Tax Alerts

MNP's tax specialists understand the importance of staying current. MNP provides you with updates on a variety of potential tax implications so that you not only stay current, but also stay ahead.

Fore more information, contact your local MNP tax advisor or Loren Kroeker, CA, Vice President of Taxation Services at 1.877.340.3330.

Minister of Finance Announces Extension of Time to File Corporate Partnership Alignment Elections

On 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.
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Canada Revenue Agency Conducting Its Letter Campaign for the Third Year in a Row

The 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.
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Expect Canada Pension Plan Changes in January 2012

Changes to the way employers deduct Canada Pension Plan (CPP) contributions are coming into effect January 1, 2012.
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Taking Stock: The August 2011 Legislative Proposals pertaining to Canadian Taxation of Foreign Subsidiaries

With 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.
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Elimination of Deferred Joint Venture Income

The 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.
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