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Moodys Gartner musings

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Beware of wolves in the Canada Revenue Agency’s clothing

Telephone calls by fraudsters posing as Canada Revenue Agency (“CRA”) representatives who threaten immediate legal action unless a purported tax debt is paid continues despite warnings published by the CRA, media, and others. The fraudsters are often reported to have South Asian accents and to use aggressive and threatening language unless the fictitious tax debt is paid immediately (often by wire transfer or pre-paid credit card).

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News analysis: decision in Canadian challenge to FATCA expected soon

The Canadian Federal Court heard oral arguments on August 4 and 5 in a lawsuit that challenges the law that implements the intergovernmental agreement between Canada and the U.S. relating to the Foreign Account Tax Compliance Act. This author attended the hearing. Surprisingly, the court committed to rule on the plaintiffs' motion for summary trial by September 30, the date by which the first transfer of information from Canada to the U.S. is required under the IGA.

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Donation of private corporation shares and real estate – new Canadian legislative proposals released

A number of years ago, the government introduced legislation (under paragraph 38(a.1) of the Income Tax Act – the “Act”) that exempts from taxation realized capital gains when publicly traded securities are gifted directly to registered charities. Subsequent to the introduction of such rules, many commentators have suggested that donations to charities from proceeds realized upon the disposition of real estate and private corporation shares should also be subject to a similar capital gains exception. The government has resisted introducing such measures until the 2015 Federal Budget (the “Budget”) which was released on April 21, 2015.

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A rare example of a one-client business found by the Tax Court to not be a personal services business

On August 12, 2015, the Tax Court of Canada (“TCC”) released its judgment in C.J. McCarty Inc. v The Queen1. McCarty is one of many personal services business (“PSB”) reassessment cases published in the recent years, but what makes this case interesting is that it is one of few where the taxpayer emerges successful despite having only one significant client and being compensated at a fixed hourly rate. In this short article, we will examine the unique facts that led the court to its judgment.

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Important changes to US tax filing deadlines for Canadians

On July 31, 2015, President Obama signed into law the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015” (the Act). Although the Act was not primarily tax focused, it nevertheless contained several important changes to US tax filing deadlines, which may catch Canadians who have US tax and filing obligations off-guard.

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An introduction to FATCA and analysis of Canada’s legislation

This article provides an introduction to the Foreign Account Tax Compliance Act (FATCA) for Canadians and analyzes Canada’s implementing legislation regarding FATCA. The implementing legislation uniquely classifies entities subject to FATCA, in that it departs from the classification in the US Treasury regulations, the Canada-US intergovernmental agreement regarding FATCA (the Canadian IGA), and the implementing legislation adopted or proposed by other jurisdictions with signed IGAs with the United States.

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