Canadian Income Tax Act with Regulations, Annotated, 108th Edition, Autumn 2019 - Hardcover

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There’s only one reference on the Income Tax Act that puts the strength of 26 distinguished tax experts behind you.

There’s only one reference on the Income Tax Act that puts the strength of 27 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, Annotated 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 

It has been over a century since the Income War Tax Act first came into force. Since then, the size and complexity of the legislation has grown exponentially. Canadian Income Tax Act with Regulations, Annotated contains all of the latest legislative developments since the Autumn Edition, including: 

  The full text of the Income Tax Act and the Income Tax Regulations, amended and current as of July 2019   

  Bill C-86, A second Act to implement certain provisions of the budget tabled in Parliament on February 27, 2018 and other measures; December 13, 2018 (S.C. 2018, c. 27). Bill C-86 enacted:

  • at-risk rules for tiered partnerships
  • cross-border surplus stripping
  • several changes to the foreign affiliate rules
  • changes to the reassessment period
  • division of a corporation under foreign laws
  • deduction for Canadian Forces members
  • the refundable Climate Action Incentive tax credit
  • allocation of losses for Part IV tax
  • political activities by registered charities
  • and numerous other income tax changes

Notice of Ways and Means Motion to amend the Income Tax Act and the Income Tax Regulations [2018 Fall Economic Statement]; November 21, 2018, most of the terms of which were enacted as part of Bill C-97 on June 21, 2019. Included are the following: 

  • Accelerating CCA deductions for all depreciable property by suspending the half-year rule and increasing the CCA amount by 50% for the first year that property is available for use. 
  • Accelerating Canadian development expenses and Canadian oil and gas property expenses in the year they are incurred.

       

 Bill C-59, An Act respecting national security matters; June 21, 2019 (S.C. 2019, c. 13). Bill C-59 amended the Income Tax Act at s. 241(9) by changing the Security of Canada Information Sharing Act to the Security of Canada Information Disclosure Act, as well as expanding the disclosure of information to include any official designated for the purposes of that Act by the head of a recipient institution listed in the Act.

 Bill C-82, An Act to implement a multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting; June 21, 2019 (S.C. 2019, c. 12). Bill C-82 implemented an international treaty developed as part of the G20 and OECD’s project to tackle base erosion and profit shifting (“BEPS”). The multilateral instrument modifies the terms of tax treaties between Canada and other agreeing countries.

Bill C-97, Budget Implementation Act, 2019, No. 1; June 21, 2019 (S.C. 2019, c. 29). Bill C-97 implemented certain measures from Budget 2019, plus several previously-announced tax changes. It enacted the following income tax measures (measures not from Budget 2019 are noted):

  • zero emissions vehicles;
  • donations of cultural property;
  • Canadian development expenses and Canadian oil and gas property expenses (from 2018 Fall Economic Statement);
  • kinship care providers;
  • tax support for Canadian journalism;
  • medical expense tax credit and cannabis;
  • Canada Training Credit;
  • small business deduction—farming and fishing;
  • extending mineral exploration tax credit (from 2018 Fall Economic Statement);
  • SR&ED for CCPCs;
  • carrying on business in a TFSA;
  • home buyers plan;
  • repayments of salary overpayments (January 15, 2019);
  • accelerated investment incentive for CCA (2018 Fall Economic Statement); and
  • Class 43.1/43.2—electric vehicle charging stations and batteries (Budget 2016).

 

Notice of Ways and Means Motion to amend the Income Tax Act; June 17, 2019. The government is consulting on proposed legislation amending the Income Tax Act that, if enacted, will limit the deduction for employee stock option benefits. The cap is $200,000 per vesting period, and applies where the fair market value of the shares underlying the option exceeds $200,000. The cap does not apply to employees of a CCPC.

 

Legislative Proposals Relating to the Income Tax Act, Employee Life and Health Trusts; May 27, 2019. The government introduced draft legislation, with accompanying explanatory notes, to facilitate the conversion of existing Health and Welfare Trusts into Employee Life and Health Trusts, and to amend the existing Employee Life and Health Trust tax rules to allow what are currently Health and Welfare Trust arrangements to continue to operate in a manner similar to that in which they currently operate.

 

Effective April 1, 2019, the following amendments came into force:

  • S.C. 2018, c. 12 (Bill C-74)—Income Tax Act, s. 6(1)(f.1); 56(1)(a)(viii); 60.03(1), subparagraph (c)(i) of the definition "eligible pension income"; 81(1)(d.1); 118(3), subparagraphs (b)(ii) and (iii) of the Description of B

  

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:

  • 2019 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 July 2019

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.

Eric Koh J.D., M.A., CPA (inactive)

Earl I. Miller LL.B.

Larry Nevsky LL.B., CPA, CA

Tony Schweitzer LL.B., LL.M.

Yves St-Cyr LL.L.

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 

Ruby Lim CPA, CA

Louis Provenzano CPA, CA

Catherine Hibbard 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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ISBN 9781773790404