Grant Thornton Feed: Insights [articles] Keep informed, subscribe to our feed and get our latest updates. 2011-11-16T12:00:00-05:00 Grant Thornton Canada urn:uuid:-resources-insights-articles-Private_companies_proposals_Summary_of_recent_announcements.pdf 2017-11-02T17:01:14-05:00 On July 18, the Department of Finance released draft legislation proposing changes to the way private corporations are taxed. During the 75-day consultation period that followed, the government received more than 21,000 submissions—many of which expressed concerns with the new proposals. Among them was a rather robust submission from Grant Thornton, which reflected our views and concerns, as well as those of our clients. <a href="" >click to open PDF</a> urn:uuid:-resources-insights-articles-GST-HST_Rules_for_Limited_Partnerships.pdf 2017-10-26T15:43:57-05:00 On September 8, 2017, the Department of Finance released draft legislation which could cause distributions from certain limited partnerships to general partners to now be subject to GST/HST. <a href="" >click to open PDF</a> urn:uuid:-resources-insights-articles-FallEconomicUpdate (002).pdf 2017-10-25T11:59:22-05:00 On October 24, Finance Minister Bill Morneau tabled the 2017 Fall Economic Statement. In the statement, the government reiterated its continuing focus to invest in the economy so that it works for the middle class and those working to join it. <a href=" (002).pdf?jsmobile=0" >click to open PDF</a> Private business update: Government announces further changes to tax proposals urn:uuid:-resources-insights-articles-PrivateBusinessUpdate.pdf 2017-10-23T09:28:46-05:00 The federal government will not be moving forward with measures to convert income into capital gains. The announcement was just one of several made this week in response to stakeholders’ concerns regarding the government’s tax proposals affecting private companies which were released on July 18, 2017. <a href="" >click to open PDF</a> Income splitting rules are changing—are you ready? urn:uuid:-resources-insights-articles-IncomeSplittingv1.pdf 2017-10-19T13:12:12-05:00 Unfortunately for Canada’s private business sector, perception is everything. The perception at hand, held by Canada’s current government, is that “tax planning strategies involving corporations are being used to gain unfair tax advantages.” As a result, major changes are coming to the Income Tax Act to put a stop to it. <a href="" >click to open PDF</a> urn:uuid:-resources-insights-articles-GovtChangesToPHBsREnewTaxProposals.pdf 2017-10-19T12:55:31-05:00 The government announced a number of changes in response to the public backlash received since they released their tax proposals affecting private companies on July 18, 2017. <a href="" >click to open PDF</a> Tax Planning Using Private Corporations urn:uuid:-resources-insights-articles-Tax Planning Using Private Corporations_FINAL Website Version.pdf 2017-10-12T15:18:50-05:00 Submission by Grant Thornton LLP <a href=" Planning Using Private Corporations_FINAL Website Version.pdf?jsmobile=0" >click to open PDF</a> 2017 British Columbia update summary urn:uuid:-resources-insights-articles-BCBudgetUpdate2017.pdf 2017-09-19T09:43:21-05:00 As a result of the change in government on May 2017, Finance Minister Carole James presented a budget update on September 11, 2017. The update addresses the new government’s key commitment to improving affordability, enhancing critical services and building a strong, sustainable, and innovative economy that creates jobs and works for everyone. <a href="" >click to open PDF</a> Proposed changes - Tax planning using private corporations urn:uuid:-resources-insights-articles-Proposed changes - Tax planning using private corporations.pdf 2017-08-17T13:36:12-05:00 This release highlights the proposed changes by the Department of Finance in the consultation paper, "Tax Planning Using Private Corporations", and the impact they will have on tax planning strategies involving the use of private corporations. <a href=" changes - Tax planning using private corporations.pdf?jsmobile=0" >click to open PDF</a> Proposed changes to the voluntary disclosure program urn:uuid:-resources-insights-articles-Voluntary Disclosure Changes.pdf 2017-08-02T15:16:56-05:00 The voluntary disclosure program (VDP) was put in place to promote compliance with Canada's tax laws by encouraging taxpayers to voluntarily come forward and correct inaccurate or incomplete information, or to disclose information not previously reported. <a href=" Disclosure Changes.pdf?jsmobile=0" >click to open PDF</a> Charitable giving: Donation of public company shares urn:uuid:-resources-insights-articles-Wealth preservation update_July2015.pdf 2017-06-15T13:44:29-05:00 Do you suggest to some clients that they donate publicly-traded securities—such as stocks and bonds—to a