http://www.mnptax.ca/news/tax-alerts/MNP Tax Alert RSS FeedCopyright 2012MNP All rights reserved.On Tuesday, April 17, 2012, the Manitoba Finance Minister, Stan Struthers, presented the province’s 2012 Budget.http://www.mnptax.ca/news/tax-alerts/2012/4/18/manitoba-budget-announcement-2012/Wed, 18 Apr 2012 00:00:00 GMTFederal Minister of Finance James M. Flaherty delivered the Conservative government’s 7th federal budget on Thursday March 29, 2012 – but its first budget as a majority government.http://www.mnptax.ca/news/tax-alerts/2012/3/30/federal-budget-announcement-2012/Fri, 30 Mar 2012 00:00:00 GMTThe 2012 Budget marks a major change in how the federal government will move forward in funding research and development (R&D) in Canada as well as assisting in the commercialization of research and development in Canada.http://www.mnptax.ca/news/tax-alerts/2012/3/29/sred-federal-budget-2012/Thu, 29 Mar 2012 00:00:00 GMTOn March 27, 2012, Ontario's Minister of Finance Dwight Duncan presented his austerity budget entitled "Strong Action for Ontario".http://www.mnptax.ca/news/tax-alerts/2012/3/27/ontario-budget-announcement-2012/Tue, 27 Mar 2012 00:00:00 GMTOn Wednesday, March 21, 2012, the Saskatchewan Minister of Finance, Ken Krawetz, presented the Province’s 2012 Budget.http://www.mnptax.ca/news/tax-alerts/2012/3/22/saskatchewan-budget-announcement-2012/Thu, 22 Mar 2012 00:00:00 GMTOn Tuesday, March 20, 2012, the 2012 Quebec Budget was released.http://www.mnptax.ca/news/tax-alerts/2012/3/21/quebec-budget-announcement-2012/Wed, 21 Mar 2012 00:00:00 GMTOn Tuesday February 21, 2012, the BC Minister of Finance, Kevin Falcon, presented the Province’s 2012 Budget. http://www.mnptax.ca/news/tax-alerts/2012/2/22/bc-budget-announcement-2012/Wed, 22 Feb 2012 00:00:00 GMTIn August of 2011, the Governments of British Columbia held a referendum where the HST was overturned. On February 17, 2012, the Provincial and Federal Governments released transitional rules to guide businesses and consumers through the changeover to the Goods and Services Tax (GST ) and the BC Provincial Sales Tax (BC PST). The purpose of the transitional rules is to provide businesses and consumers with the technical guidelines to ensure the smoothest possible transition back to these two taxes.http://www.mnptax.ca/news/tax-alerts/2012/2/21/gst-and-pst-transitional-rules-financial-institutions-employee-benefits-and-public-service-bodies/Tue, 21 Feb 2012 00:00:00 GMTIt appears that for the transition back to PST the approach is going to be much simpler. Here are the transition rules regarding the taxation on real property.http://www.mnptax.ca/news/tax-alerts/2012/2/21/gstpst-transition-rules-regarding-real-property/Tue, 21 Feb 2012 00:00:00 GMTThe 12 per cent HST in BC—combining a 5 per cent federal component and a 7 per cent provincial component—will be replaced, effective April 1, 2013, by the Goods and Services Tax (GST) and BC’s PST.http://www.mnptax.ca/news/tax-alerts/2012/2/21/bc-housing-vacation-property-gstpst-transition-rules/Tue, 21 Feb 2012 00:00:00 GMTThe GST and PST transitional rules apply to transactions that straddle the implementation date of April 1, 2013.http://www.mnptax.ca/news/tax-alerts/2012/2/21/general-rules-regarding-the-transition-back-to-gstpst/Tue, 21 Feb 2012 00:00:00 GMTOn Thursday, February 9, 2012, the Alberta Minister of Finance, Ron Liepert, presented the Province’s 2012 Budget.http://www.mnptax.ca/news/tax-alerts/2012/2/9/alberta-budget-announcement-2012/Thu, 09 Feb 2012 00:00:00 GMTOn December 16, 2011, the Minister of Finance announced the Government’s intention to extend the time to file an alignment election for corporate partnerships under the corporate partnership deferral rules.http://www.mnptax.ca/news/tax-alerts/2011/12/19/minister-of-finance-announces-extension-of-time-to-file-corporate-partnership-alignment-elections/Mon, 19 Dec 2011 00:00:00 GMTThe Canada Revenue Agency has announced that it will be conducting its letter campaign for the third year in a row to give Canadians the information they need to understand their tax obligations. The Audit Division in each tax services office will begin