What you missed: Tax news

Over the summer, you likely scaled back and spent some time relaxing.

But don’t worry if you didn’t keep up with the news. Below, you’ll find a collection of the all of the top tax news items and reminders that went out over the last few months.

Read:

Finance offers scant tax relief to business owners Draft legislation released July 29, 2016 provided relief in three areas. We asked Kevin Wark, president of CALU, to explain what advisors need to know. Read more

Tax and ETFs: What you need to know Although ETFs and mutual fund trusts have many similarities, ETFs have unique taxation aspects when they’re held in non-registered accounts. Read more

Finance gives corporate-class shareholders a break July’s draft legislation says the changes to corporate-class taxation won’t come into force until Jan. 1, 2017. Read more

Finance’s draft legislation tightens Budget 2016 changes You probably left work early on the Friday before the Civic Holiday long weekend. If you did, you missed the Department of Finance releasing draft legislation to implement measures from the 2016 federal budget and it’s different than what came out in March. Read more

Try this tax change calculator Want to tell clients how much the federal Liberals’ 2016 tax changes will affect them? Use this resource. Read more.

How many beneficiaries can clients have? A reader asked, “Is there is a maximum number of beneficiaries allowed? My mother-in-law’s financial institution told her there is a max of five. But she has seven children and wants them all listed on her accounts, including her TFSA.” Read more

Britain considers cutting taxes to compete One of the plans bandied about in the days after Britain’s vote to leave the EU in June was to slash corporate tax rates to keep the country competitive, reports Bloomberg, but it will take more than a tax cut to keep Britain’s economy on an even keel. Read more

Pitfalls with the Principal Residence Exemption When a person sells her home, thanks to the Principal Residence Exemption, she isn’t usually taxed on capital gains. Similarly, if a principal residence is owned when a taxpayer dies, the residence will not attract a tax liability realized from the deemed disposition of assets. But it’s not always simple to determine a residence’s status for tax purposes. Read more

Don’t forget: first payment of child benefit coming soon You may be in the midst of scaling back client communications. But make sure you reach out as the CCB is introduced. Read more

All you need to know about Vancouver’s foreign buyer tax Like it or not, Vancouver’s new real estate tax measures are now in effect—fewer than 10 days after they were unveiled by B.C.’s Ministry of Finance. Read more

Canada is the most tax competitive country for biz Canada once again tops the list as the most tax competitive country for business globally, finds a report by KPMG. Read more

How new rules for eligible capital property will work The 2016 federal budget proposes to change how goodwill and other intangible capital property are treated for income tax purposes, beginning January 1, 2017. Read more

CRA answers questions from tax experts Each year, tax practitioners eagerly anticipate STEP Canada’s CRA roundtable. Read more

Clinton’s an indexer, reveals 2015 tax return In August, Hillary Clinton released her 2015 tax return. Find out what she and husband Bill Clinton earned and all about her investments. Read more.