • Taxpayer’s severe anxiety disorder qualified her for the disability tax credit

    May 2019

    • Advanced life deferred annuities: the latest tool in retirement planning
    • How tax is transforming in the digital age
    • FCA decision on the reassessment of a pension plan member

    April 2019

    • CRA audits: related party initiative and risk-based audits
    • Improving board performance through effective evaluation
    • Prior written agreement was sufficient evidence for rectification

    March 2019

    • Filing your 2018 personal tax returns
    • Blockchain relevant for tax and transfer pricing
    • TCC finds reduction of tax one of the main reasons for company’s existence

    February 2019

    • Ontario opts out of passive investment income rules impacting the small business limit
    • Check out our helpful online tax calculators and rates
    • How “NAFTA 2.0” brings some clarity about trade in the Americas
    • TFSAs – what’s the advantage?
  • 2018

    December 2018

    • Asking better year-end tax planning questions
    • Year-end remuneration planning
    • Risk management issues for audit committees

    November 2018

    • Check your sources: treatment of income from online activities
    • Picking up the pieces: some tax implications of investment fraud
    • One key to tax function success is Connected Tax

    October 2018

    • Are you underestimating the consequences of your RRSP overcontribution?
    • Worldwide Estate and Inheritance Tax Guide 2018
    • When is cash an active business asset?
    • Crossing the digital divide: what boards need to know about proposed digital tax policies
    • Tuition tax credit may be available in certain cases when a course is less than three consecutive weeks in duration

    September 2018

    • September instalment reminder
    • Student income tax recap
    • Will closer cooperation bring more tax certainty?
    • Ineffective renunciation of exploration expenses can still trigger Part XII.6 tax

    July 2018

    • Additional trust reporting requirements coming soon
    • Updated online tax calculators and rates for 2018
    • Capital allocation and Canadian competitiveness survey: how government policy shifts are affecting Canadian business
    • Tax officials examine procurement
    • No relief possible for missed tax credit application deadlines

    June 2018

    • Federal budget proposes revised refundable tax regime for passive investment income
    • AI and robotics may change tax job duties
    • Tax treaties are at a crossroads

    May 2018

    • Federal budget simplifies passive investment income proposals
    • Taxing tobacco and cannabis: history learned or forgotten?
    • Businesses must prioritize how to pay indirect tax
    • When boards look to AI, what should they see?

    April 2018

    • Is diversity part of your technology strategy?
    • The tax authority of the future: data analytics are coming
    • The tax of the moment: indirect tax
    • The specific provision wins again

    March 2018

    • Review prescribed rate loan strategy before 1 April 2018
    • Filing your 2017 personal tax returns
    • A new digital era for revenue authorities

    February 2018

    • What you need to know about the new overhauled Voluntary Disclosure Program
    • Check out our helpful online tax calculators and rates
    • Revised draft legislation narrows application of income sprinkling proposals
    • Finding the glow: optimizing the tax function
    • The board’s role in corporate culture 

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