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Corporate Tax Planning

Trump Administration’s Proposed Tax Plan Runs into Roadblock

Several weeks ago, we blogged about the Trump Administration’s proposed tax framework, affecting both personal and corporate taxes. The plan is intended to both simplify and lower tax rates, particularly for corporations, however, it looks like the proposal is shaping up to be an increasingly tough sell, with Republican party factions at odds with one another. Currently, the biggest hurdle is shaping up to be the ability to pay… Read More

Corporate Tax Planning

Ottawa Announces Tax Proposal on Marijuana Sales

With legal sales of marijuana in Canada being only months away, the federal government announced a plan this week to impose a 10% tax on marijuana sales to be evenly split with the provinces. The proposal was quickly criticized by a number of Premiers who want a bigger cut, arguing that provinces are bearing the majority of the costs of implementing legalization. Pending Legalization Effective July 1, 2018, Canada plans on legalizing marijuana by… Read More

Corporate Tax Planning

Trump Administration Releases New Tax Framework

On September 27, a group of top Trump Administration officials, in conjunction with key leaders from the House Ways and Means Committee and the Senate Finance Committee, released a 9-page framework outlining proposed changes to the U.S. tax code. The new guidelines are similar to an earlier 1-page plan released by the administration in April of this year and are consistent with the key themes and concepts outlined in… Read More

Corporate Tax Planning

New Draft Legislation May Impact Limited Partnerships in Canada

Earlier this month, Canada’s Department of Finance released draft legislation intended to amend the Excise Tax Act (ETA) and address newly defined “Investment Limited Partnerships”. These proposed amendments will impact mutual funds or investment plans that use limited partnerships in their structure (including private equity, venture capital, and hedge funds), and has the potential to significantly increase the amount of GST/HST paid by limited partnerships. The Draft Legislation The draft legislation essentially deems the general… Read More

Corporate Tax Planning

Policy Experts Express Concerns that U.S. Tax Reforms Could Affect Canadian Oil Sector

In a recent report, the director of the University of Calgary’s School of Public Policy has stated that Canada’s oil sector may be about to lose the tax competitive advantage that it currently enjoys. In the report, Jack Mintz, notes that both President Trump’s recent tax-reform proposals and those made by the Republican-controlled House of Representative last year, could make investments in the U.S oil industry much more attractive. These reforms, combined… Read More