Canadian Income Tax Act with Regulations, Annotated, 111th Edition, Spring 2021

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Canadian Income Tax Act with Regulations, Annotated, 111th Edition, Spring 2021 (Softcover)
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There’s only one reference on the Income Tax Act that puts the strength of 28 distinguished tax experts behind you. 

Representing the tax and accounting intelligence of specialists from Dentons, Minden Gross, PwC, Thorsteinssons, and Wolters Kluwer, no other single reference is better qualified to keep you fully informed. Canadian Income Tax Act with Regulations, provides valuable cross-references, comprehensive editorial notes, and a breadth of related third-party references, all selected by experienced tax specialists.

 

The Full Text of the Income Tax Act and Regulations 

Since the Income War Tax Act first came into force over a century ago, the size and complexity of the legislation have grown exponentially. Over the past months, numerous new amendments and proposals continued this trend.  Canadian Income Tax Act with Regulations, Annotated contains all of the latest legislative developments since the Autumn Edition, including: 

Bill C-30, Budget Implementation Act, 2021, No. 1 (April 30, 2021)

Bill C-30, Budget Implementation Act, 2021, No. 1, which amends the Income Tax Act and Regulations, received First Reading in the House of Commons on April 30, 2021. The bill proposes to implement certain measures from Budget 2021, the 2020 Fall Economic Statement, Budget 2019, and other recent announcements. All the income tax measures proposed by Bill C-30 are listed below.


Budget 2021 measures:

  • Canada Workers Benefit
  • Tax Treatment of COVID-19 Benefit Amounts
  • Registration and Revocation Rules Applicable to Charities
  • Emergency Business Supports and Canada Recovery Hiring Program

Fall Economic Statement 2020 measures:

  • Registered Disability Savings Plan – Cessation of Eligibility for the Disability Tax Credit
  • Employee stock options
  • Agricultural Cooperatives: Patronage Dividends Paid in Shares

Budget 2019 measures:

  • Accelerated Investment Incentive for Resource Expenditures
  • Accelerated Investment Incentive for Depreciable Property
  • Change in Use Rules for Multi-Unit Residential Properties
  • Permitting Additional Types of Annuities under Registered Plans
  • Contributions to a Specified Multi-Employer Plan for Older Members
  • Pensionable Service Under an Individual Pension Plan
  • Mutual Funds: Allocation to Redeemers Methodology
  • Electronic Delivery of Requirements for Information
  • Accelerated Capital Cost Allowance for Zero-Emission Vehicles
  • Character Conversion Transactions
  • Transfer Pricing Measures
  • Foreign Affiliate Dumping
  • Cross-Border Share Lending Arrangements

Other Recent Proposals:

  • COVID-19 (childcare expenses and disability supports deduction)
  • Temporary Adjustments to the Automobile Standby Charge due to COVID-19
  • Time Extensions for Flow-Through Share Issuers
  • Zero-Emission Vehicles (Class 56)
  • Employee Life and Health Trusts
  • Support for Canadian Journalism
  • Basic Personal Amounts
  • Shared-Custody Parent

 

SOR/2021-82, Regulations Amending the Income Tax Regulations (Non-application of Presumption – Declaration of Female Parent)

Effective July 1, 2021, SOR/2021-82 will amend s. 6301(1)(a) of the Income Tax Regulations to allow a female parent to waive the CCB in right of a gender-neutral parent.

2021 Federal Budget (April 19, 2021)

The 2021 Federal Budget was presented on April 19, 2021. It contains proposed amendments to the Income Tax Act and Income Tax Regulations. Commentary by Dentons LLP on the Notice of Ways and Means Motions has been added. Numerous income tax measures were announced, though several measures did not yet have proposed legislation. The newly-announced income tax measures relate to the following:

  • Disability Tax Credit
  • Canada Workers Benefit
  • Northern Residents Deductions
  • Postdoctoral Fellowship Income
  • Tax Treatment of COVID-19 Benefit Amounts
  • Fixing Contribution Errors in Defined Contribution Pension Plans
  • Taxes Applicable to Registered Investments
  • Registration and Revocation Rules Applicable to Charities
  • Electronic Filing and Certification of Tax and Information Returns
  • Emergency Business Supports
  • Canada Emergency Wage Subsidy
  • Canada Emergency Rent Subsidy and Lockdown Support
  • Canada Recovery Hiring Program
  • Immediate Expensing
  • Rate Reduction for Zero-Emission Technology Manufacturers
  • Capital Cost Allowance for Clean Energy Equipment
  • Film or Video Production Tax Credits
  • Mandatory Disclosure Rules
  • Avoidance of Tax Debts
  • Audit Authorities
  • Interest Deductibility Limits
  • Hybrid Mismatch Arrangements

 

SOR/2021-56, Regulations Amending the Income Tax Regulations (COVID-19 — Wage and Rent Subsidies Periods 14 to 16)

Section 8901.2 of the Income Tax Regulations has been amended to provide rules required for the operation of the CEWS and CERS for March 14, 2021, to June 5, 2021.

 

 

SOR/2020-284, Regulations Amending the Income Tax Regulations (COVID-19 — Wage and Rent Subsidies)

Section 8901.2 of the Income Tax Regulations has been amended to provide rules required for the operation of the CEWS and CERS for December 20, 2020, to March 13, 2021.


