Bill C-31: Royal Asset and New CRA Powers Could Come Soon
Changes are coming to the Income Tax Act and both you and your clients will all be affected with new tax risks including longer tax audits. Bill C-31, which passed second reading in the House of Commons on June 3 and is now at committee stage, contains elements of previous Federal Budgets that will expand the CRA’s compliance and enforcement powers. Here’s what you need to know and pass along to your clients:The Supreme Court of Canada Clarifies the Proceeds of Dispositions
Daishowa-Marubeni International Ltd v. Her Majesty The Queen [2013] SCC 29
An important and eliciting tax decision was recently released by the Supreme Court of Canada (SCC) analyzing the difference between liabilities and embedded obligations as well as the role of tax symmetry in the Income Tax Act (the Act).
Bill C-60: Amending the Audit Process
On April 29, the Minister of Finance, Jim Flaherty, introduced Bill C-60 to Parliament which proposes to implement certain provisions of the March 21, 2013 federal budget.
Demography Matters In Strategic Planning
Part of the Bank of Canada’s Spring Review, released on May 16, included an article titled “Explaining Canada’s Regional Migration Patterns”, which provides interesting data on the effect of demographic migration on economic policies in Canada. It also provides, therefore, important information for professional advisors who wish to more strategically define growth in their practices over the long run.
CRA Ombudsman Plays an Important Role
Unhappy with your dealings with a CRA Auditor? The Taxpayers' Ombudsman can help when the relationship is fraught with communications issues between the taxpayer and the auditor.
Financial Literacy Matters More Now
If there was one insight I gained as I worked on the Federal Task Force for Financial Literacy is that more than any other single issue, challenges of financial literacy affect every Canadian and bind us together in our mutual need for financial education.
Frequent Flyer Points Are an Employee Tax-Free Benefit
Up until 2009, CRA took the position that where you accumulate frequent flyer points while travelling on employer-paid business trips and used them to obtain air travel or other benefits for personal use by you or your family, the fair market value of such air travel or other benefits must be included in your income.
