Entry into Force of the Tax Convention between Canada and the State of Israel

December 23, 2016 Full text of the New Convention The new Convention between the Government of Canada and the Government of the State of Israel for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income entered into force on December 21, 2016. The new Convention was signed on September 21, 2016.…

2016 federal budget pledges to strengthen middle class while extending forecasted deficits until 2020

Grant Thornton has released a detailed summary of the tax measures that were announced in this budget. Below are some of the highlights: Personal measures Repeal of the Universal Child Care Benefit and Canada Child Tax Benefit and introduction of a new Canada Child Benefit, which will vary based on household income. Repeal of the Family…

Government Moving Forward to Address Tax Evasion Through the Automatic Exchange of Tax Information

February 5, 2016 – Ottawa, Ontario – Department of Finance Finance Minister Bill Morneau and Minister of National Revenue Diane Lebouthillier today announced that the Government of Canada has signed a Joint Declaration with Switzerland expressing the intent of the two countries to engage in the automatic exchange of financial account information in accordance with…

Tax Arrangement Signed Between the Trade and Economic Offices of Canada and Taiwan

January 18, 2016 Full text of the Tax Arrangement An Arrangement between the Canadian Trade Office in Taipei and the Taipei Economic and Cultural Office in Canada for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income was signed on January 15, 2016 in Taipei. The Arrangement…

Agreement Concerning the Application of the Arbitration Provisions of the Canada-United Kingdom Tax Convention

November 26, 2015 Full text of the Agreement An Agreement concerning the application of the arbitration provisions of the Convention between the Government of Canada and the Government of the United Kingdom of Great Britain and Northern Ireland for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on…

Entry into Force of the Protocol between Canada and Spain

September 29, 2015 Full text of the Protocol The Protocol amending the Convention between Spain and Canada for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital (the “Protocol”) will enter into force on December 12, 2015. The Protocol was signed on November 18,…

Entry into Force of the New Tax Convention and Related Protocols between Canada and New Zealand

June 26, 2015 Full text of the new Convention Full text of the Second Protocol The new Convention between Canada and New Zealand for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, and related protocols, entered into force on June 26, 2015. The new Convention and…

Canadian Government combats international tax evasion by joining forces with international tax jurisdictions

Minister Findlay signs the Multilateral Competent Authority Agreement, helping to set the stage for the automatic exchange of financial information with international partners starting in 2018 June 2, 2015 – Ottawa, Canada – Canada Revenue Agency The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P, Minister of National Revenue, today signed the international Multilateral Competent Authority Agreement (MCAA), an…

Canadian Revenue Agency: Bitcoin Considered as Foreign Fund or Property for Taxes

by JOSEPH YOUNG on JULY 24, 20151 The Canadian Revenue Agency recently stated in section 233.3 of the Income Tax Act that bitcoin and other digital currencies are considered “specific foreign properties” and are to be treated as foreign funds or intangible properties. The rules of the Income Tax Act document states that foreign properties including bitcoin that…

Canada and Spain Sign New Tax Protocol

Agreement to prevent double taxation and international tax evasion November 18, 2014 – Ottawa, Ontario – Department of Finance Finance Minister Joe Oliver today announced the signing of a Protocol to amend the existing income tax convention between Canada and Spain. The Protocol was signed in Madrid by Canada’s Ambassador to Spain, Jon Allen, and…