Category: Tax
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Federal Tax Amendments re Canada Emergency Wage Subsidy
The federal government has filed amendments to the Income Tax Regulations (ITR), which were required as a part of the extension of the Canada Emergency Wage Subsidy (CEWS . . .
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Federal Draft Tax Regulations re Relief for RPPs & Deferred Salary Leave Plans
The federal government published draft amendments to the Income Tax Regulations in response to COVID-19. The amendments provide temporary relief measures for employers who sponsor a Registered Pension Plan (RPP) or deferred salary leave plan (DSLP . . .
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Federal Government Extends Wage Subsidy & Announces Further Amendments
The federal government announced the extension of the Canada Emergency Wage Subsidy (CEWS), and provided information on further legislative and regulatory amendments . . .
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CRA Announces Temporary Relief for Pension Plans
The Canada Revenue Agency Registered Plans Directorate has published temporary COVID-19 relief measures for defined contribution (DC) and defined benefit (DB) pension plans . . .
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Federal Bill C-14 re COVID-19 Economic Relief #2 (Updated)
Ed. Note: This post was updated to indicate that Bill C-14 was passed on April 11.
The federal government introduced and passed Bill C-14, A second Act respecting certain measures in response to COVID-19, on April 11, 2020. Bill C-14 includes amendments to the Income Tax Act, establishing the new (75%) emergency wage subsidy as part of the response to COVID-19 . . .
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Federal Bill C-13 re COVID-19 Emergency Measures
Federal Bill C-13, An Act respecting certain measures in response to COVID-19, received Royal Assent on March 25, 2020. Bill C-13 includes economic relief for businesses and individuals, as well as amendments to the leave of absence provisions in the Canada Labour Code . . .
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CRA Actuarial Bulletin re Apportioning Assets and Actuarial Liabilities
The Canada Revenue Agency has published a draft Actuarial Bulletin No. 4: Apportioning Assets and Actuarial Liabilities . . .
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Federal Government Delays Changes to Stock Options
Earlier this year, the federal government tabled a Notice of Ways and Means Motion to limit the benefit of employee stock option deductions for high-income individuals employed at large, long-established, mature organizations . . .
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Canada (Attorney General) v. British Columbia Investment Management Corp., 2019 SCC 63 – Appeal re Taxation of Public Sector Plan Dismissed
Under the Constitution Act, 1867, provincial governments and their agents are immune from federal taxation when acting within their legislated mandates. The British Columbia Investment Management Corporation (bcIMC), which was established under the B.C. Public Sector Pension Plans Act (PSPPA) as a Crown trust corporation to provide certain trust business and investment management services to various B.C. public sector pension plans, enjoyed that constitutional immunity . . .
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CRA 2020 Retirement Savings Limits
CRA has posted the annual money purchase (MP), defined benefit (DB), registered retirement savings plan (RRSP), deferred profit sharing plan (DPSP) and the tax-free savings account (TFSA) limits, as well as the year’s maximum pensionable earnings (YMPE . . .
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