News & Events

• Interest Expense And “Disappearing Source” Rule
• Interest Expense and Direct Use Rule
• Transfers Between Related Persons
• Tax-Free Transfers to Your Corporation
• Around the Courts

• Are You a Director of a Corporation? Beware!
• Employee Expenses Claimed by Shareholders — CRA Backs Down from Adler
• Canada Child Benefit to be Indexed Starting July 2018
• Finding the Law
• Around the Courts

• CCPC Passive Investment Income Proposals
• The Income Attribution Rules
• Adoption Tax Credit
• Prescribed Interest Rates
• Around The Courts

Introduction to Tax Link

Welcome to the May 2018 edition of Tax Link.

Tax Link is a Nexia publication that gives the readers access to the latest updates from across the globe. The articles were sourced from tax professionals across the network, who provide insightful country information on both national and international developments.

This edition contains 16 articles, that vary from tax reforms and legislative updates to digital technology changes across the industry. Interesting reads include: Ukraine highlighting the new stabilization measures put in place to improve their economy and Poland’s new ability to block taxpayer’s bank accounts for up to 3 months.

• Federal Budget Highlights
• Shareholder Loans
• Caregiver, Spousal and Equivalent-To-Spouse Credits
• Around the Courts

Notes on the consolidated financial statements includes:

• Required disclosures in the notes on the legal status of IFRS
• Effects of new or amended standards and interpretations (IAS 8.28)
• New or amended standards and interpretations not applied (IAS 8.30).

IASB includes:

• IASB publishes amendments to IFRS 9
• IASB finalizes amendments to IAS 28
• IASB publishes exposure draft on IAS 8 entitled “Accounting Policies and Accounting Estimates”
• Published exposure draft on the definition of “material”
• Practice statement “Making Materiality Judgements” issued
• Update of the IFRS Taxonomy for the submission of electronic financial statements.

Other standard setters includes:

• Q&A document on the introduction of IFRS for SMEs.

EU Endorsement includes:

• EU Endorsement Status Report.

ESMA includes:

• ESMA 2018 key audit areas
• ESMA issues further Q & As on the Guidelines on Alternative Performance Measures
• ESMA: Enforcement decisions published.

• Last Chance To Get Ahead of Prescribed Rate Increase
• Should You File If You Can’t Pay?
• Do You Have A Large Bank Account In Another Country?
• The GST or HST Component in Settling A Business Dispute
• Around the Courts

FEBRUARY 27, 2018 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 […]

Business Matters Corporate Income Taxes – No changes proposed to the BC corporate income tax rates or the $500,000 small business deduction. Small Business Rate = 2%; General Rate = 12% for 2018 & 2019. Employer Health Tax – starting in calendar year 2019, the government will implement an employer health tax of 1.95% on […]

• Low Prescribed Interest Rates:
• Potential Tax Planning
• Change Of Control Of Corporation
• Loss Carryovers
• Unearned Income
• Prescribed Automobile Rates For 2018
• Prescribed Interest Rates
• Around The Courts