The Charities Group Welcomes Troy McEachren to the Team
We are pleased to announce that Troy McEachren joined our Montreal office as partner on April 20, 2015. Troy graduated from McGill University Law School, where he obtained a Bachelor of Civil Law degree (B.C.L.) and a Bachelor of Laws...
Extended Investment Period for Community Enterprise Development Tax Credit
In 2003, the government of Manitoba introduced a new tax credit called the Community Enterprise Development Tax Credit (the “CED Credit”), which was designed to encourage Manitoba resident investors, and certain eligible corporations with a permanent establishment in Manitoba, to...
CRA Updates Basic GST/HST Guidelines for Charities
The Canada Revenue Agency (“CRA”) released an updated version of GST/HST Info Sheet GI-067 (the “Info Sheet”) on May 6, 2015. This version of the Info Sheet, which contains GST/HST guidelines for charities, replaces a previous version issued in June,...
Government will Match Donations to Nepal Earthquake Relief Fund
On April 25, 2015, a 7.8 magnitude earthquake devastated Nepal. Thousands of lives have been lost, many people are injured and property and infrastructure has been severely damaged. To encourage Canadians to assist with the disaster relief efforts, the Government...
Susan Manwaring quoted in Globe and Mail on impact of Federal Budget on charities
The Globe and Mail, "Charities expect donations to rise in wake of proposed tax changes"
The charitable sector will get a major boost from new tax amendments allowing people to donate proceeds from the sale of private companies and real estate without having to pay capital gains tax on the sales, charity experts say.
International Tax Measures
IN THIS SECTION: Income Tax Withholding Requirements for Non-Resident Employers Streamlining Reporting Requirements for Foreign Assets (Form T1135) Captive Insurance Update on Tax Planning by Multinational Enterprises Update on the Automatic Exchange of Information for Tax Purposes Income Tax Withholding...
Business Income Tax Measures
Small Business Tax Rate Currently, as a result of the small business deduction, the first $500,000 per year of qualifying active business income of a Canadian-controlled private corporation (“CCPC”) is subject to a federal income tax rate of 11%. Consistent...
Personal Income Tax Measures
Tax-Free Savings Account In an effort to encourage Canadians to save, the Federal Government introduced the Tax-Free Savings Account (“TFSA”) in 2009. The TFSA is a registered, general-purpose account that allows Canadians to earn tax-free investment income. TFSAs have become...
Other Measures
IN THIS SECTION: Charities and Not-for-Profit Measures Aboriginal Tax Policy Charities and Not-for-Profit Measures The Budget includes a number of welcome proposals for donors and charities. Capital Gains Exemption Extended to Gifts of Private Shares and Real Estate Over the...
Introduction
April 21, 2015 was Federal Budget Day. While the Budget did not contain extensive charity-related measures, it did include several changes that will be important to the sector. These changes are generally positive and are focused on further encouraging charitable...
