Tax thought leadership roundup (Summer 2016)

Keep up with the latest thinking on tax from CPAs in Canada with our latest roundup of new tax-related alerts, articles, white papers and thought leadership releases.

Issue in focus

New U.S. law threatens tax delinquents with passport confiscation

Find out why U.S. citizens with “seriously delinquent” tax debt — including those who live in Canada — are in danger of losing their passports or being denied renewal under a controversial new law.

General interest

2016 federal budget: Comprehensive commentary

Take advantage of these extensive highlights of the 2016 federal budget and insights on its impact for Canadians and Canadian businesses: 

Three important tax developments for boards

Today’s boards of directors face significant new challenges due to changes in tax policy, and they need to stay on top of the risks associated with their company’s tax strategy. The article reviews three contemporary tax issues currently in the spotlight.  

Where the money comes from and where it goes, our federal finances (EY)

In the wake of the 2016 federal budget, EY provides a historical analysis of where the federal government’s revenue comes from and how those funds have been spent over a nearly 50-year period.

Corporate tax

How to keep taxes from eating into your crowdfunding (MNP)

Crowdfunding as a new means of raising money online has burst onto the scene over the past several years, along with new laws and restrictions. MNP examines what crowdfunding means from a taxation standpoint, and the tax obligations of those who raise money this way.

Indirect tax

Real property – Too good to be true? (MNP)

“If something appears too good to be true, it probably is,” reminds MNP in this blog. Time and again, people and businesses end up in a difficult spot after buying or selling real property and after being told that GST did not apply. But beware of tax obligations.

International tax

New U.S. tax rules propose sweeping changes to related-party financing (KPMG)

Many Canadian companies with U.S. operations may be affected by new U.S. tax regulations that could deny debt treatment to financing transactions for U.S. purposes, says KPMG in this edition of TaxNewsFlash Canada.

FIs – Get ready for new common reporting standard rules (KPMG)

Canadian financial institutions will be required to provide new information to CRA about accounts held by non-residents of Canada in 2018. KPMG’s TaxNewsFlash Canada outlines various procedures that will need to be in place by July 1, 2017.

What Canadian business owners need to know about FATCA (BDO)

The U.S. Foreign Account Tax Compliance Act (FATCA) has been front and centre in the news, says BDO Canada in a review of what Canadian business owners need to know about FATCA, including how to avoid potentially stiff penalties.

Tax consequences for U.S. citizens and other U.S. persons living in Canada (BDO)

Find out the U.S. tax filing and reporting requirements and potential penalties for non-compliance for U.S. citizens and other individuals living in Canada who qualify as U.S. persons for tax purposes.

Preparing for the new world of tax transparency (Grant Thornton)

“We are standing on the edge of a brave new world of transparency,” says Grant Thornton in this article about the OECD’s country-by-country reporting rules and their impact on U.S. Treasury Department and Internal Revenue Service requirements for U.S. tax reporting by international companies.

Associations and membership organizations: Preventing nexus from becoming your nemesis (Grant Thornton)

U.S. states have become more serious about collecting taxes to make up for revenue shortfalls in a post-recession environment and in response to beefed up online marketplace competition. As this article by Grant Thornton warns, many not-for-profit organizations are not exempt from various state tax liabilities.

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