Tax Alerts

Ontario Budget Announcement - 2011

In 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.
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Government Commits to 10 percent HST

The 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.
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Highlights of the QST Harmonization

On Friday, the Federal and Quebec Governments signed a tax-harmonization deal that will give the province more than $2 billion.
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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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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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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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