Month: June 2017

Tax-News.com: Canadian MPs Recommend Changes To Media Taxation

Tax-News.com: Canadian MPs Recommend Changes To Media Taxation by Mike Godfrey, Tax-news.com, Washington 16 June 2017 The Canadian Parliament’s Heritage committee has called for a five percent levy on broadband internet services, but Prime Minister Justin Trudeau has said he will not increase taxes on the middle classes. The committee has published its recommendations on

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Month: June 2017

CRA announces Q3 interest rates

CRA announces Q3 interest rates The Canada Revenue Agency has announced the prescribed annual interest rates that will apply to any amounts owed to the CRA, and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from July 1, 2017, to September 30, 2017. There have been

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Month: June 2017

Tax-News.com: Canada, UK Cooperate In Anti-VAT Fraud Sting

Tax-News.com: Canada, UK Cooperate In Anti-VAT Fraud Sting by Mike Godfrey, Tax-news.com, Washington 14 June 2017 The Canada Revenue Agency (CRA) has announced that investigators from Canada and the UK carried out a number of searches on June 13 in connection with an alleged tax fraud scheme. The CRA said that it launched an investigation

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Month: June 2017

What CRA had to say at STEP

What CRA had to say at STEP Always hotly anticipated, the annual CRA roundtable at the Society of Trust and Estate Society Practitioners (STEP) National Conference features CRA representatives answering tough questions on tax policy and administration. This year’s edition, held June 13, was packed with insights — and a touch of humour. The 15

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Month: June 2017

What CRA had to say at STEP, Part 2

What CRA had to say at STEP, Part 2 The annual CRA roundtable at the Society of Trust and Estate Society Practitioners (STEP) National Conference allows attendees to hear directly from agency representatives about tax policy and administration. This year’s roundtable, held June 13, was moderated by Paul LeBreux of Globacor Tax Advisors Professional Corporation

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Month: June 2017

Small business tax regime almost ‘unworkable’

Small business tax regime almost ‘unworkable’ Ottawa’s changes to the private corporation and small business tax rules have made the new regime so complex that it’s almost unworkable, tax experts said at a conference panel Monday. Speaking at the Society of Trust and Estate Practitioners’ annual conference in Toronto, panelists said rules around associated corporations,

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Month: June 2017

Tax-News.com: Canada To Amend Voluntary Disclosure Program

Tax-News.com: Canada To Amend Voluntary Disclosure Program by Mike Godfrey, Tax-news.com, Washington 12 June 2017 The Canadian Government has announced a consultation on proposed changes to the Voluntary Disclosures Program (VDP) that will narrow the eligibility criteria and make the regime less generous. The VDP provides taxpayers with an opportunity to voluntarily come forward and

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Month: June 2017

Tax-News.com: OECD Seeks Taxpayer Input On BEPS Action 14 Peer Reviews

Tax-News.com: OECD Seeks Taxpayer Input On BEPS Action 14 Peer Reviews by Ulrika Lomas, Tax-News.com, Brussels 12 June 2017 The OECD is seeking taxpayers’ input on the mutual agreement procedure (MAP) frameworks in place in the third batch of countries that will now be peer reviewed under Action 14 of the OECD’s base erosion and

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Month: June 2017

Understanding the new T1135

Understanding the new T1135 Editor’s note: we have updated this article to reflect tax rules as of June 2017. It was originally published in 2015 by François Bernier. CRA’s revised Form T1135 requires taxpayers to provide significantly more information about their foreign property. This article explains the new rules. Who has to file a T1135?

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Month: June 2017

CRA seeks comment on proposed changes to VDP tax program

CRA seeks comment on proposed changes to VDP tax program For several years, the CRA has increasingly sought to crack down on so-called tax cheats. In a June 9 release, the government and CRA say “some wealthy Canadians continue to find ways to not pay what they owe, which places an unfair burden on Canadians,”

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