On 16 October 2018, Bill 45, Budget Measures Implementation (Speculation and Vacancy Tax) Act, 2018 also received first reading in the British Columbia legislative assembly. If enacted, Bill 45 would impose an annual speculation and vacancy tax (SVT), payable by owners of residential property in designated taxable regions of British Columbia. Learn more in our latest Tax Alert.
On 16 October 2018, Bill 44, Budget Measures Implementation (Employer Health Tax) Act, 2018 received first reading in the British Columbia legislative assembly. If enacted, Bill 44 will introduce an employer health tax (EHT) or “payroll” tax on employers’ payrolls commencing in the 2019 calendar year. Learn more in our latest Tax Alert.
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.