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TaxNewsNOW – Previous Editions

TaxNewsNOW – Previous Editions

Insights on tax news and trending topics from KPMG tax professionals in Canada.

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July 2020

July 28 - EU state aid case — Court revokes Apple decision

July 21 - 2020 P.E.I. budget bill receives royal assent

July 14 - Relief announced for certain mining operations

July 14 - CEWS extended in wake of Federal Economic Snapshot

July 14 - Quebec offers small business relief & tax credit changes

July 14 - Pension plans & DSLPs — New temporary relief measures

 

June 2020

30 June - 30 June 2020 - Tax & digital economy — US asks OECD to “pause” talks

30 June - Manitoba further delays RST and payroll tax deadlines

30 June - Canada's tax convention with Madagascar now in force

23 June - Canada extends CERB through summer

23 June - Netherlands plans new dividend withholding tax

23 June - CRA deadline extensions for some non-residents

16 June - New COVID-19 relief for Canadians with disabilities

16 June - U.S. proposes guidance on limits for tax-free exchanges

9 June - COVID-19 — Don’t miss your June 30 GST/HST and QST deadlines

9 June - Quebec announces extended taxpayer relief

9 June - Canada's APA program report card

2 June - CRA set to restart audits

2 June - Pension plans — June 30 GST/HST deadline coming soon

2 June - Update — Clearance certificates & international waivers

 

May 2020

26 May - CUSMA — Withholding benefits to continue

19 May - Additional COVID-19 relief for seniors

19 May - ILPs — Don’t miss your June 30 GST/HST deadline

19 May - CRA — Benefit payments to continue until September

12 May - Employer relief for defined contribution pension plans

5 May - Student relief enacted

5 May - Quebec relief for employer HSF payroll contributions

5 May - Prescribed interest rate for PLOIs drops in Q3 2020

5 May - CRA prescribed rate drops to 1% for Q3

 

April 2020

28 April - Reminder — B.C. Emergency Benefit for Workers

28 April -  Financial Institutions — Prepare now for GST/HST annual returns

28 April - Finance proposes student relief

21 April - Manitoba RST changes coming July 1, 2020

21 April - Lease & rent relief — GST/HST and QST considerations

21 April - B.C. delays its ‘significant control’ rules

14 April - Upcoming deadline for tax on cross-border insurance

14 April - Newfoundland and Labrador extend return deadlines

7 April - Indirect taxes — does COVID-19 affect your obligations?

7 April - Alberta extends corporate tax filing deadlines

7 April - Saskatchewan updates PST relief measures for businesses

8 April - COVID-19 — Implications and Considerations for Transfer Pricing

 

March 2020

30 March - Canada bolsters temporary wage subsidy to 75% of salaries

17 March - Territorial 2020 budget round-up

17 March - Royal assent for Nova Scotia budget bill

17 March - UK Budget — Few surprises for multinationals

10 March - Enhanced CCA—Green Off-Road Vehicles & Equipment

10 March - Nova Scotia Budget Bill—First Reading

 

February 2020

25 February - B.C. Foreign Buyers Tax—New Partnership Exemption

25 February - EU Blacklist Update

25 February - Quebec extends M&P equipment tax credit

18 February - OECD — Final TP Guidance on Financial Transactions

18 February - OECD asks for feedback on country-by-country reporting

12 February - Alberta film credit launched

11 February - India announces 2020 budget

4 February - CRA Prescribed Rate—No Change for Q2 2020

4 February - B.C. Speculation & Vacancy Tax—2019 Update

4 February - Canada Kicks off CUSMA Ratification Process

4 February - Prescribed Interest Rate for PLOIs in Q2 2020

 

January 2020

21 January - Canada Earns Top Marks on 2018 MAP Report Card

14 January - Indirect Tax Reminder for Employers

14 January - New Report on International Tax-Ruling Exchanges

14 January - Expanding to the U.S.? Beware of Tax Traps

7 January - Automobile Allowance Limits for 2020

7 January -  Extension for Certain Athlete Trusts

7 January - New OECD Guidance Clarifies CbC Reporting Rules

7 January - Reminder — Pay interest on family income splitting loans

 

