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The 2024 Canadian Federal Budget is here. Our legal Tax team including Dion Legge, Dominic Belley, Sébastien Gingras, Adrienne Oliver, and Riley Burr share their analysis and insights into the key tax measures that will impact businesses. View the full report at https://ow.ly/VfBy50RiE3C

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BLG Senior Associate Frédérique Duchesne shares some high-level takeaways from the 2024 federal budget. For our full in-depth analysis, read our article:  https://lnkd.in/gZv9bx7Y #federalbudget #budget2024

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You may recall back in 2023, the Federal Budget announced potential changes to the Alternative Minimum Tax ("AMT") but never enacted them. These changes were intended to become effective on January 1, 2024. Fast forward to April 2024 and further changes to the AMT calculation were announced. These changes became law in June 2024, with an effective date of January 1, 2024.   The latest changes mean that individuals are now able to claim 80% of their charitable donation tax credit, instead of the previously proposed 50%, when calculating AMT. This change aims to address concerns that the new AMT rules could discourage large donations. Previously, 100% of donations were included in adjusted taxable income for AMT purposes.   The initial proposal to limit the inclusion to 50% meant high-income donors could face extra tax if they aren't able to use their entire donation tax credit. Allowing 80% will help prevent this issue, encouraging donors to take full advantage of the tax credit.   Take a read through the article linked below and reach out if you have any questions regarding your donations and how the AMT may affect you. #alternativeminimumtax #AMT #charitabledonation #taxcredit #taxplanning #accountingtips

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Daily Tax Tidbit: CRA Opines That New GAAR Will Not Apply to Post-Mortem Pipeline In 2023-0993651R3 -- "Post-mortem pipeline", dated in 2024 (no month or day), the CRA gave the opinion (explicitly not a ruling) that the new GAAR would not apply to a post-mortem pipeline. The key point here for practitioners is to file away these CRA views to help in advising clients on whether to self-report transactions to reduce the risk of the GAAR penalty. As always, don't take legal advice from short Linkedin posts. Consult your local tax attorney.

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The Québec government recently published the final version of the Regulation to amend mainly the Regulation respecting the language of commerce and business (the Regulation) in the Gazette officielle du Québec. This follows the January 2024 publication by Québec’s Minister of the French Language of a draft regulation (the Draft Regulation), which was subject to a 45-day consultation period. Some key areas of interest to businesses include: · Recognized trademarks · Phase-out period and exceptions to the use of French on products and packaging · Requirements for the predominance of French for products and the availability of related contracts in French · Inscriptions engraved or embossed on products Read the full details about the Regulation and its amendments in our bulletin: https://bit.ly/3Y2CRlf #consumerprotection #government #regulatory #consumer #retail #foodanddrug #Québec #Montréal Marie-Eve Gingras | Corina Manole | Jean-Olivier Savoie | Michelle Nelles | Jacquelyn Smalley | Nicole Zeit | Maya Vacante

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Here is our latest article in which my colleagues Nicolas Rondeau and Myriam Vallée present an overview of the various rules relating to the Canadian GST/HST registration requirements for non-residents businesses. https://lnkd.in/e8SPSa-t

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Finance Canada’s SR&ED tax incentive program review should stay focused on encouraging R&D, and remain separate from other activities in the innovation continuum, according to a new C.D. Howe Institute report from Fellow-In-Residence John Lester. Further, the federal government should recognize that an IP box is good public policy. https://lnkd.in/gwsM8uQu

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On June 26, 2024, a Regulation was published, aiming to clarify and complement certain amendments made to the Charter of the French Language under the much-discussed Bill 96 and to facilitate the implementation of the Charter as modified by Bill 96. Read more from lawyers Émile Catimel and Enda Wong here: https://bit.ly/4cHEJDS #QCpoli #cdnpoli #legalinsights

