Blog

Investment

Corporate Tax Planning

Head of One of Canada’s Largest Banks Warns of a Significant Investment Exodus to the U.S

Dave McKay, the president and CEO of RBC has told the Canadian Press that the federal government must act to staunch the flow of investment capital from Canada to the U.S. His concerns come as Ottawa has already been facing pressure from business leaders to respond to the recent tax overhaul south of the border. Capital Flow Out of the Country May Be Followed by a Brain Drain One… Read More

Budget

Corporate Tax Planning

Ontario’s 2018 Budget: Tax Credits, but no Corporate Tax Cut

Earlier this week, Ontario’s Finance Minister Charles Sousa delivered the provincial Liberal’s final budget prior to June’s pending election. The budget calls for $20.3 billion in spending over the next three years, including more than $900 million for businesses and jobs training under a “Good Jobs and Growth Plan”. The budget projects 2.2% provincial GDP growth in 2018, 1.8% in 2019, and 1.9% in 2020 (growth was an estimated 2.7% in 2017). Read More

Auto industry

NAFTA

Key Auto Industry Concessions Made in Ongoing NAFTA Discussions

CBC News is reporting on a breakthrough in ongoing NAFTA discussions, welcome news to many who believed that the U.S. would withdraw from the trilateral trade agreement. This week, U.S. negotiators abandoned their previous demand that all vehicles made in Canada and Mexico that are bound for the U.S. market must contain at least 50% American-made components. This had been a highly contentious sticking point in prior discussions and… Read More

Offshore tax evasion

Personal Tax Planning

Canada Plans to Crack Down on Offshore Tax Evasion

An inconspicuous section buried within an almost 80-page supplementary tax measures document in the federal government’s most recent budget may mean that confidential information about Canadian taxpayers could soon be shared with police and other authorities around the world. The government has noted its intention to provide police and tax authorities with enhanced powers to fight tax evasion and to advance international investigations into serious related crimes, including money laundering and terrorism financing. The annex… Read More

Marijuana tax

Corporate Tax Planning

Budget 2018 and Marijuana Taxation

The federal Minister of Finance introduced the 2018 federal budget in late February of this year. Unsurprisingly, given the pending changes to marijuana legislation nation-wide, the budget introduced an excise duty framework to be implemented once the sale of non-medical marijuana becomes legal. Marijuana is expected to be legalized by this coming summer, although the federal government has yet to announce a firm date. Cannabis Taxation The excise duty… Read More