Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 31 MARCH 2017

Highlights Of Canada's 2017 Federal Budget

Torys
Torys
Contributor
Torys

Torys

Torys LLP is an international business law firm that works with clients who expect the best advice...

View firm profile
Explore more from Torys

The federal budget (Budget 2017) tabled on March 22, 2017 (Budget Day) contains a number of proposed amendments to Canada's Income Tax Act (the Tax Act).

CanadaTax
Torys Tax Practice
Torys Tax Practice
Author LinkedIn connections

The federal budget (Budget 2017) tabled on March 22, 2017 (Budget Day) contains a number of proposed amendments to Canada's Income Tax Act (the Tax Act). This bulletin focuses on (i) business income tax measures, (ii) international tax measures, (iii) avoidance rules for registered plans, (iv) tax planning using private corporations and (v) the status of outstanding tax measures.

Business Income Tax Measures

Timing and Recognition of Gains and Losses on Derivatives

In computing profit from gains and losses on derivatives held on income account for purposes of the Tax Act, taxpayers (other than financial institutions subject to the mark-to-market rules) generally use general profit computation principals. One such method used by taxpayers is the realization method whereby gains and losses on derivatives held on income account are only included in the calculation of income for tax purposes upon realization of such gains or losses. Budget 2017 proposes two measures

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

How To Appeal The Toronto Vacant Home (VHT) Tax: Here’s What One Landlord Did To Fight VHT Assessment

Since 2022, the City of Toronto has imposed an annual Vacant Home Tax (VHT) on residential units left unoccupied for more than six months of the year. For most owners the tax is an afterthought: file the annual declaration, confirm the unit was lived in, and move on. But when the City’s administrative process breaks down, an owner can find themselves fighting a five-figure tax bill over a unit they insist was never vacant at all.
CanadaTax
Rotfleisch & Samulovitch P.C.
Rotfleisch & Samulovitch P.C.
Article

Cryptocurrency Held Through A Bare Trustee: Tax Treatment And The 2026 Reporting Obligations

If you hold cryptocurrency, NFTs or other blockchain assets in someone else’s wallet, or hold assets in your own wallet for someone else, the arrangement is very likely a bare trust. Until recently, that carried almost no compliance consequence. It now carries three reporting obligations to track: the T3 filing for 2026, the T1135, and the proposed Crypto-Asset Reporting Framework from 2027.
CanadaTax
Rotfleisch & Samulovitch P.C.
Rotfleisch & Samulovitch P.C.
Article

Understanding Canada’s new "Productivity Mega Deduction": Broad-based, immediate, and permanent expensing

Canada's new Productivity Mega Deduction promises to slash the marginal effective tax rate on business investment to just 6.4%, positioning the country as the most competitive G7 nation for capital deployment. This permanent tax incentive extends immediate expensing to roughly 65% of capital assets, fundamentally reshaping the economics of investing in Canadian operations across manufacturing, energy, technology, and resource sectors.
CanadaTax
Gowling WLG
Gowling WLG
Article

Government Of Canada Makes Significant Changes To Energy Project Approvals Process

On September 3, the Government of Canada published amendments removing seven types of energy projects from the Physical Activities Regulations (the Project List) under the Impact Assessment Act (IAA). As a result, these types of projects will no longer be subject to the IAA but will continue to be regulated by the Canada Energy Regulator Act (CER Act) or applicable provincial environmental assessment regimes.
CanadaEnergy and Natural Resources
Torys
Torys
Article

Ontario Invites Expressions Of Interest For Licences Under The Geologic Carbon Storage Act

Ontario has launched its first call for expressions of interest in carbon capture and storage licences under the new Geologic Carbon Storage Act, targeting Crown-owned pore space beneath lakebeds surrounding the Ontario Peninsula. The detailed submission requirements reveal expectations that proponents have advanced well beyond initial planning stages, with the process serving as a critical test of Ontario's emerging CCS framework and its attractiveness to industry.
CanadaEnvironment
Torys
Torys
Article

New Flight Path: Canada Seeks Private Investment In Airports Through Long-term Concession Arrangements

Canada has announced plans to attract private investment through long-term concessions to operate its four largest airports: Toronto-Pearson, Vancouver International, Montréal-Trudeau, and Calgary International. The federal government will retain ownership of the underlying airport land and assets while seeking tens of billions of dollars in private capital to be reinvested in regional airports and local transport infrastructure. Key details regarding the scope of private operational involvement, award
CanadaGovernment, Public Sector
Torys
Torys
Podcast

BWA Morning Espresso: SCC Annuls The Federal Election In Terrebonne (Podcast)

The Supreme Court of Canada overturned a federal election result decided by a single vote after Elections Canada's postal code error prevented a voter from casting their mail-in ballot. The Court's majority found this administrative negligence constituted an irregularity warranting annulment, while the dissent argued such clerical errors shouldn't destabilize election finality.
CanadaGovernment, Public Sector
Torys
Torys