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Starting September 22, 2024, Québec's new data portability law comes into effect as part of the final phase of amendments under Law 25. This law imposes new obligations on companies subject to the Quebec Privacy Act, following earlier phases implemented in 2022 and 2023. Law 25, aimed at modernizing personal information protections, marks a significant shift for businesses operating in Québec. Read more from lawyer Amir Kashdaran here: https://bit.ly/4emryZS #DataPortability #PrivacyLaw #Law25 #QuebecPrivacyAct

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🇨🇦 Want to know more about Quebec's Law 25? Are you ready for the changes coming into effect on 22 September 2024? 💡Our latest blog tackles the key elements and offers insights on achieving compliance: https://lnkd.in/ekaYFZFj #TheDPOCentreCanada #QuebecLaw25 #ComplianceAdvice

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Naomi Loewith will appear on this panel alongside Ekin D. Cinar, Dentons; and Josie Parisi, CIRP, LIT, BDO. This session is part of the ADR Institute of Canada (ADRIC)/ Institut d'arbitrage et de médiation du Canada (IAMC) 2024 National Conference. Register here: https://lnkd.in/etEPsjiN #InternationalArbitration #LitigationFunding #LegalFinance #Canada

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Specific deterrence and punishment: The Professions Tribunal in Quebec has set aside a $30,000 fine against an accountant on the basis that the fine was imposed to punish the accountant. The accountant had not met auditing standards for a series of financial statements over three years. The sanction included a three-month suspension, a fine of $30,000 and $60,000 in costs. The hearing panel concluded that since the accountant was retiring permanently there was no risk of reoccurrence. However, in addition to imposing the “usual” three-month suspension, which would have no practical effect on the accountant, the panel imposed the fine to “make sure” the accountant would not be tempted to do anything like this again. The Professions Tribunal concluded that, in the circumstances, the fine was intended to punish the registrant and set it aside. It did uphold the suspension and costs. See: Beaulieu c. Chartered professional accountants (Ordre des), 2024 QCTP 34 (CanLII), https://lnkd.in/g9hF5yrF. CanLII #professionalregulation

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World Law Alliance: U.S. Seeks Trade Dispute Consultations with Canada Over New Digital Services Tax The World Law Alliance notes the recent move by the U.S. government to initiate trade dispute settlement consultations with Canada regarding its newly enacted Digital Services Tax (DST). The U.S. Trade Representative’s (USTR) office has expressed concern over the "discriminatory" nature of the tax, arguing that it may violate the provisions of the U.S.-Mexico-Canada Agreement (USMCA) on trade. The consultations mark the first step in the USMCA’s dispute resolution process, which could lead to retaliatory U.S. tariffs if an agreement is not reached within 75 days. The U.S. has long opposed unilateral DSTs, which it argues disproportionately target American tech giants such as Google, Apple, Amazon, and Meta. U.S. Trade Representative Katherine Tai emphasized that the U.S. is committed to addressing these concerns while continuing to work on a comprehensive global tax solution through OECD/G20 negotiations. Canada's response to the U.S. request has been measured, with officials indicating that the dispute was anticipated as part of ongoing discussions between the two nations. Similar tensions have emerged with other countries that have implemented DSTs, as global talks on reforming multinational tax rights have stalled. As this case progresses, the World Law Alliance underscores the importance of cooperative, multilateral solutions to address digital taxation and foster a fair global trade environment. #WorldLawAlliance #WoneGlobal https://lnkd.in/gja2d7ZM

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I encourage you to read our latest article on the recent adoption of Bill 30.

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IPSASB issues Exposure Draft (ED) 88, Arrangements Conveying Rights over Assets (Amendments to IPSAS 47 and IPSAS 48) Have your say in shaping public sector accounting standards! Weigh in on #IPSASB Exposure Draft 88 on Arrangements Conveying Rights over Assets. Make sure Canadian perspectives are heard by responding directly to IPSASB by May 31, 2024! https://ow.ly/LXni50Rn5kZ

