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Federal Budget Date: February 27

Cameron Mancell

Minister of Finance, Bill Morneau, announced today that he will table the 2018 Federal Budget on February 27, 2018. Feel free to subscribe to the blog for further budget updates.

Speculating on Budget 2018

Cameron Mancell

The 2018 Federal Budget is quickly approaching and the rumours are beginning to circulate. The Budget is always surrounded by secrecy, and the world never knows what tax measures will be announced until the media embargo is lifted on Budget Day. But secrecy shouldn’t stop the fun of making predictions, Read More

New Canadian Tax Regime for Combating Income Splitting Does Not Apply to Payments to Non-Residents

Cameron Mancell

Michael Atlas is a Toronto-based Chartered Professional Accountant who practices as an independent consultant on high-level Canadian tax matters, with particular emphasis on international tax issues. More information regarding his practice is available at www.taxca.com. He is also the author of Canadian Taxation of Non-Residents. The 5th Edition of this highly acclaimed book is available now. Effective Read More

New Brunswick Budget

Cameron Mancell

Today, Minister of Finance of New Brunswick, Cathy Rogers, presented the 2018-2019 budget: A budget that works for all New Brunswickers. The deficit for this fiscal year is projected to be $188.7 million. In fulfillment of its election promise, the government announced that the small business income tax rate will be Read More

Government Releases Carbon Pricing Legislation

Cameron Mancell

The Minister of Environment and Climate Change and the Minister of Finance have jointly released legislative and regulatory proposals to establish the Greenhouse Gas Pollution Pricing Act. This draft legislation proposes to introduce the federal carbon pricing system.  These rules apply to provinces and territories that request it and in those Read More

Standing Committee on Finance Recommends Tax Changes to Minister of Finance

Cameron Mancell

Last month, the Standing Committee on Finance released a report titled: Driving Inclusive Growth: Spurring Productivity And Competitiveness In Canada. This report, which contains the results of a broad consultation in advance of the 2018 federal budget, contains many recommendations for the consideration of the Minister of Finance’s budget. A Read More

The Challenges of Reporting Income from Cryptocurrencies

Cameron Mancell

Cryptocurrencies and the blockchain technology that power them are beginning to disrupt how transactions take place, and I believe that they will continue to change the world in unexpected ways. For those not familiar, bitcoin is a decentralized cryptocurrency where transactions are permanently recorded a public blockchain ledger. The identity Read More

Government Releases Revised Income Sprinkling Proposals

Cameron Mancell

Today, the government has released the long-awaited revised tax on split income (“TOSI”) rules that are intended to restrict income sprinkling, effective as of January 1, 2018. Most readers will be relieved to know that numerous exclusions have been proposed. However, each exclusion comes with its own new set of Read More

Quebec November 2017 Update

Cameron Mancell

On November 21, 2017, Quebec Minister of Finance Carlos J. Leitão, provided an economic update of the province’s fiscal state. Several budgetary measures were also announced, including a handful of personal tax changes. A brief overview of these tax proposals is provided below. Personal Income Tax Reduction Effective for 2017, Read More

Ontario to Reduce Small Business Tax Rate

Cameron Mancell

Minister of Finance, Charles Sousa, presented the Ontario 2017 Fall Statement on November 14, 2017. The statement announced updated fiscal projections and many new measures. With respect to tax, the primary announcement was regarding the small business corporate tax rate. Currently at 4.5%, the small business rate will decrease to 3.5%, effective Read More