The enforcement by Canada Revenue Agency (“CRA”) of its super priority position for deemed trust liabilities has long been an issue of uncertainty for secured creditors. While the Excise Tax Act (the “ETA”) has carved out “prescribed security interests” from that super priority, the calculation of the funds that continue to rank in priority to a prescribe ...
Due to the recent economic shock of the COVID-19 pandemic, many businesses are considering various options to weather the economic shock. One commonly considered option is to ask existing creditors to forgive all or part of a debt. However, this strategy is subject to a complex regime commonly known as the “debt forgiveness rules”. These rules can trigger important ...
The 2016 Federal Budget was released March 22nd. The overarching theme is to provide increased benefits and relief to middle-class individuals and to close or restrict cross-border tax planning. Highlights include:
Income Tax
Increased Individual Marginal Tax Rates
As part of Bill C-2 tabled on December 9, 2015, the federal government announced an increase to the top ...
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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