Demystifying par value shares: tax advisors beware
Par value shares are often considered one of the last vestiges of the old Canadian corporate legislation. The current federal corporate legislation, and the majority of provincial corporate legislation, no longer permit the issuance of par value shares. However, the […]
Proposal to amend the valuation for duty regulations
The Canada Border Services Agency (“CBSA”) is proposing amendments to the Valuation for Duty Regulations (Canada) (the “Regulations”). The CBSA takes the position that the current valuation rules provide an unfair advantage to non-resident importers (“NRIs”). The CBSA notes that […]
Canada’s action to eliminate forced labour and child labour
Introduction In furtherance of Canada’s commitment to eliminate forced labour and child labour, the Fighting Against Forced Labour and Child Labour in Supply Chains Act (Canada) (the “Act”) received Royal Assent on May 11, 2023.[1] The Act imposes reporting obligations […]
The proposed new tax on share buybacks
With the release of the 2022 Fall Economic Statement, the Federal Government proposed a new tax on repurchases of equity by certain entities (the “Buyback Tax”). The draft legislative proposals and explanatory notes published by the Department of Finance on […]
The new Underused Housing Tax: Are you tax exempt?
The Underused Housing Tax (the “UHT”) is a new annual 1% tax payable by an “owner” (other than an “excluded owner”) of “residential property”. A “residential property” includes, among other things, a detached house, a duplex, a triplex, a row-house […]
When do you need to charge GST/HST on chargebacks?
Many trucking companies have entered into arrangements with subcontracted carriers or owner-operators/contractors for charges such as fuel, insurance, or licensing fees. Anyone who has entered into such an arrangement should review their contracts from a GST/HST perspective. While the nature […]
Federal Government targeting independent contractor arrangements with road transportation workers
Businesses in the trucking industry may soon face increased scrutiny from the Federal Government respecting the classification of drivers as independent contractors. With the release of the 2022 Fall Economic Statement, it was announced that the Federal Government will allocate […]
Canada’s seizure and forfeiture provisions: A new government power
Canada has taken a number of measures in response to Russia’s ongoing invasion of Ukraine under the Special Economic Measures Act (“SEMA”) and the Special Economic Measures (Russia) Regulations (“Russia Regulations”). These measures are designed to place economic pressure on the […]
New PST for admission and entertainment charges in Saskatchewan: Businesses need to be prepared
Going to see your favourite band play or sports team compete is about to cost more in Saskatchewan. With the release of the 2022-2023 Saskatchewan Provincial Budget, it was announced that the Province’s provincial sales tax (“PST”) would be expanded […]
Canadian sanctions against Russia: Practical considerations for Canadian businesses
In coordination with numerous international allies, Canada has imposed several rounds of sanctions in response to Russia’s recent and ongoing invasion of Ukraine. Those that have business relationships with sanctioned Russian entities or individuals, even indirectly, must evaluate such relationships […]
