Insights

Windfalls in the Tax Court

Aug 20, 2015

A former land developer in Henco Industries Limited v. The Queen successfully argued before the Tax Court that a $15.8 million payment from the Ontario government should be characterized as a non-taxable capital receipt and a separate payment of $650,000 from the Ontario government should be characterized as a non-taxable windfall.

Government can Impose Penalties on Large Businesses for Deficiently Reporting Recapture of Input Tax Credits (“ITCs”)

Aug 19, 2015

Generally, "large businesses" can recapture ITCs relating to the Ontario and Prince Edward Island portion of the HST payable re some property and services

Reduction of Input Tax Credit (“ITC”) Recapture Rate for Ontario Portion of HST (“OHST”) starting July 1, 2015

Jul 9, 2015

Reduction of Input Tax Credit ("ITC") Recapture Rate for Ontario Portion of HST ("OHST") starting July 1, 2015

Budget 2015: Tax-Free Savings Accounts – A Welcome Contribution Limit Increase, but “Prohibited Investment” Rules Remain a Concern

Apr 29, 2015

Budget 2015 proposes to increase the TFSA annual contribution limit from January 1, 2015. The TFSA annual contribution limit will no longer be indexed to inflation.

Budget 2015: Incentivizing Charitable Giving and Easing Investment Restrictions on Charities and RCAAAs

Apr 28, 2015

Budget 2015 announced three proposals to amend the Income Tax Act (Canada) that are designed to further incentivize charitable giving to registered charities and other "qualified donees".