• Posts by Gareth O. Williams
    Partner

    Gareth is a partner with our Tax Group.  He brings more than 15 years of tax experience to the group having worked at Deloitte & Touche LLP, PricewaterhouseCoopers LLP and as the Director of Tax for a private real estate company. 

    Gareth ...

Posted in Tax

In June 2022, Canada published a report concerning its tax gap.[1] A “tax gap” is the difference between (a) the amount of money a tax authority could collect, in theory, if everyone complied with the law; and (b) the amount in fact collected. Canada’s tax gap has remained stable for the period 2014 to 2018, at 9% of tax revenue.[2] This translates to between $20 billion ...

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Posted in Tax

On February 4, the federal government put forward draft legislation setting out the new Excessive Interest and Financing Expenses Limitation (EIFEL) regime. EIFEL is intended to prevent erosion of the Canadian tax base by limiting net interest and financing deductions of certain Canadian taxpayers generally to 30% of earnings before interest, taxes, depreciation and ...

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Posted in Tax

Most taxation is concerned with raising revenue for government expenditure in the short term (typically within a year or so of the taxable event). A well-designed modern tax will also typically involve a withholding mechanism: think, for example, of payroll withholding on wages or the charge / input tax credit system in a typical VAT, such as Canada’s GST. The Digital ...

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Posted in Tax

The 2017 Federal Budget (the “Budget”) was released March 22nd, 2017 (“Budget Day”). Highlights include:

Upcoming Review of Private Corporate Tax Planning

 The Budget announced that the federal government will be looking into:

  1. Income sprinkling using private corporations: The Budget states that this strategy can reduce income taxes by causing income that ...
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Posted in Tax

Business

Corporate Tax Rate

The small business corporate income tax rate will be reduced from 2.5% to 2% effective April 1, 2017. This means that the combined Federal and Provincial tax rate for small business income, up to $500,000 per year, will be 12.5% in British Columbia (subject, of course, to any changes coming in the Federal Budget).

The Government projects this ...

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Posted in Tax

Introduction

In its recent decision in Minister of National Revenue v. BP Canada Energy Company, the Federal Court of Canada considered the Minister’s ability to compel BP to provide its tax accrual working papers pursuant to the Minister’s inspection powers in subsection 231.1(1) of the Income Tax Act. The decision in favour of the Minister signals a ...

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Posted in Tax

The BC Budget (tabled on February 17, 2015) contained no major announcements and no general corporate or personal tax rate changes. Nonetheless, it provides opportunity for personal tax planning for high rate tax payers, and extends useful assistance to early stage businesses in BC.

Personal

The combined top rate of BC tax is 45.8% (16.8% of BC tax + 29% of Federal tax). The ...

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Tags: BC Budget, Tax
Posted in Tax

On September 26, 2013 the Supreme Court released its decision in the Envision[1] case. The case deals with the amalgamation of two credit unions, but has broader implications for the tax treatment of amalgamations in Canada, and will be of interest to Canadian corporations contemplating a merger in the future.

In 2001, two BC credit unions amalgamated to form Envision. The ...

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