the campaign in early 2012.http://www.mnptax.ca/news/tax-alerts/2011/12/19/canada-revenue-agency-conducting-its-letter-campaign-for-the-third-year-in-a-row/Mon, 19 Dec 2011 00:00:00 GMTChanges to the way employers deduct Canada Pension Plan (CPP) contributions are coming into effect January 1, 2012.http://www.mnptax.ca/news/tax-alerts/2011/12/19/expect-canada-pension-plan-changes-in-january-2012/Mon, 19 Dec 2011 00:00:00 GMTWith the numerous sets of “rules” that have been introduced over the past seven years, it is clearly time to take stock of your tax compliance and planning in areas such as accounting for various types of foreign source active business (surplus) and non-active (foreign accrual property or FAPI) income.http://www.mnptax.ca/news/tax-alerts/2011/12/5/taking-stock-the-august-2011-legislative-proposals-pertaining-to-canadian-taxation-of-foreign-subsidiaries/Mon, 05 Dec 2011 00:00:00 GMTThe 2011 Federal Budget proposed to limit the deferral of tax by a corporation that has a significant interest in a partnership having a fiscal period different than the corporation’s taxation year. Such corporations are now required to accrue income from the partnership for the portion of the partnership’s fiscal period that falls within the corporation’s taxation year.http://www.mnptax.ca/news/tax-alerts/2011/12/2/elimination-of-deferred-joint-venture-income/Fri, 02 Dec 2011 00:00:00 GMTIncreasing to 9.5% from 8.5%http://www.mnptax.ca/news/tax-alerts/2011/11/25/qst-increasing-january-1-2012/Fri, 25 Nov 2011 00:00:00 GMTOn October 17, 2011, the Jenkins Commission released the long-awaited findings of its review of federal support for R&D in Canada. Recommendations include changes to the Scientific Research & Experimental Development (SR&ED) program.http://www.mnptax.ca/news/tax-alerts/2011/10/27/potential-changes-to-sred-tax-credit/Thu, 27 Oct 2011 00:00:00 GMTOn Friday, the Federal and Quebec Governments signed a tax-harmonization deal that will give the province more than $2 billion.http://www.mnptax.ca/news/tax-alerts/2011/10/3/highlights-of-the-qst-harmonization/Mon, 03 Oct 2011 00:00:00 GMT% Yes: 54.73% % No: 45.27%http://www.mnptax.ca/news/tax-alerts/2011/8/26/british-columbians-vote-to-extinguish-the-hst/Fri, 26 Aug 2011 00:00:00 GMTOne of the key measures proposed in the 2011 Federal Budget introduces anti-avoidance rules to address concerns regarding the use of RRSPs in tax planning schemes such as “RRSP strips” http://www.mnptax.ca/news/tax-alerts/2011/7/6/rrsp-anti-avoidance-proposals-investment-in-public-companies/Wed, 06 Jul 2011 00:00:00 GMTOne of the key measures proposed in the 2011 Federal Budget introduces anti-avoidance rules to address concerns regarding the use of RRSPs in tax planning schemes such as “RRSP strips” http://www.mnptax.ca/news/tax-alerts/2011/7/6/rrsp-anti-avoidance-proposals-investment-in-private-companies/Wed, 06 Jul 2011 00:00:00 GMTFederal Minister of Finance James M. Flaherty re-introduced the 2011 Federal Budget on Monday, June 6, 2011, restating all of the same measures previously announced in March.http://www.mnptax.ca/news/tax-alerts/2011/6/6/re-introducing-the-2011-federal-budget/Mon, 06 Jun 2011 00:00:00 GMTThe Province is committing to bold, responsive, and balanced changes to the Harmonized Sales Tax to make British Columbia families better off while ensuring government can meet its commitment to balanced budgets, Finance Minister Kevin Falcon announced today.http://www.mnptax.ca/news/tax-alerts/2011/5/25/government-commits-to-10-percent-hst/Wed, 25 May 2011 00:00:00 GMTFinance Minister Rosann Wowchuk presented Manitoba’s 2011 Provincial Budget on April 12, 2011.http://www.mnptax.ca/news/tax-alerts/2011/4/13/manitoba-budget-announcement-2011/Wed, 13 Apr 2011 00:00:00 GMTIn his Budget today, Ontario’s Finance Minister Mr. Dwight Duncan avoided making any of the “tough choices" necessary to balance the budget earlier than the planned 2018 fiscal year.http://www.mnptax.ca/news/tax-alerts/2011/3/29/ontario-budget-announcement-2011/Tue, 29 Mar 2011 00:00:00 GMTFinance Minister Ken Krawetz presented Saskatchewan’s 2011 Provincial Budget on March 23, 