charity? This is a smart and tax-effective alternative to the donation of cash. But how they structure the charitable donations can be as important as the amount given—both for the charity and for the donor. <a href=" preservation update_July2015.pdf?jsmobile=0" >click to open PDF</a> Strategic Innovation Fund: 2017 federal budget to boost innovation urn:uuid:-resources-insights-articles-StrategicInnovationFund_Final.pdf 2017-05-17T09:18:15-05:00 Experience shows that investment in innovative high-growth sectors helps to drive global competitiveness and sustainable economic growth. Canada’s 2017 federal budget aims to encourage further research and development (R&D), with the government committing to make Canada a centre for global innovation. <a href="" >click to open PDF</a> CRA updates its position on US LLLPs and LLPs urn:uuid:-resources-insights-articles-CRAUpdatesUS_LLLPsLLPs.pdf 2017-05-11T14:42:40-05:00 On April 26, 2017, the Canada Revenue Agency (CRA) announced that it will offer “administrative grandfathering” for Canadian taxpayers who hold an interest in Florida and Delaware Limited Liability Partnerships (LLPs) or Limited Liability Limited Partnerships (LLLPs). <a href="" >click to open PDF</a> Understanding Canada's push for Superclusters urn:uuid:-resources-insights-articles-Superclusters2017.pdf 2017-05-05T10:14:07-05:00 Innovation has become one of the most important features of our new Canadian economy, with the goal of promoting our country’s corporate growth and job creation. The Canadian government is working to define a new vision for the economy and to build Canada as a centre of global innovation. <a href="" >click to open PDF</a> Venture Capital Catalyst Initiative: 2017 Federal Budget to Boost Capital Support for Start-Ups urn:uuid:-resources-insights-articles-Venture Capital Client Release.pdf 2017-05-01T11:03:01-05:00 The 2017 federal budget demonstrates the government’s commitment to innovation, stating that “Canada must do more to encourage innovation. The future success of all Canadians relies on it.” To foster innovation, the government announced plans to evaluate and modify various programs that fund innovation, with the goal of consolidating and simplifying the programs that support Canadian entrepreneurs. The changes are expected to advance Canada’s position as a world-leading innovation economy, improving its ability to create jobs and increase business investment in the country. <a href=" Capital Client Release.pdf?jsmobile=0" >click to open PDF</a> What you need to know about potential changes to US import/export rules urn:uuid:-resources-insights-articles-BATNAFTA2017.pdf 2017-04-13T16:24:46-05:00 Canada, Mexico and the United States are partners in the world’s largest trade agreement, the North American Free Trade Agreement (NAFTA). NAFTA came into effect in 1994 to remove the barriers to the flow of goods and services between Canada, Mexico, and the United States. However, as part of its “America First” agenda, the Trump administration has stated its intention to pursue fundamental changes to NAFTA to provide favourable terms for US businesses. <a href="" >click to open PDF</a> Planning around the 2017 federal budget: Possible changes to the capital gains inclusion rate (Mandarin) urn:uuid:-resources-insights-articles-Tax_Prebudget Planning_Mandarin_2017.pdf 2017-03-16T13:09:50-05:00   <a href=" Planning_Mandarin_2017.pdf?jsmobile=0" >click to open PDF</a> Planning around the 2017 federal budget: Possible changes to the capital gains inclusion rate urn:uuid:-resources-insights-articles-PrebudgetPlanning2017.pdf 2017-01-26T09:40:19-05:00 With the 2017 federal budget likely due to be released in late February or March, there is speculation that the government may curtail the preferential tax treatment afforded to gains on the disposition of capital property. <a href="" >click to open PDF</a> Post-election outlook—US corporate tax urn:uuid:-resources-insights-articles-Post-election_Outlook_US_Corporate_Tax.pdf 2016-11-18T16:03:56-05:00 The election of Donald J. Trump as the next US President and the Republican sweep of the House of Representatives and the Senate create the very possibility of significant US tax legislation in the next two years. <a href="" >click to open PDF</a> Post-election US Tax Outlook urn:uuid:-resources-insights-articles-Post-election_US_Tax_Outlook.pdf 2016-11-15T15:55:42-05:00 Surprising the vast majority of pollsters and many political pundits, Donald J. Trump prevailed in the US election on November 8, and will be inaugurated as the country’s 45th president on January 20, 2017. Among his policy priorities, Trump has outlined a range of tax measures that could result in substantive changes for US taxpayers, including Canadian residents who file tax returns with the IRS. <a href="" >click to open PDF</a>