December 2019

17 December - Alberta’s 2019 Budget Bill Receives Royal Assent

17 December - Investment Plans — Collect Investor Information by December 31

17 December - Quebec restricts Dividend Tax Credit and amends PUC

17 December - U.S. Tax — Recent shifts signal new concerns for Canadian companies

17 December - Ontario’s Bill 138 Receives Royal Assent

17 December - New government set to act on tax promises

10 December - Broader Principal Residence Exemption for trusts

10 December - QPP Contribution Limits Continue to Increase in 2020

10 December - Get Transfer Pricing and Customs Ready for Year-End

10 December - Canada-Chile Treaty — Withholding Tax Update

10 December - Finance to Ease Eligible Deductions for Mining Taxes

 

November 2019

26 November - Employers—Important CPP and EI Deadlines Ahead

26 November - Yearly GST/HST Reminder for Employers & Pension Plans

19 November - First Reading for Quebec’s Bill 42

12 November - Taxpayers' 2009 Fairness Relief Ends December 31, 2019

12 November - Nunavut’s Bill 26 Receives Royal Assent

12 November - Country-by-Country Reporting — OECD Updates Guidance

12 November - Pension Contribution Limits Set for 2020

5 November - Prescribed Interest Rate for PLOIs — Slight Decrease in Q1 2020

5 November - CRA Prescribed Rate Holds Steady at 2% for Q1 2020

5 November - CPP Contribution Limits Continue to Increase in 2020

5 NovemberB.C.’s ‘Significant Control’ Rules Coming this Spring

 

October 2019

October 29 - Luxembourg’s Pre-2015 Tax Rulings to Expire Soon

October 22Italy to Introduce Digital Services Tax

October 22Keeping up with the Digital Economy — Tax Tracker App Available

October 22 - Recently Reorganized? Remember to Register for GST/HST

October 22 - Ireland’s 2020 Budget

October 1 - India Introduces Significant Corporate Tax Cuts

October 1 - Employee vs. Contractor – Is Your Business Getting it Right?

 

September 2019

September 24 - U.S. Tax Treaties Update — Three New Protocols Enter Into Force

September 24 - Netherlands Eases Off Planned Corporate Rate Drops

September 24 - OECD’s 2018 MAP Report

September 17 - EI Premium Rates Continue to Drop in 2020

September 17 - U.S. Expatriates May See Exit Tax Relief under New IRS Program

 

August 2019

August 27 - Canada Ramps Up Aluminum & Steel Monitoring

August 20 - Luxembourg Pushes Forward Broader Anti-Hybrid Rules

August 20 - Successful OECD MAP Peer Review for Canada

August 13 - EU Mandatory Disclosure Rules — An Update

August 6 - CRA Prescribed Rate Holds Steady

August 6 - Prescribed Interest Rate for PLOIs—Slight Decrease

August 6 - Finance Releases Draft Legislation for Budget Bill #2

August 6 - Head Off Disputes and Save Tax with Shareholders’ Agreements

 

July 2019

July 30 - New Quebec Harmonization Measures

July 30 - OECD Continues to Shut Down Harmful Tax Regimes

July 23 - 2019 P.E.I. Budget Bill Receives Royal Assent

July 16 - Multinational Entities — Get Ready for New French Digital Tax

July 16 - Canada’s APA Program — New Update Available

July 9 -  Investment Plans—Act Now to Get Investor GST Details

 

June 2019

June 25 - Quebec Announces Tax Harmonization Measures with 2019 Federal Budget

June 25 - OECD Moves Forward on Plans for Taxation and the Digital Economy

June 25 - Federal Bill Update - Budget Bill #1 and More Enacted in Pre-Election Blitz

June 18 - Newfoundland and Labrador Re-Introduce 2019 Provincial Budget

June 11 - Royal Assent for New Brunswick Budget Bill

June 11 - Pension Plans—File GST Return and Rebate by June 30

June 11 - 2019 Manitoba Budget Bill Receives Royal Assent

June 11 - B.C. Enacts Significant Control Reporting Requirements

June 4 - New Brunswick Budget Bill Substantively Enacted

June 4 - GST/HST Annual Information Returns - File by June 30

June 4 - 2019 Ontario Budget Bill Receives Royal Assent

June 4 - Employee Stock Options - Realize Tax Savings with Proper Planning

 

May 2019

May 28 - Three Countries Taken off EU Blacklist

May 28 - Saskatchewan Budget Measures Now Law

May 28 - Alberta — Carbon Tax Changes & More

May 28 - New Draft Health & Welfare Trust Conversion Rules

May 7 - CRA Prescribed Rate for Q3 2019

May 7 - Prescribed Interest Rate for PLOIs for Q3 2019

 

