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ARTICLE · 14 NOVEMBER 2013

2013 Tax Planning Deadlines For Businesses

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As the end of 2013 approaches, taxpayers should be aware of some important tax planning deadlines in the Canadian tax system.

CanadaTax
Steve Suarez
Steve Suarez
Stephanie Wong
Stephanie Wong
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As the end of 2013 approaches, taxpayers should be aware of some important tax planning deadlines in the Canadian tax system. Some of these are recurring matters that arise every year, while others are specific to 2013. (Prior coverage: Tax Notes Int'l, Nov. 19, 2012, p. 747.) In either case, it is useful to review some of the most important of these pending deadlines to ensure that opportunities for reducing or eliminating Canadian taxes are not missed. These deadlines are discussed below with reference to a corporation that is resident in Canada for Canadian tax purposes (Canco).

I. Deadlines Unique to 2013

Extension of Thin Capitalization Rules

The thin capitalization rules in subsection 18(4)-(8) of the Income Tax Act (Canada) (sections 18(4)-(8)) limit the amount of debt owing to related nonresidents that a Canco (or a partnership of which Canco is a member) can deduct interest expense on for tax purposes. The debt covered by these rules is debt owing by

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