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Professional taxing

Article Abstract:

The various types of taxes Canadian businesses have to consider in managing their financial records have only served to confound the already difficult task of auditing. Firms must consider taxes, including the Quebec sales tax, harmonized sales tax, social services tax, and the goods and services tax (GST). Though GST is more or less standard, the conflicts which may arise in its treatment have prompted Revenue Canada to distribute a circular containing its views on the tax. The body asserts that GST should be applied to services availed by non-residents based on the degree of relationship that can be established between the service and the property in question.

Analysis, Management, Tax administration and procedure, Tax administration, Value-added tax, Canada. Customs and Revenue Agency

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Dear departures

Article Abstract:

The expansion of the Tax Act's provision on the taxation of emigrants poses potential problems such as the difficult valuation of taxable Canadian property (TCP). One of the reforms in the legislation claims that an individual who is not anymore a resident of Canada after October 1, 1996 will be regarded as having offered all property at fair market value. All emigrants departing from Canada after 1995 and who has over C$25,000 worth of property need to report their property.

Emigrants, Canada, Emigration and immigration

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NSULCs: made in Nova Scotia

Article Abstract:

A Nova Scotia unlimited liability company (NSULC) has no restriction on the liability of its members. The tax authorities are seeking to amend the regulations applicable to NSULCs in order to limit their use for tax planning.

Tax planning, Nova Scotia

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