2011.http://www.mnptax.ca/news/tax-alerts/2011/3/23/saskatchewan-budget-announcement-2011/Wed, 23 Mar 2011 00:00:00 GMTFederal Minister of Finance James M. Flaherty delivered the Conservative government’s Federal Budget on Tuesday, March 22, 2011. http://www.mnptax.ca/news/tax-alerts/2011/3/22/federal-budget-announcement-2011/Tue, 22 Mar 2011 00:00:00 GMTQuebec Finance Minister, Raymond Bachand, delivered his second budget speech on Thursday, March 17, 2011. http://www.mnptax.ca/news/tax-alerts/2011/3/18/quebec-budget-announcement-2011/Fri, 18 Mar 2011 00:00:00 GMTOn Thursday, February 24, 2011, the Alberta Minister of Finance and Enterprise, Lloyd Snelgrove, presented the Province’s 2011 Budget.http://www.mnptax.ca/news/tax-alerts/2011/2/24/alberta-budget-announcement-2011/Thu, 24 Feb 2011 00:00:00 GMTOn Tuesday, February 15, 2011, the BC Minister of Finance, Colin Hansen, presented the Province’s 2011 Budget.http://www.mnptax.ca/news/tax-alerts/2011/2/15/bc-budget-announcement-2011/Tue, 15 Feb 2011 00:00:00 GMTIf you meet their criteria, CRA may select you and your related group to be audited as part of their Related Party Initiative (RPI).http://www.mnptax.ca/news/tax-alerts/2011/2/14/cra-focuses-on-high-net-worth-individuals/Mon, 14 Feb 2011 00:00:00 GMTEffective January 1, 2011, the Quebec Sales Tax (QST/TVQ) will increase from 7.5% to 8.5%.http://www.mnptax.ca/news/tax-alerts/2010/12/29/effective-january-1-2011-qst-will-increase-from-75-to-85/Wed, 29 Dec 2010 00:00:00 GMTPremier Gordon Campbell announced a 15 per cent reduction in personal income tax rates, for the first $72,000 of personal income for all British Columbians.http://www.mnptax.ca/news/tax-alerts/2010/10/27/tax-relief-for-british-columbians/Wed, 27 Oct 2010 00:00:00 GMTOn October 20, 2010, the Government of Canada released its preliminary lists of regions in Alberta and British Columbia eligible for tax deferral as a result of drought conditions.http://www.mnptax.ca/news/tax-alerts/2010/10/20/2010-preliminary-tax-deferral-regions-for-alberta-british-columbia-drought-conditions/Wed, 20 Oct 2010 00:00:00 GMTOn July 23, 2009, Premier Gordon Campbell announced that effective July 2010 B.C. is set to move to a 12 per cent Harmonized Sales Tax (HST). http://www.mnptax.ca/news/tax-alerts/2010/10/15/bc-introduces-harmonized-sales-tax/Fri, 15 Oct 2010 00:00:00 GMTCRA has recently announced that it will be conducting a letter writing campaign to inform Canadians about their tax obligations. http://www.mnptax.ca/news/tax-alerts/2010/9/1/cra-announces-self-review-letter-process/Wed, 01 Sep 2010 00:00:00 GMTAt the Canada Revenue Agency Roundtable at the Canadian Tax Foundation conference, CRA clarified its views on certain issues arising from the Fifth Protocol to the Canada-U.S. Income Tax Convention. http://www.mnptax.ca/news/tax-alerts/2010/8/24/cra-clarifies-views-on-planning-for-canada-us-tax-treaty-changes/Tue, 24 Aug 2010 00:00:00 GMTOn June 4, 2010, the CRA issued new guidance on how the International Financial Reporting Standards (IFRS) will affect tax reporting. http://www.mnptax.ca/news/tax-alerts/2010/6/24/cra-guidance-on-ifrs-startup-and-tax-reporting/Thu, 24 Jun 2010 00:00:00 GMTDo you pay significant investment fees? Would you like an opportunity to recover the GST paid on those fees?http://www.mnptax.ca/news/tax-alerts/2010/5/28/gst-and-investment-management-fees/Fri, 28 May 2010 00:00:00 GMTBeginning January 2010 (effective for 2009 calendar year), everyone who issues T5, TFSA, SAFER, T5007, T5008, T5013, T5018** or RRSP slips must have an RZ account set up.http://www.mnptax.ca/news/tax-alerts/2010/4/12/new-zr-subaccounts-for-cra-reporting/Mon, 12 Apr 2010 00:00:00 GMTOn February 1, 2010, the Obama administration released its fiscal year 2011 Budget proposal. http://www.mnptax.ca/news/tax-alerts/2010/2/1/obama-administration-releases-fy2011-budget-proposal/Mon, 01 Feb 2010 00:00:00 GMTOn September 17, 2010, the Canada Revenue Agency (CRA) announced changes to the requirements for filing partnership information returns (T5013).http://www.mnptax.ca/news/tax-alerts/2010/1/17/partnership-information-returns/Sun, 17 Jan 2010 00:00:00 GMT