Government proposes to amend child benefits rules
The government has released a legislative proposal to amend the definition of a “share custody parent” under section 122.6 of the Income Tax Act in response to Federal Court of Appeal decisions i Lavrinenko v. Canad (2019 DTC 5038) an Morrissey v. Canad (2019 DTC 5039). The Canada Child Benefit is split between shared custody parents.
Read More
Canada ratifies MLI
On August 29, 2019, Canada deposited its instrument of ratification with the Depositary of the Multilateral Instrument (“MLI”). Essentially, the MLI will override Canada's bilateral tax treaties in certain respects. Its provisions follow-through on certain measures introduced by the OECD that are intended to prevent multinationals from base erosion and profit shifting ("BEPS").
Read More
Government publishes draft income tax legislation
On July 30, 2019, the government released draft income tax legislation with explanatory notes for consultation. Comments should be submitted by October 7, 2019. All of the proposed amendments relate to measures announced in the 2019 Federal Budget.
Read More
TOSI, excluded shares, and income from the provision of services
Recently the CRA added new administrative guidance pertaining to the revised tax on split income (“TOSI”) rules to its website.
Read More