Short-term and taxable preferred shares: Think before you dividend
Introduction Dividend sits among the group of the most pleasant words in the English language. The crescendo of the single letter syllable in the middle of the word creates a satisfying enunciation when spoken. The connotation of the receipt of...
Why online marketplaces and e-commerce businesses should review their Canadian sales tax obligations
Online marketplace platform operators and facilitators, and other e‑commerce businesses, that did not have Canadian sales tax obligations when they first started operations may now find that they are required to register for, and collect, Canadian sales tax in one...
Post-COVID emigration: Don’t forget the tax!
As COVID-19 travel restrictions are lifted, individuals who are usually resident in another country but sheltered in place in Canada during the pandemic may decide to return to their countries of residence. Those individuals who are planning to leave Canada...
Recent changes to pertinent loan or indebtedness (PLOI) elections
On March 25, 2022, the Canada Revenue Agency (the “CRA“) issued a notice to tax professionals outlining certain changes to “pertinent loan or indebtedness” (“PLOI“) elections, including PLOI elections made in respect of cross-border shareholder loans under subsection 15(2.11) of...
Budget 2022: Substantive CCPCs and share transactions involving a non resident or public company
The 2022 Federal Budget was tabled in the House of Commons on April 7, 2022 (“Budget Day“) by the Honourable Chrystia Freeland, Canada’s Deputy Prime Minister and Minister of Finance. A summary of the personal income tax measures, business income...
2022 Federal Budget Review
Introduction The 2022 Federal Budget was tabled in the House of Commons on April 7, 2022 by the Honourable Chrystia Freeland, Canada’s Deputy Prime Minister and Minister of Finance. With a Foreword that began with a thank you to Canadians...
Luxury tax draft legislation (finally) released: May apply to certain vehicles, aircraft, and boats
On March 11, 2022, the draft legislative proposals relating to the Select Luxury Items Tax Act (the “Act”) were released for public comment. This new luxury tax was first announced in the 2021 Federal Budget, with a detailed backgrounder released...
Release of draft Canadian tax legislation for public consultation
An extensive package of draft legislative proposals was released for public comment by the Department of Finance on February 4, 2022 (the “Proposals”) along with explanatory notes (the “Notes”). The Proposals include some, but not all, of the measures announced...
The Underused Housing Tax Act: A primer
On December 15, 2021 the House of Commons held the first reading of Bill C-8, which includes draft legislation for a new stand-alone tax act: the Underused Housing Tax Act (the “Act”). Very broadly, the draft legislation intends to impose...
E-Commerce Businesses – Do you need to be registered for GST/HST?
Effective July 1, 2021, major changes to the GST/HST regime as it relates to e-commerce and the digital economy came into effect. We previously reported on these measures when they were first announced in the Fall Economic Statement 2020 and...
