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).

Tax Notes

Alberta Tax Rates Update

October 23, 2020

The revised Alberta income tax integration tables for 2020 and 2021 are now available. These tables include changes introduced by the Government of Alberta on October 20, 2020 in Bill 35, which we expect will pass the Legislature and receive Royal Assent in the coming days.

Tax Notes

Tax Court of Canada Establishes Fast-Track Settlement Conferences

July 24, 2020

On July 21, 2020 the Tax Court of Canada (“TCC”) issued Practice Note 24, which establishes a new procedure for Fast-Track Settlement Conferences. This new streamlined settlement conference procedure was first announced by Chief Justice Rossiter in a June 25, 2020 video conference as an option for parties to a TCC appeal to conduct a settlement conference outside the court’s normal processes.

Tax Notes

Government Proposes Significant CEWS Amendments

July 18, 2020

On July 17, 2020, the Minister of Finance proposed amendments to the CEWS legislation (“Proposed Amendments”) that include an extension of the Canada Emergency Wage Subsidy to December 19, 2020, with details concerning the application of CEWS for qualifying periods from June 7, 2020 to November 21, 2020, as well as other amendments intended to correct technical issues identified by practitioners and other stakeholders.

Tax Notes

CRA Releases National Business Resumption Plan

July 07, 2020

On June 23, 2020, the Canada Revenue Agency (“CRA”) released its National Business Resumption Plan (“NBRP”). The NBRP signifies an end to the CRA’s critical services phase, which spanned from March 16, 2020 to June 26, 2020 and focused on essential services such as high-risk audits and the administration of the new government relief programs.

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