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TaxNewsFlash-Canada
Selected tax policy and administrative developments.
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Highlights of the 2010 Federal Budget
March 4, 2010
Finance Minister Jim Flaherty delivered Canada’s 2010 federal budget earlier today on March 4, 2010. Members of the KPMG National Tax Centre attended the budget lock-up in Ottawa and have prepared a new edition of TaxNewsFlash-Canada summarizing the announced tax changes.
2010 British Columbia Budget Highlghts
March 2, 2010
B.C. Finance Minister Colin Hansen tabled the province’s 2010 budget update on March 2, 2010.
New HST Place of Supply Rules Unveiled
February 26, 2010
Businesses selling goods and services in Canada may need to change their systems and processes for collecting tax on their sales following the Department of Finance’s release on February 25, 2010 of significant proposed changes to the harmonized sales tax (HST) “place of supply” rules.
2010 Federal Budget — Tax Changes in
the Works?
February 17, 2010
Find out what tax changes might be in store in the federal government's budget, which will be tabled on March 4, 2010.
CRA Narrows GST-Exempt Financial Services
February 16, 2010
Many financial institutions and businesses who provide services to them may be affected by a recent Canada Revenue Agency notice that, surprisingly, seems to significantly limit the number of services considered GST-exempt “arranging for” financial services.
RRSPs versus TFSAs — Getting the Most out of Your Savings Plan
February 12, 2010
With the March 1, 2010 deadline for 2009 tax-deductible RRSP contributions coming up soon, now is a good time to weigh the advantages of tax-assisted savings plan options.
Ontario and B.C. HST Only Months Away —
Are You Ready?
February 8, 2010
Since Ontario and British Columbia announced they would harmonize their provincial sales taxes with the federal Goods and Services Tax (GST), they have been releasing details on how this new harmonized sales tax (HST) will work in each province.
Tax Cost of Canadian Financing Structures to Rise Under New U.S.-Hungary Tax Treaty
February 2, 2010
If your organization uses a Hungarian-based structure to finance its U.S. operations, the U.S.-Hungary tax treaty signed on February 4, 2010 will affect the structure’s tax benefits.
Converting SIFTs to Corporations - What's Your Game Plan?
February 2, 2010
If you’re involved with a trust or partnership that is a “specified investment flow-through” (SIFT) or real estate investment trust (REIT) that will become taxable in 2011, a variety of issues will affect your decision on whether and when to convert to corporate form.
Is Your Family Trust Ready for its Close-Up?
February 2, 2010
If you have a family trust, it’s a good idea to periodically review your trust arrangements to confirm they are working properly and providing the tax results you want.
CRA Reports Growing Interest in Advance Pricing Agreements
January 22, 2010
A CRA program report says that the CRA concluded 10 APAs in 2008-09, up from eight completed APAs in 2007-08
The Clock is Ticking - Accounting for Taxes in Your IFRS Conversion Plan
January 20, 2010
IFRS will replace Canadian GAAP for fiscal periods starting in 2011, and companies need to be ready to deal with some significant differences in accounting for taxes between the two standards.
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