Tax Notes

Private Member’s Bill C-208

May 27, 2021

Bill C-208 passed third reading of the House of Commons on May 12, 2021. Subject to the bill passing Senate review and receiving Royal Assent, the bill will amend paragraph 55(5)(e) and section 84.1 of the Income Tax Act (Canada).

Tax Notes

Taxation of Cryptocurrency

April 01, 2021

The proliferation of Bitcoin and other cryptocurrency investments has led to a multitude of tax-related questions. Clients frequently ask how gains or losses on cryptocurrency should be reported, what audit tools the Canada Revenue Agency (“CRA”) is using to detect cryptocurrency transactions and whether there are any remedies for taxpayers who have inadvertently failed to comply with their obligations under the Income Tax Act (the “Act”).

Tax Notes

Government Proposes GST/HST Collection Regime for Online Supplies

December 02, 2020

On November 30, 2020, the Minister of Finance proposed a new registration and collection regime for GST/HST payable in respect of supplies of property and services made through online platforms. The proposed regime is conceptually similar to the QST registration and collection regime enacted by Québec in 2019 and to some of the piecemeal PST registration and collection rules enacted by various non-participating provinces, although the mechanics of the proposed regime are entirely different.

Tax Notes

Revised Stock Option Rules Released

December 01, 2020

As promised in the Throne Speech, the Government of Canada released a Notice of Ways and Means Motion as part of its Fall Economic Statement on November 30, 2020, which includes detailed legislative proposals relating to the employee stock option deduction.

Tax Notes

New Trust Reporting Rules

November 02, 2020

Many trusts will be subject to proposed new reporting rules (“Reporting Rules”) for their taxation years ending on or after December 31, 2021. These trusts will now be required to disclose personal information to the Canada Revenue Agency (“CRA”) concerning their settlors, trustees, beneficiaries, and other persons that can exert control over the trust (such as protectors).

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