Oct 19, 2017

Government Backtracks on Anti-Surplus Stripping Proposals, and Looks to Develop Alternative Proposals

Happily, on October 19, 2017, the Federal Government announced it is not proceeding with yet another measure in its July 18 proposals (summarized here) – this time, the anti-surplus stripping proposals. Earlier in the week, the Government announced that it will (i) simplify the income sprinkling proposals and not proceed with proposed measures to limit access to the Lifetime Capital Gains Exemption (summarized here) and (ii) add a safe harbour for the proposals impacting the taxation of passive income in a private corporation (summarized here).

May 11, 2016

Panama Papers and Offshore Accounts: Window of Opportunity to Make a Voluntary Disclosure Closing

Canadian residents are required to report worldwide income. Furthermore, Canadian residents are generally required to annually file a special information return for any year that they held, at any time in that year, “specified foreign property” that had a cost exceeding $100,000. A failure to report such income or file any such return makes the Canadian resident liable to significant penalties (for which interest accrues daily) and potentially open to criminal prosecution.