forward, future, option and similar), foreign denominated debt, The budget identifies in particular the following strategies involving private corporations: a) sprinkling income – causing income that would otherwise be realized by an individual taxable at a high personal tax rate to instead be realized (for example, through dividends or capital gains) by family members subject to a lower or nil rate of tax, b) holding portfolio investments – because corporate tax rates are generally much lower than personal rates, private corporations can facilitate the accumulation of earnings that can be passively invested, c) converting regular income into capital gains – causing income that would normally be paid as a salary or dividend to a principal to instead be converted into corporate capital gains, allowing funds to be distributed at a much lower tax rate. Establishes Innovation Canada, a new platform intended to help consolidate and simplify dozens of innovation programs situated across many departments. 1 [372 KB] Act current to 2020-10-21 and last amended on 2019-07-29. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. foreign-affiliate base erosion rules to foreign branches of Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Taxpayers will have until May 31, 2017 to file returns and pay the inventory tax. Press Secretary Notes : See coming into force provision and notes, where applicable. Tax Incentives for Clean Energy Generation Equipment: Geothermal Energy. The review’s objective was to eliminate poorly targeted and inefficient tax measures, and allow the government to identify opportunities to reduce tax benefits that, in the government’s view, unfairly help the wealthiest Canadians rather than the middle class. Information identified as archived is provided for reference, research or recordkeeping purposes. For transactions occurring after March 22, 2017, certain anti avoidance provisions (i.e. If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect. To read this Tax News Flash in full, please click here. The budget identifies in particular the following strategies involving private corporations: a) sprinkling income – causing income that would otherwise be realized by an individual t… Accordingly, the budget proposes to introduce a specific anti-avoidance rule that targets straddle transactions. The amounts are consistent with the existing credits and will be reduced dollar-for-dollar by the dependant’s net income above $16,163 (in 2017). [6] An additional $300 million and $225 million for housing in the north and off-reserve indigenous housing, respectively, is proposed over eleven years. The budget indicates that the government’s review of federal tax expenditures highlighted certain issues regarding tax planning and tax reduction strategies that use private corporations to gain unfair tax advantages for high-income individuals and which are not available to other Canadians. Mineral Exploration Tax Credit for Flow-Through Share Investors. This applies to expenses incurred after 2018 (including expenses incurred in 2019 that are deemed to have been incurred in 2018 because of the “look-back” rule); it will not apply to expenses incurred before 2021, if the taxpayer has, before March 22, 2017, entered into a written commitment to incur those expenses. on or after Budget Day. segregated funds be able to carry over non-capital losses that Excise duty rates on alcohol products will increase by 2% effective March 23, 2017, in respect of duty that becomes payable after that date. Generally, an eligible derivative will be any derivative held on income account that meets certain conditions, including that the derivative is valued in accordance with accounting principles at its fair value in a taxpayer’s audited financial statements or otherwise has a readily ascertainable fair market value. apply to the taxpayer's eligible derivatives. Effective 2017, employers will no longer be required to obtain express consent from current active employees to distribute T4s (Statement of Remuneration Paid) electronically. Note: Media should arrive no later than 9:45 a.m. Media Relations As of July 1, 2017, this credit is eliminated. Mondaq News Alert For qualifying reorganizations occurring after March 21, 2017, the budget proposes to extend the current mutual fund merger rules to facilitate the reorganization of a switch corporation into multiple mutual fund trusts on a tax-deferred basis. substantive changes will be implemented, only that the Government The budget proposes to ensure that Canadian life insurers are taxable in Canada with respect to income from the insurance of Canadian risks that are shifted to a foreign branch of a Canadian life insurer. This election effectively allows such taxpayers to defer tax by deducting costs associated with WIP in advance of the matching revenue inclusion. limitations for carrying non-capital losses forward and back. When CBSA investigators find that prices are distorted due to the presence of a “particular market situation,” it will now be possible to use alternative approaches to ensure a proper comparison. The budget confirms that the government will proceed with the following previously announced measures, as modified to take into account consultations and deliberations since their announcement or release: The budget also reaffirms the government’s commitment to move forward as required with technical amendments to improve the certainty of the tax system.

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