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The International Comparative Legal Guide to Private Client: Canada
London: Ashford Press, 2012
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CRA Guidance on Whether Canadian Captive Service Subsidiary Constitutes PE of Foreign Parent
Canada Revenue Agency (“CRA”) has recently issued a favourable advance income tax ruling (“ATR”) to the effect that a company that is a non-resident of Canada (“Foreign Parent”) would not be considered to be carrying on business in Canada through...
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Court Upholds Capital Loss Recognition on Exercise of Exchangeable Share Rights
Exchangeable shares have long been used to effect tax-deferred share transactions involving Canadian resident vendors and foreign purchasers. Briefly, certain rollover provisions of the Act permitting tax-deferred share-for-share exchanges require that, where the shares being sold are shares of a...
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Employee Profit Sharing Plans – Changes to Come?
In the 2011 Federal Budget, the government announced its intention to review the rules regarding employee profit sharing plans (« EPSPs« ). Further to this announcement, the Department of Finance issued a consultation paper on August 30, 2011 requesting feedback from stakeholders on...
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Change to Canada-US Tax Treaty Affecting Cross-Border Employees
Article XV(2) of the Canada-US Tax Treaty (the “Tax Treaty”) provides for an exemption from taxation of remuneration derived by an employee resident in a country (referred to herein as “residence state”) in respect of temporary employment exercised in the...
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Back to the Future – British Columbia Votes to Restore Provincial Sales Tax
On August 26, 2011, Elections B.C. announced that British Columbians voted against the controversial Harmonized Sales Tax (“HST”). In a historic and binding mail-in referendum, approximately 1.6 million British Columbians representing 54.73% of the electorate voted to extinguish the HST....
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Upstream Loans and Other Indebtedness to Foreign Affiliates
Draft legislation making significant changes to the foreign affiliate provisions of the Income Tax Act (Canada) (the “Act”) was released by the Department of Finance on August 19, 2011. The new provisions deal with upstream loans from and other indebtedness...
Primauté de la substance sur la forme (encore une fois)
Deux décisions rendues récemment par la Cour canadienne de l’impôt ont appliqué la DGAÉ à la même planification fiscale afin de refuser des pertes en capital, mais les juges de la Cour de canadienne l’impôt étaient complètement en désaccord quant...
Commentaire – Responsabilité des administrateurs
Il est toujours problématique de tenter de gérer une compagnie sans administrateur. La décision récente de la Cour canadienne de l’impôt dans Snively en est un bon exemple. M. Snively avait fait de son mieux pour démissionner de son poste...
Clauses restrictives dans le cadre de la vente d’une entreprise
Le 7 octobre 2003, le ministre fédéral des Finances a annoncé que la Loi de l’impôt sur le revenu serait modifiée afin d’imposer les paiements faits relativement aux clauses restrictives. Cette annonce a été faite en réaction aux causes Fortino et...
