David Bazar was kind enough to point out that, in fact, the CRA has delayed the implementation of the administrative change noted in my last post. Please see the CRA notice here.
Partnership reporting changes
The Golden Horseshoe Tax Study Group met yesterday. Kathryn Smith pointed out to the group that the CRA has changed its administrative policy on the reporting required of a partnership.
Property
Every now and then a taxpayer proposes to transfer an intangible “something” to a corporation for valuable consideration. The taxpayer, or his or her advisers, would do well to read Tri Pacific Gas Corporation v. Canada, 2007 FCA 38, before proceeding.
Budget news
The CBC has a good quick summary of the federal budget.
CRA service update
The CRA’s latest press release on its service problems can be found here.
Latest news on efile
The CBC has the latest news on the CRA’s efile problems. The CRA has provided more detail in a “fact sheet“.
CRA suspends online service
The CRA has suspended online service for individuals—including e-filing—until further notice, apparently “to safeguard existing systems and to maintain the integrity of CRA’s taxpayer information holdings”. The full news release is here.
Voluntary disclosures in Ontario
The CRA is changing the way voluntary disclosures are processed in Ontario. See its press release here.
Eligible dividends
Joe and I will be giving a presentation on the new eligible dividend rules on Thursday, March 1, at noon at the Hamilton Chamber of Commerce. We will provide an overview of these rather complex rules and present some planning ideas and issues to consider.
De facto directors
An individual, even though not elected as a director by a corporation’s shareholders or shown as such in government records, can still be held liable for unremitted source deductions as a de facto director.