Tax Planning Using Private Corporations – New Federal Proposals

Last week, Finance Minister Bill Morneau unveiled plans to tighten what the federal government calls “unfair” loopholes for private corporations that enable many wealthy Canadians, including professionals like some lawyers, to reduce the amount of tax they pay. Will the new federal proposals have an impact on your situation? Here are the key tax changes…

Quebec Form TP-1079 (Mandatory or Preventive Disclosure of Tax Planning Activities) – Due by April 7, 2017 for late-filed forms

Taxpayers who used a consultant with regard to their refundable tax credit activities (e.g. SR&ED, design, e-commerce, etc.) whose fee was contingent on the amount of Quebec refundable tax credits obtained must file Quebec Form TP-1079. This form discloses the nature of the work done and the identification of the consultants involved. Form TP-1079 became…