Canadian tax news
Your source for the latest Canadian tax news and updates on changing tax laws. Working collaboratively with the Canada Revenue Agency (CRA) we aim to bring clarity on pressing tax questions and tax updates.
Please visit our archive page for content from 2020. There are no posts on this page older than 2020.
Filters
August 22, 2023
The Canada Revenue Agency (CRA) has recently informed us that all existing non-resident simplified GST/HST accounts have been automatically transitioned to a RT9999 unique identifier (from RT0001).
August 16, 2023
It’s been a busy year in the tax world, with ever changing tax legislation and administration to keep on top of. We’ve rounded up some key tax developments that practitioners should have on their radar as we enter the fall.
July 21, 2023
CPA Canada recognizes that the Canada Revenue Agency’s (CRA) initial guidance, released on July 5th, did not address all our members questions regarding administration of the rules.
Mandatory disclosure rules: CRA guidance released
July 6, 2023
The Canada Revenue Agency (CRA) has released guidance on the mandatory disclosure rules (MDR). With the Joint Committee on Taxation, we have been working with the CRA to bring issues forward that require clarification regarding the administration of the MDR. In this initial guidance provided, the CRA addressed some of our identified issues, including our request for timely guidance. We will continue to collaborate with the CRA to bring forward issues in need of clarification, including recommendations on streamlining the reporting process.
July 4, 2023
CPA Canada is pleased to announce that John Oakey has joined us as the new Vice-President of Tax, following Bruce Ball’s retirement in June.
Bill C-47 receives royal assent
June 23, 2023
Bill C-47, (Budget Implementation Act, 2023, No.1), received royal assent on June 22, 2023. This included various tax-related measures, including significant changes to the mandatory disclosure rules.
Latest tax blog: New mandatory tax reporting – final legislation released
June 14, 2023
On March 28, 2023, the federal government released the final legislation on expanded tax reporting requirements aimed at detecting and preventing inappropriate tax plans. Read our latest tax blog to know more about the final proposals, improvements and concerns that are still outstanding. We will be communicating issues and questions in respect of the new rules to the Canada Revenue Agency. Updates will also be provided as new information becomes available, so watch this page for developments.
June 9, 2023
It is with mixed emotions that CPA Canada announces that Bruce Ball is retiring from his position of Vice-President of Taxation after a long and successful career in the profession.
CRA shares best practices for SR&ED claims
May 31, 2023
The Canada Revenue Agency (CRA) has recently published some best practices for businesses and tax preparers making a Scientific Research and Experimental Development (SR&ED) tax credit claim. To ensure an efficient process for claimants, the CRA also shares common errors seen in SR&ED claims. See the CRA’s website for further information.
May 30, 2023
The Canada Revenue Agency (CRA) has updated its website to include some guidance on the new legislation which will require certain trusts to provide additional information regarding beneficial ownership on an annual basis.