Narrowing of the Taxable Canadian Property Definition Welcomed by Foreign Vendors
Kennedy, Claire M.C.
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Woo, Tracey S.
July 1, 2010 - On March 4, 2010, the government of Canada announced significant changes to the definition of "taxable Canadian property" in its 2010 Federal Budget. Published in Volume 16, No. 3 of Corporate Finance.
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Transfer Pricing [Brochure]
April 7, 2010 - Transfer pricing is a high priority enforcement area for the Canadian revenue authorities and those of its major trading partners. As governments intensify their scrutiny of cross-border arrangements and businesses seek growth in foreign markets, transfer pricing risks, and opportunities, grow. In this environment, businesses require sophisticated but practical transfer pricing advice and representation. While transfer pricing has traditionally been considered an income tax matter, increasing border enforcement means that the customs and commodity tax implications of related party imports must be considered in developing and implementing sound transfer pricing policies.
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Response to the 2010 Federal Budget
Moch, Darcy D.
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Sorensen, Martin A.U.
March 8, 2010 - On March 4, 2010, the federal finance minister, the Honourable Jim Flaherty, released the 2010 federal Budget. The Budget continues to emphasize and build on last year's economic action plan with a focus on creating jobs and growth, sustaining Canada's economic advantages and planning a return to a balanced budget. While there were no announced changes to personal or corporate income tax rates, the finance minister reiterated his commitment to carry through with previously announced corporate and personal tax reductions and to have the lowest corporate income tax rate in the G7 by 2012. The Budget was relatively light on tax changes, but still contained many proposed changes of interest to the business community, not the least of which is a commitment to close "unfair tax loopholes" and introduce a reporting regime regarding "aggressive tax planning".
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Québec Seeks to Counter Aggressive Tax Planning
Bernier, Jacques
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Sorensen, Martin A.U.
January 11, 2010 - On October 15, 2009, the Québec Minister of Finance announced the implementation of new measures designed to counter perceived aggressive tax planning by changing the risk/reward ratio for taxpayers. These changes could be significant to all Canadian taxpayers who have a permanent establishment or carry on business in Québec and to advisors who promote tax plans in Québec.
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Determining the Residence of a Trust - Tax Court of Canada Ruling in Garron et al. v. The Queen
Kennedy, Claire M.C.
December 1, 2009 - In Garron et al. v. The Queen, Woods J. adopted a central management and control test in determining the residence of an offshore trust, which is a novel approach in Canadian law and represents a significant departure from the traditional test of residence of the trustee. The case is under appeal and pending the outcome, it will have ramifications for planning predicated on the residence of a trust in a particular jurisdiction. Published in Federated Press's Business Vehicles (Volume XIII, No.1), a journal devoted to the tax analysis of alternative business structures..
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CRA Releases Treaty Guidelines for US-owned ULCs but Planning is Required
Kennedy, Claire M.C.
November 26, 2009 - The Canada Revenue Agency has released guidelines for distributions from ULCs to United States persons, notably dividends and in some cases interest, which would otherwise be subject to 25% withholding tax starting January 1, 2010. This jump in withholding rates from current levels is a consequence of anti-hybrid provisions introduced in the last round of amendments to the Canada-U.S. tax treaty. The guidelines will provide welcome relief for many common cases but taxpayers are cautioned that they do not equate to a narrowing of the anti-hybrid rules themselves.
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Income Trust Tax Choices
Morris, D. Bernard
July 28, 2009 - Beginning January 1, 2011, distributions of most kinds of income to unitholders of publicly-traded income trusts (other than certain REITs) will become subject to the SIFT tax. Transitional tax rules facilitating conversions of income trusts will only be available until the end of 2012. This update highlights key tax factors to be considered by management and trustees of income trusts in determining when and if to convert.
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Attack on Tax Havens
Bell, Preet K.
July 1, 2009 - Countries around the world are struggling amidst a global economic crisis and governments are looking to increase revenues from any possible source. Generally, the first such source is an increase in taxes; however, in this economy, a general tax increase would undoubtedly not be well received. Therefore, governments are looking elsewhere and appear to have settled, at least for the moment, on what they believe to be tax revenues lost due to "tax havens". Published in the Ontario Bar Association's Taxation Law Newsletter (Volume 19, No. 3, July 2009). The article can be viewed online from the OBA's website.
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Income Trust Governance Considerations
Keller-Hobson, Kathleen L.
June 30, 2009 - It is critical that trustees of an income fund follow corporate governance best practices when considering whether or not to convert to a corporation. This update focuses on procedural and substantive considerations for trustees, including whether the establishment of a special committee of independent trustees is necessary or desirable.
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Income Trust Decision-Making Checklist
Keller-Hobson, Kathleen L.
June 16, 2009 - Further to our recent Market Update focusing on the tax deadlines faced by income trusts and the alternatives available, we present our Decision-Making Checklist. This update outlines key strategic, tax, financial, market and legal questions which management, trustees, advisors and other stakeholders in income trusts should ask in determining the best alternative.
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