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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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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