News & Events

Introduction to Tax Link

Welcome to the Spring edition of Tax Link.

This edition is a combination of globally sourced articles contributed by the member firms across the Nexia network, that provide up to date information on areas of the industry that have moved quickly and gained traction with other articles providing a review of national and international legislation, policy change and how it can affect businesses and individuals. The articles in this edition include Australia’s ‘High Court decisions to tax residency of a company’, Swiss relaxation in procedure towards ‘withholding tax’, the United states’ advice to your ‘tax planning toolkit’ and information on ‘Federal reform’.
I must extend a huge thank you to all of the contributors and publication team for their articles and commitment in producing this 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.

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Notes on the consolidated financial statements

The notes to IFRS consolidated financial statements prepared in the EU must contain disclosures on newly adopted standards and interpretations (IAS 8.28) as well as on standards and interpretations that have been issued but not yet adopted (IAS 8.30). Read more… IASB The IASB published amendments to IFRS 2 “Sharebased payment” on 20 June 2016. These include clarifications
on individual questions concerning the accounting and measurement of cash-settled sharebased payment transactions. Read more… EU Endorsement On 25 November 2016, the EU Commission announced the adoption of IFRS 9 into EU law. The announcement in the Official Journal was made on 29 November 2016. Read more… ESMA The European Securities and Markets Authority (ESMA) has published its annual Public Statement on European Common Enforcement Priorities (the Statement) which identifies enforcement priorities for listed companies’ 2016 financial statements and highlights the need for transparency in disclosing the potential impact of Brexit on issuers’ financial statements.

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• Federal Budget Highlights
• Section 85 Tax-Free Rollover to Corporations
• Taxation on Death
• Around the Courts

• Child Care Expenses
• Interplay Between Credits in Respect of Firm Dependents
• Tax Treatments of Options
• Associated Corporations
• Around the Courts

MARCH 22, 2017 FEDERAL BUDGET TAX HIGHLIGHTS The highlights of the proposed tax changes of the recent Federal budget are outlined below. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. No one should act upon such information without appropriate professional […]

• “Rectification” to Fix Tax Mistakes
• Request a Determination If You Have a Loss
• RRSP, RRIF and TFSA Fees Will Have to be Paid From the Plan
• TFSA Contribution Limits
• Make Money Volunteering for a Charity
• Watch Out for Short Taxation Years
• Around the Courts

Proposed Highlights Include:  Corporate Income Tax Small business corporate income tax rate is reduced to 2% from 2.5% effective April 1, 2017. Combined federal/BC small business corporate income tax rate following reduction will be 12.5%. Scientific research & experimental development tax credit is extended for five years to August 31, 2022. B.C. mining flow-through share […]

We have countries trying to attract new investment: Greece, Hong Kong, Russia. Countries trying to curb avoidance: UK (both companies and individuals), Spain (rental properties). Changes to the reporting requirements for Transfer Pricing or country-by-country reporting: China, Singapore and Korea (as well as introducing an exit tax). We have countries going for greater transparency in its economy: Argentina introducing an amnesty to encourage further disclosure, Switzerland introducing automatic exchange of information and greater transparency and India attempting to curb the cash economy. Finally, we have Australia revising some of its cross-border GST provisions.

• Shareholder Benefits & Loans
• Taxation of Trust & Beneficiaries
• 2017 Automobile Rates for Tax Purposes
• Around the Courts

• Contribute to Your Spouse’s RRSP for More Income Splitting
• Non-Arm’s Length Transfers
• Transfers In and Out of Personal Trusts
• Around the Courts