On 11 October 2018, the Department of Finance announced a new global safeguard surtax with exceptions for certain free-trade partners, lesser-developed countries entitled to the general preferential tariff and the United States. The measure is intended to prevent diversion of foreign steel products into Canada and also to assist in negotiations with the US regarding removal of the US special tariffs on steel and aluminum. At the same time, Finance announced a product-specific Remission Order made 10 October 2018 for relief in specific circumstances from the surtax on steel and aluminum products (and certain pleasure vessels) subject to the retaliatory surtax measures on products originating in the US. Learn more in our latest Tax Alert.
On 1 October 2018, US President Donald Trump announced an agreement with Canada and Mexico to replace the existing North American Free Trade Agreement 1994 (NAFTA) between the US, Mexico and Canada with a new agreement to be called the United States Mexico Canada Agreement (USMCA). While not effective immediately (NAFTA will live into 2019 or even longer depending on the US legislative and implementation process), it is a new agreement and there are some significant changes. Learn more in our latest Tax Alert.
On 26 September 2018, the Tax Court of Canada (TCC) rendered its decision in Cameco Corporation v. the Queen. The TCC found for the taxpayer, concluding that none of the transactions, arrangements or events in issue was a sham, and reversed the Minister’s transfer pricing adjustments for each of the taxation years in question. Learn more in our latest Tax Alert.
Fact or Fiction: Understanding business immigration under the US administration – Hear first-hand what immigration attorneys and organizations on the front lines are experiencing. It’s increasingly important for organizations to stay up-to-date with the changes to avoid the often serious penalties that can arise from non-compliance. The seminar will provide our insights on what we might see from the US administration in the second half of its mandate, and how to prepare for these changes.
On 27 July 2018, the Department of Finance released a package of draft legislative proposals and explanatory notes including draft amendments to the holding corporation rules contained in section 186 of the Excise Tax Act (ETA) that would broaden the “commercial operating corporation property test” an operating corporation must meet for the parent to benefit from the holding corporation rules. Learn more in our latest Tax Alert.