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The CRA is Canada’s largest law enforcement agency and has enormous audit resources!  Taxpayers with hidden tax liabilities ought to properly view them as potentially findable by the CRA, and assessable in due course.  A recent Tax Court decision in the Yadgar case highlights the CRA’s ability to reach back almost 20 years (!) for past tax liabilities.  But there is hope for taxpayers with latent GST/HST and/or income tax obligations, and that is CRA’s Voluntary Disclosures Program (VDP).  A disclosure through VDP can be an effective way of dealing with these liabilities, and shielding taxpayers from severe penalties and potential criminal charges. Read More in Rob Kreklewetz and Tommy Pham's latest Indirect Tax Report. View a Downloadable Version here:  https://lnkd.in/g6d4Vmn8 Read it on our Website here:  https://lnkd.in/gGSBMWkY Don't miss an Update!  Email us to sign up for our eNewsFlash at [email protected]

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📄 Quebec has decided to adjust its tax system in line with the federal government's recent changes by increasing the percentage of capital gains subject to taxation. This shift aligns with the federal announcement made in Ottawa's budget on Tuesday. Both levels of government will now tax two-thirds of capital gains, up from the previous rate of one-half. This new taxation rate applies to gains exceeding $250,000. 📅 The change is set to take effect on June 25 and is seen by the Quebec Finance Department as a move to maintain "coherence" with the federal tax system. This synchronization ensures that both federal and provincial tax systems are aligned, facilitating a more streamlined approach for taxpayers and businesses across both jurisdictions. 💬 However, the increase in the capital gains inclusion rate has sparked concerns among the business community. The Manufacturiers et Exportateurs du Québec, a major manufacturing association in the province, has expressed worries that this tax hike could negatively impact companies, especially at a time when they are already investing in initiatives to reduce carbon emissions. The association argues that the higher tax rate on capital gains could strain financial resources, potentially slowing down these critical environmental investments. 👉 This development highlights the ongoing balance that governments are trying to achieve between raising revenue through taxation and fostering a business environment conducive to growth and sustainability. ℹ Source of information Global News #CanadaBudget2024 #CapitalGainsTax #TaxChanges #FinancialNews #CanadianEconomy #TaxUpdate #WealthTax #Quebec #TaxPolicy #CanadianBusinesses #FinanceCanada #TaxNews #CorporateTax #Taxation #RealEstateTax #InvestmentIncome #FiscalPolicy #FinanceEducation #TaxImplications #StayInformed #DailyPost #DailyNews

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📅 𝗘𝘅𝘁𝗲𝗻𝘀𝗶𝗼𝗻 𝗼𝗳 𝗧𝗮𝘅 𝗙𝗶𝗹𝗶𝗻𝗴 𝗗𝗲𝗮𝗱𝗹𝗶𝗻𝗲𝘀 𝗶𝗻 𝗕𝗲𝗹𝗴𝗶𝘂𝗺 Due to technical issues, certain tax filing deadlines have been extended: 𝗡𝗲𝘄 𝗗𝗲𝗮𝗱𝗹𝗶𝗻𝗲𝘀: Corporate and Legal Entities Tax: extended to October 7, 2024. Personal Income Tax for specific income types: extended to October 28, 2024. 𝗦𝗽𝗲𝗰𝗶𝗳𝗶𝗰 𝗜𝗻𝗰𝗼𝗺𝗲 includes: Self-employment or foreign income. Foreign real estate, alimony, loans, or legal structures. Special tax regime for inbound taxpayers. ⚠️ Note: This applies only to online filings via MyMinfin. #Tax #Taxreturn #Corporate #eblredsy https://lnkd.in/eYtrdHdN

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Guide update - Wills Ontario📜 Extensive updates and enhancements have been made to the commentary, matter plan, and precedents. New commentary sections include detailed discussions of: - testamentary trusts; - death benefits; - capital gains taxes; and - dependants' claims. The matter plan expertly outlines the best strategy to conduct a will matter, from the initial conversation with the client to drafting the will, its execution, and closing the file. The precedent wills, fully automated with LEAP matter details, allow individual, couple, and blended family wills to be prepared efficiently and modified for every client’s needs. For all the latest news, check out our News and Updates page. https://lnkd.in/gWXCdr7j #enjoypracticemore

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