Tax Notes

Budget 2022: Getting Captured by the New CCUS Tax Credit

April 10, 2022

Budget 2022 released details of the much-anticipated carbon capture, utilization, and storage (“CCUS”) federal investment tax credit.  The Government appears to have accepted a number, although not all, of the recommendations made by interested parties during the consultation period and...

Tax Notes

Budget 2022

April 08, 2022

Minister of Finance Chrystia Freeland tabled Budget 2022 on April 7, 2022. Budget 2022 contains – or, in some cases, does not contain – several proposals that may be of interest to our clients, although draft legislation for most of...

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.

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