Tax
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April 09, 2024
Canadian media advocacy group calls for tax changes to benefit domestic online news outlets
An advocacy group that promotes Canadian media content is calling on the federal government to amend the Income Tax Act to prevent billions in advertising revenue from flowing to non-Canadian Internet platforms.
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April 08, 2024
Appeal Court deems universal life insurance policy is not income from property
In a decision expected by tax pundits to set a precedent, the Quebec taxman partially lost a legal battle after the Court of Appeal held that coverage provided by a universal life insurance policy does not constitute income from property even though it is a benefit for the insured taxpayer.
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April 05, 2024
Benefits of a separate situs will or power of attorney
Many of our readers, especially business owners, may be familiar with the concept of having multiple wills in the same jurisdiction, where each will governs different classes of assets — usually used to avoid paying estate administration tax (a.k.a. probate fees) on assets that do not require probate.
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April 05, 2024
Nexus between tax evasion and money laundering
Tax evasion and money laundering are two interconnected criminal activities that have a significant impact on the global economy. Both involve the deliberate manipulation of financial transactions to avoid detection, regulation or legal consequences. This essay will explore the nexus between tax evasion and money laundering, examining the ways in which these two activities are interconnected and the implications of this relationship for society.
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April 04, 2024
Federal Court and Federal Court of Appeal float ideas for reforming their rules, seek bar’s input
The Federal Court and Federal Court of Appeal are working on updating their rules and seeking the bar’s views on dozens of reform ideas, such as modifying the test for certifying national class actions; green-lighting non-lawyers to represent litigants if “the interests of justice so require”; and boosting the $100,000 cap on claims for matters that proceed as simplified actions.
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April 03, 2024
Federal Court: Unsecured creditors must pay deemed trust proceeds to Crown
An unsecured creditor who received proceeds from the sale of property subject to a deemed trust under the Income Tax Act (ITA) is required to pay those proceeds to the Crown, the Federal Court has found.
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April 03, 2024
Aird & Berlis launches Indigenous practice group
A team of lawyers led by Jason Madden and Alexandria Winterburn, including Alissa Saieva-Finnie, Ethan Guthro and Erika Voaklander, comprise Aird & Berlis’s newly created Indigenous practice group.
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April 02, 2024
CRA cancels 2023 reporting requirement for bare trusts, citing ‘unintended impact’
The Canada Revenue Agency (CRA) has backtracked on a decision requiring so-called bare trusts to file a T3 return for the 2023 tax year. In a March 28 advisory, the CRA noted that the new reporting requirements for trusts had had an “unintended impact on Canadians.” Consequently, it added, the CRA “will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust) for the 2023 tax year, unless the CRA makes a direct request for these filings.”
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March 28, 2024
Supreme Court of Canada rules Charter applies to First Nation government and its citizens
The Supreme Court of Canada has ruled 6-1 that the Charter applies to a First Nation government and its citizens in Yukon, as well as ruling 4-3 that the Charter’s s. 25 shields from a community member’s s. 15 equality rights challenge the self-governing Vuntut Gwitchin’s constitutional requirement that its elected leadership must live on the First Nation's traditional territory.
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March 27, 2024
Facilitating international document verification: Canada ratifies Apostille Convention
Canada’s recent decision to ratify the Apostille Convention marks its significant effort to simplify cross-border and global document verification.