Canadian tax news
Your source for the latest Canadian tax news and updates on changing tax laws. Working collaboratively with the Canada Revenue Agency (CRA) we aim to bring clarity on pressing tax questions and tax updates.
Please visit our archive page for content from 2020. There are no posts on this page older than 2020.
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September 25, 2023
On September 21, 2023 the Deputy Prime Minister and Minister of Finance introduced Bill C-56, the Affordable Housing and Groceries Act, which removes the GST on new rental housing construction.
Latest tax blog: New tax rules impacting business transfers – updates released
September 20, 2023
On August 4, 2023, Finance Canada released revised legislation on tax rules to consider when owners transfer their businesses to family members or employees. Our latest tax blog looks at out how these measures might apply to business succession in 2024 and later years.
September 18, 2023
The Joint Committee on Taxation of CPA Canada and the Canadian Bar Association provided the Department of Finance Canada with an informal submission in response to the August 4 Draft Legislative Proposals.
CRA confirms limitation of liability clause will not trigger the contractual protection hallmark
September 5, 2023
As we have previously reported (see our July 21 news item), a significant issue we had raised with the Canada Revenue Agency (CRA) was whether limitation of liability clauses, commonly used in professional engagement letters, would trigger a reportable transaction reporting hallmark under the new Mandatory Disclosure Rules (MDR). In the CRA’s most recent update of their MDR guidance, the agency indicates:
“A limitation of liability clause in a professional engagement letter would normally not, in and of itself, trigger a reportable transaction reporting hallmark, provided that the purpose of the limitation clause is to generally limit the accountant’s liability for negligence (i.e., it is related to professional indemnity insurance.”
August 22, 2023
The Canada Revenue Agency (CRA) has recently informed us that all existing non-resident simplified GST/HST accounts have been automatically transitioned to a RT9999 unique identifier (from RT0001).
August 16, 2023
It’s been a busy year in the tax world, with ever changing tax legislation and administration to keep on top of. We’ve rounded up some key tax developments that practitioners should have on their radar as we enter the fall.
July 21, 2023
CPA Canada recognizes that the Canada Revenue Agency’s (CRA) initial guidance, released on July 5th, did not address all our members questions regarding administration of the rules.
Mandatory disclosure rules: CRA guidance released
July 6, 2023
The Canada Revenue Agency (CRA) has released guidance on the mandatory disclosure rules (MDR). With the Joint Committee on Taxation, we have been working with the CRA to bring issues forward that require clarification regarding the administration of the MDR. In this initial guidance provided, the CRA addressed some of our identified issues, including our request for timely guidance. We will continue to collaborate with the CRA to bring forward issues in need of clarification, including recommendations on streamlining the reporting process.
July 4, 2023
CPA Canada is pleased to announce that John Oakey has joined us as the new Vice-President of Tax, following Bruce Ball’s retirement in June.
Bill C-47 receives royal assent
June 23, 2023
Bill C-47, (Budget Implementation Act, 2023, No.1), received royal assent on June 22, 2023. This included various tax-related measures, including significant changes to the mandatory disclosure rules.