Bill C-14, Economic Statement Implementation Act, 2020 (December 2, 2020)

Bill C-14 implements the increased Canada Child Benefit amount for 2021 as proposed in the Fall Economic Statement, and proposals relating to the Canada Emergency Rent Subsidy that were first released on November 19, 2020.


SOR/2020-243, Regulations Amending the Income Tax Regulations, No. 3 (COVID-19 — Wage Subsidy for Furloughed Employees)

Section 8901.2 of the Income Tax Regulations has been amended to provide rules for the treatment of furloughed employees under the CEWS for periods nine and ten (from October 25 to November 21, 2020, and from November 22 to December 19, 2020, respectively).


Bill C-9, An Act to amend the Income Tax Act (Canada Emergency Rent Subsidy and Canada Emergency Wage Subsidy) (November 2, 2020)

Bill C-9 implemented the new Canada Emergency Rent Subsidy; the new Lockdown Support, which would provide an additional 25 per cent through the Canada Emergency Rent Subsidy for qualifying organizations that are subject to a lockdown; and the extension of the Canada Emergency Wage Subsidy until June 2021.


SOR/2020-227, Regulations Amending the Income Tax Regulations, No. 2 (COVID-19 — Wage Subsidy for Furloughed Employees)

Section 8901.2 of the Income Tax Regulations has been amended to provide rules for the treatment of furloughed employees under the CEWS for period eight.


SOR/2020-207, Regulations Amending the Income Tax Regulations (COVID-19 — Wage Subsidy for Furloughed Employees) (October 14, 2020)

PART LXXXIX.1 of the Income Tax Regulations has been amended to include new s. 8901.2, which provides rules for the treatment of furloughed employees under the CEWS for period seven (from August 30 to September 26, 2020).


Bill C-4, COVID-19 Response Measures Act (S.C. 2020, c. 12)

Bill C-4 enacts legislation to provide three COVID-19 recovery benefits. As a result, the bill makes consequential amendments to the Income Tax Act and the Income Tax Regulations.


Bill C-2, COVID-19 Economic Recovery Act (September 24, 2020)

Bill C-2 proposes to enact legislation to provide three COVID-19 recovery benefits. As a result, the bill proposes to make consequential amendments to the Income Tax Act and the Income Tax Regulations.


Bill C-20, An Act respecting further COVID-19 measures (S.C. 2020, c. 11)

Part 1 amended the Income Tax Act to revise the eligibility criteria for the Canada Emergency Wage Subsidy (CEWS). The bill also extended the CEWS to November 21, 2020, enacted a revised calculation of the CEWS for the fifth and subsequent qualifying periods, and made several technical amendments to the CEWS rules.

 

Additional features

Editorial notes with explanations, tips, and traps

The Multilateral Instrument, which modifies the terms of tax treaties between Canada and agreeing countries

Full text of the Canada-U.S. Tax Treaty, with detailed editorial notes by Dentons Canada LLP

Full text of the Canada-U.K. Tax Treaty

       

Key references to additional resources, including:

      Cross references to related sections of the Act and Regulations

      Income tax folios, bulletins, circulars, technical interpretations, forms, guides, comfort letters, and news releases

      Canadian Tax Foundation, STEP Canada, and Wolters Kluwer newsletter articles

      Case annotations summarizing key court decisions

      Numerous quick reference charts, including:

  • 2021 and 2020 tax rates and credits tables from PricewaterhouseCoopers LLP
  • Tables of automobile, mileage, interest, exchange, and capital cost allowance rates
  • Tax integration tables from PricewaterhouseCoopers LLP
  • Summary tables of deadlines, offences, and penalties, and a tax calendar

 

Editorial Board — As of March 2021

Trust the tax and accounting intelligence from the top firms in Canada:

Joseph Frankovic LL.B., LL.M., Ph.D., CFA
Member of the Ontario Bar and the adjunct faculty of Osgoode Hall Law School

Dentons Canada LLP
Donald Bowman Q.C.
Paige Donnelly J.D., MBA, CFA
Mark Jadd LL.B.
Earl I. Miller LL.B.
Larry Nevsky LL.B., CPA, CA
Tony Schweitzer LL.B., LL.M.
Yves St-Cyr LL.L.
Alexandra Terrell J.D.
Mark Woltersdorf LL.B., FCPA, FCA
Jacob Yau J.D.

Minden Gross LLP
Matthew Getzler J.D., MBA
Michael Goldberg B. Comm. Hons., LL.B.
Joan Jung LL.B.
Samantha Prasad B.A., LL.B.

PricewaterhouseCoopers LLP
Catherine Hibbard CPA, CA
Ruby Lim CPA, CA
Colin Mowatt CPA, CA

Thorsteinssons LLP
Michael Colborne LL.B., LL.M.
Michael McLaren B.Sc., LL.B.

Wolters Kluwer Canada Limited
Robert Boucher CPA, CA
Jennifer Corris B.Math
Mark Ho CPA (Australia)
Harry Hoogkamp CPA, CMA, CBV
Cameron Mancell CFP®
Roderick McBey GJM, BA, LL.B., TEP
Robert Spenceley M.A., LL.B.
Peter Tomlinson B.A., LL.B.

 

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