On August 12, the Department of Finance Canada (“Finance Canada”) released proposed amendments to the Income Tax Act (the “Act”) implementing the new Canadian Entrepreneurs’ Incentive (the “Incentive”). The Incentive aims to reduce the capital gains inclusion rate to one-third on a lifetime maximum of $2 million in eligible capital gains.
The Incentive ...
In the recent case of Canada v. Canada North Group Inc.,[1] a 5-4 majority of the Supreme Court of Canada confirmed that supervising courts under the Companies Creditors' Arrangement Act (the "CCAA") have the discretion to grant restructuring charges (“Priming Charges”) priority over statutory deemed trusts (“Deemed Trusts”) in favour of the Crown.
The ...
Introduction
In its recent decision in Minister of National Revenue v. BP Canada Energy Company, the Federal Court of Canada considered the Minister’s ability to compel BP to provide its tax accrual working papers pursuant to the Minister’s inspection powers in subsection 231.1(1) of the Income Tax Act. The decision in favour of the Minister signals a ...
On September 26, 2013 the Supreme Court released its decision in the Envision[1] case. The case deals with the amalgamation of two credit unions, but has broader implications for the tax treatment of amalgamations in Canada, and will be of interest to Canadian corporations contemplating a merger in the future.
In 2001, two BC credit unions amalgamated to form Envision. The ...
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