News & Events

Introduction to Tax Link

Happy New Year and welcome to the first Tax Link of 2018.

This edition’s articles were sourced from a variety of tax professionals from member firms across the network, who provide knowledge and an update on country tax changes and international development.

There are many great articles included in this edition, Australia explains the ‘Tax implications of Foreign Superannuation, Pensions and other Retirement Funds’, Germany presents its ‘Withholding Taxes on Cross-Border Software and Database Licensing’ and Switzerland updates on ‘Tax Proposal 2017’.

• Changes To The “Income Sprinkling” Proposals
• CCPC Investment Income – Still Some Tax Savings Opportunities
• Foreign Exchange Gains And Losses
• Principal Residence Exemption
• Graduated Rate Estates
• Around The Courts

• Employee Discounts
• Personal Use Property
• The Taxation of Partnerships
• Deduction of Car Expenses
• Electronic Distribution of T4 Information Slips
• Around the Courts

IASB includes:

• Revision of IFRS Framework completed
• IFRS 17 “Insurance Contracts” published
• IASB publishes exposure draft on Annual Improvements to IFRS Standards 2015-2017 Cycle
• Exposure draft on IFRS 8 “Operating Segments” published
• Published exposure draft on IFRS 9 “Financial Instruments”
• IASB publishes exposure draft on IAS 16 “Property, plant and equipment”
• IFRIC 23 “Uncertainty over Income Tax Treatments” published.

EU Endorsement includes:

• EU Endorsement Status Report.

ESMA includes:

• ESMA issues report on the application of IFRS 13 “Fair Value Measurement”
• ESMA issues Q & A on the Guidelines on Alternative Performance Measures
• ESMA – Enforcement decisions published.

In the 2017 Federal Budget, the Department of Finance proposed rule changes on how professionals report income for tax purposes. 

Specifically, Finance has proposed to eliminate professionals’ use of billed-basis accounting for income tax purposes in order to prevent a deferral of taxation.  Accordingly, the new rules will significantly affect the cash flow of professional businesses in the short term as income taxes may need to be paid on income that is recognized before cash is actually received from clients.  The proposed changes will apply to taxation years that begin on or after March 22, 2017. (more…)

• Capital Gains Exemption & Proposed Changes
• Employee Loans (Including Recent Changes To Home Relocation Loans)
• Taxation Of Dividends
• Transfers Of Property To Trusts
• Around The Courts

The new NDP Government of British Columbia just announced its first Provincial Budget.  The budget included changes to tax rates, among other things.  Please take note of the following tax increases effective 2018:   Increase in personal income tax rate: Effective for 2018 and subsequent years, tax rate increases to 16.8% from 14.7% on taxable […]

Introduction to Tax Link

Welcome to the Autumn edition of Tax Link.

This edition of Tax Link presents articles sourced from Nexia International’s network of tax experts to provide insight into global issues, topics and trends. Due to the nature of the network the articles are diverse and offer current information for discussion and provide knowledge for practice.

With OECD BEPS being an ever trending topic a number of the articles cover the specifics and general views from different country perspectives. The articles see China’s latest effort to incorporate OECD BEPS concepts into its special tax investigation and adjustment procedures, India’s journey in the adoptions of BEPS and the Swiss outlook on transfer pricing and development of BEPS procedures amongst others articles. The UK discusses the updates from the Finance Bill and recent tax updates, whilst the US provides an overview of Trump and taxes.

Once again I must extend a huge thank you to all the contributors and the publication team for their commitment in producing this Tax Link publication. If you would like any further information on the topics in this edition, the contributor’s details are provided for each article and they are happy to give further detail.

• The July 18 Proposals — New Tax Rules For Small Business
• Convention Expenses
• Last Year To Use Charitable Donation “Stretch” Credit
• Computer Consultants
• Around The Courts

• Sale Of Building Used For Business Or Rental – Possible Denial Of Terminal Loss
• Canadian Inter-corporate Dividends
• Small Business Corporation Going Public
• Section 84.1: The Deemed Dividend Trap
• RRSP Home Buyers’ Plan
• Around The Courts