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Consultations on measures announced in Budget 2023 begin
On Friday, August 4, 2023, the Department of Finance released for public consultation extensive legislative proposals accompanied by explanatory notes (the “August Proposals”). The August Proposals relate to various measures previously announced in Budget 2023. See here for our 2023...
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New considerations when seeking to multiply access to the lifetime capital gains exemption
Proactive planning to multiply access to the lifetime capital gains exemption (“LCGE”) for shares of a qualified small business corporation (“QSBC”) or qualified family farm property (“QFFP”) remains of ongoing interest to taxpayers and their family members that may be...
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New reportable transaction rules receive Royal Assent
Bill C-47 received Royal Assent on June 22, 2023, bringing into effect the new expanded reportable transaction rules. A failure to report as required by the new rules could result in substantial penalties for both taxpayers and their advisors. Taxpayers...
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Zero-rated supplies: Do not forget the burden of proof!
The burden of proof in tax matters is a topic frequently addressed by commentators and dealt with in provincial and federal case law. However, the concept itself is sometimes confused with other tax concepts. For example, many taxpayers consider the...
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Underused housing tax – Canada Revenue Agency publishes additional guidance
The underused housing tax (the “UHT”) is a new 1% federal tax aimed at taxing vacant or underused housing owned by non‑Canadians. Specifically, the UHT affects “owners” (except “excluded owners”) of “residential property” located in Canada. While many Canadian and...
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Employee ownership trusts in Canada: Plan carefully to avoid unintended tax consequences
In the United States and the United Kingdom, an employee ownership trust (“EOT”) is a common option for business owners seeking to transfer their business to employees or to establish an employee remuneration plan. In Canada, several different provisions of...
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Intergenerational business transfers: Bill C-208 developments
Prior to 2021, section 84.1 of the Income Tax Act (“Act”) created a real impediment to a tax-efficient succession of a family business from one generation to the next, effectively penalizing a sale to a family member compared to an...
Équité et substance économique : quelques commentaires sur les changements proposés à la règle générale anti-évitement
Le 28 mars, le gouvernement du Canada a déposé le budget de 2023, qui proposait des changements à la règle générale anti-évitement (la « RGAE »). Le jour même, nous avons publié un survol de ces changements. Le présent article contient des commentaires...
La Cour d’appel fédérale confirme que le paragraphe 84(2) de la Loi de l’impôt sur le revenu du Canada s’applique à une vente hybride d’actions et d’actifs
Lors de la vente d’une entreprise exploitée par une société par actions, le vendeur et l’acheteur ont souvent des intérêts concurrents. Si le vendeur préfère généralement vendre ses actions de la société pour recevoir directement le produit de la vente –...
Hydrogène : fiction hollywoodienne, réalités fiscales et bénéfices pour les producteurs
Hollywood adore l’anticipation et l’avenir en général. Trame futuriste, facultés surnaturelles, nouvelles technologies… les films de science-fiction dominent le grand écran et le marché de la diffusion en continu. Selon de nombreux commentateurs, s’ils ne cessent de fasciner, c’est qu’ils...
