TEI’s Canadian Income and Commodity Tax Committees Seek Member Input for 2021 Liaison Meetings
Canadian Budget 2024 Expanded CRA Audit Powers - TEI Comments
On May 29th, 2024, TEI filed comments with Canadian Minister of Finance Chrystia Freeland regarding Budget 2024's proposed expanded Canada Revenue Agency audit powers. TEI's comments focused on the substantial negative impact the proposals would have on taxpayers generally and taxpayer rights specifically. TEI's letter included several recommendations on how the expanded powers proposals could be improved and lessen their impact on Canadian taxpayers. TEI's comments were prepared under the aegis of its Canadian Income Tax Committee, whose Chair is Steve Saunders of Atco. Benjamin R.
CRA Responds to TEI's Questions from December 2022 Liaison Meetings
The Canada Revenue Agency ("CRA") has submitted its written responses to TEI's December 6, 2022, CRA-TEI liaison meeting questions.
CRA Responds to TEI's Questions from December 2021 Liaison Meetings
The Canada Revenue Agency ("CRA") has submitted its written responses to TEI's December 7, 2021, CRA-TEI liaison meeting questions.
CRA Responds to TEI's Questions from December 2020 Liaison Meetings
The Canada Revenue Agency ("CRA") has submitted its written responses to TEI's December 8, 2020, CRA-TEI liaison meeting questions.
Canadian Bare Trust Reporting - TEI Comments
On September 27th, 2023, TEI submitted comments to the Canada Revenue Agency regarding new rules for reporting "bare trusts arrangements." TEI's comments focused on the compliance burden the new rules would impose on corporations and other businesses, which in most cases would be duplicative of other reporting requirements already imposed on such entities, among other things. TEI's comments were prepared by its Canadian Income Tax Committee, whose Chair is Steve Saunders of Atco. Benjamin R. Shreck, TEI Tax Counsel, coordinated the preparation of TEI's comments.
Canadian EIFEL Rules - TEI Comments
On September 13, 2023, Tax Executives Institute, Inc. ("TEI") submitted comments to the Canadian Department of Finance regarding proposed legislation that would implement an excessive interest and financing expenses limitation ("EIFEL"). TEI's comments addressed the proposed implementation date of the EIFEL rules, the need to except existing debt obligations from the rules for a period of time, and issues surrounding the group ratio election, among other things. TEI's comments were prepared under the aegis of its Canadian Income Tax Committee. Benjamin R.
Proposed Canadian GAAR Penalty - TEI Comments
On September 8, 2023, Tax Executives Institute, Inc. ("TEI") submitted comments to the Canadian Department of Finance regarding the Department's proposed tax penalty for transactions held subject to Canada's General Anti-Avoidance Rule ("GAAR"). TEI's comments focused on the need for the GAAR penalty to have a true due diligence defense to its imposition and include a significant fault requirement, both are which are necessary to avoid having taxpayers report all their transactions so as not to be subject to the penalty.
Canadian RUTT Form - TEI Comments
On June 7, 2023, TEI submitted comments to the Canada Revenue Agency ("CRA") regarding the draft Reportable Uncertain Tax Treatment ("RUTT") form. Taxpayer must use the RUTT form to report certain items depending on how those items are treated on a taxpayer's relevant financial statements. TEI's comments focused on recommendations to reduce the burden of preparing and filing the RUTT form with CRA, including limiting the information the form requires, filing the form by a single entity within a consolidated group, and clarifying which taxes the RUTT form encompasses.