April 2019

April 30 - The Netherlands and Luxembourg File MLI Ratifications with OECD

April 30 - B.C. Moves Forward with Land Owner Registry

April 16 - Ontario Budget Released for 2019

April 16 - B.C. Bills Receive Royal Assent

April 16 - Nova Scotia Budget Bills Receive Royal Assent

April 16 - Saskatchewan Budget Bill Receives First Reading

April 9 - First Reading for Two Nova Scotia 2019 Budget Bills

April 9 - First Reading—2019 Federal Budget Bill #1 and Fall Economic Update

April 9 - Financial Institutions — Reduce GST Risks Now

April 9 - Third Reading for B.C. Natural Gas Tax Credit Bill

April 9 - Tax on Cross-Border Insurance—April 30 Deadline

April 2 - Barbados 2019 Budget

 

March 2019

March 19 - Territorial 2019 Budgets Round-Up - Territories Respond To Carbon Tax Levies

March 19 - New Additions to EU's Blacklist of Non-Cooperative Tax Jurisdictions

March 12 - Selling Your Business? — KPMG's Top Tax Tips

March 12 - Quebec Bill 13 Receives First Reading

March 12 - Where is Tax Headed? KPMG Looks at Evolving Tax Functions

March 5 - Canada's 2017 MAP Report Card is out

 

February 2019

February 12 - New Substance Tax Requirements in the Cayman Islands

February 12 - Lifetime Capital Gains Exemption—Good Planning Pays Off

February 5 - OECD Reports Success in Mitigating Harmful Tax Regimes

February 5 - OECD Report Studies International Digital Taxes

February 5 - CRA Prescribed Rate Holds Steady at 2% for Q2 2019

February 5 - Prescribed Interest Rate for PLOIs for Q2 2019

 

January 2019

January 22 - Finance Announces Relief for Employees Overpaid in Error

January 22 - New Reporting Requirements for Private Federal Corporations

January 22 - B.C. announces Deadline for Speculation Tax Exemption

January 22 - New EU State Aid Case Opens in the Netherlands

January 22 - OECD Says Worldwide Corporate Tax Rates are Decreasing

January 15 - VAT Challenges for the Digital Economy

January 8 - Automobile Allowance Limits for 2019 — Deductible Allowance Increases Three Cents

January 8 - Reminder — Pay Interest on Family Income Splitting Loans

January 8 - New Report on International Tax-Ruling Exchanges

 

December 2018

December 18 - TFSA Contribution Limit Increases in 2019

December 18 - Tax on Split Income—Managing Your Private Company's Tax Exposure

December 18 - Country-by-Country Reporting—CRA Updates Guidance

December 18 - Quebec Will Align with Federal Passive Income Regime

December 18 - Royal Assent for 2018 Federal Budget Bill #2

December 11 - P.E.I. Reduces Small Business Tax Rate — Bill Receives

December 11 - No Passive Income Phase-out for Ontario Small Business

December 4 - Taxpayers' 2008 Fairness Relief Ends December 31, 2018

December 4 - P.E.I. Reduces Small Business Tax Rate

December 4 - Royal Assent for B.C. Speculation & Vacancy Tax

December 4 - New Barbados Tax Regime — Multinationals May need to Prepare

December 4 - B.C. Employer Health Tax Legislation gets Royal Assent

 

November 2018

November 19 - Canada’s Fall Economic Update – What’s In the Pipeline

November 13 - Employers — Don't Miss Important CPP and EI Deadlines

November 13 - Fall Economic Update – Canada’s Competitiveness in the Spotlight

November 13 - Royal Assent for Manitoba Budget Implementation Bill

November 13 - Quebec — Phase-Out of ITR Restrictions Continues in 2019

November 6 - CRA Prescribed Rate Holds Steady for Q1 2019

November 6 - Prescribed Interest Rate for PLOIs - Increasing in Q1 2019

November 6 - Pension Contribution Limits Set for 2019

November 6 - Digital Services Tax Coming soon to the UK

November 6 - CPP Contribution Limits Increase Again in 2019

 

October 2018

October 30 - Canada Negotiates Tax Treaty with Brazil

October 30 - 2018 Federal Budget Bill #2 Receives First Reading

October 23 - Charities and NPOs — Prepare for B.C. EHT

October 16 - OECD Releases 2017 MAP Statistics

October 16 - Irish 2019 Budget Confirms 12.5% Corporate Tax Rate

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