On November 28, 2017, The newspaper Le Devoir announced a new audit project for Canadian luxury homeowners (http://bit.ly/2nczBUA).
Through this audit program, Revenue Canada verifies that some homeowners have actually reported the required resources and the required wages, based on the value of their home.
On November 13, 2017, Radio Canada announced that Paypal Canada was advising Canadian customers who have a Business account that Revenue Canada had made a request for information.
APPLICATION TO BECOME A LICENSED PRODUCER UNDER THE Access to Cannabis for Medical Purposes Regulations
Since the adoption of the Access to Cannabis for Medical Purposes Regulations, Health Canada has been receiving numerous applications for producer licenses. Out of all the applications received, very few licenses are granted due to Health Canada’s rigorous application process.
When a Canadian taxpayer ceases to be a resident of Canada, he is deemed to have disposed of each property owned by him at fair market value. He is then deemed to have reacquired his property at fair market value. In other words, the taxpayer potentially owes « departure tax », usually taxes on capital gains. There are, however, many exclusions and ways to mitigate the effect of this rule.
The Securities Act, c. V-1.1, contains a number of provisions aimed at protection investors and the general public.
The Bankruptcy and Insolvency Act (BIA) provides for several different situations for which a bankrupt can be discharged from his or her bankruptcy, the basic principle being that after a certain period of time, the bankrupt earns the right to be discharged from his legal obligations to pay his debts and resume normal life. There are exceptions and variables to this principle.
Revenu Québec and the Sureté du Québec are extremely active in the fight against contraband tobacco. This is due to the fact that the illegal tobacco sold on the native reserves is far cheaper than legal tobacco thus creating a strong temptation to resupply on the reserves.
In order to address the issue of offshore tax evasion, the Canadian federal government signed an automatic exchange of tax information agreement (AEOI) with the Swiss government. This agreement will see the two countries automatically share bank account/financial account information with each other. The target bank accounts are those held by residents of the other country. The purpose is to help the Canadian government detect and address cases of tax evasion and to ensure compliance with Canadian tax laws.
Asset protection trusts
As asset protection trust is a type of trust whereby the beneficiaries’ interest in the trust is not fixed but dependent on the discretion of the trustees.