Our firm’s July 5, 2021 podcast described the saga of Bill C-208 (a Canadian private members bill that provides for inter-generational transfers of certain shares of Canadian-controlled private corporations) that received Royal Assent on June 29, 2021 that was accompanied a day later by a very misleading and confusing press release by the Department of Finance that seemed to call into question whether or not Bill C-208 would be respected by the Canadian government as immediate and valid law. Many Canadians and parliamentarians were very confused by the June 30, 2021 press release. The House of Commons Finance Committee Chair convened a special meeting for July 20, 2021 to discuss the June 30, 2021 press release and called Department of Finance officials to address questions. However, on the eve of the committee meeting, the Department of Finance released an additional press release which “affirmed” that Bill C-208 was valid law with immediate effect upon Royal Assent. It also announced its intention to introduce amendments later this year to address “surplus stripping” concerns but acknowledged that any amendments, if passed by Parliament, would only have impact on the later of either November 1, 2021, or the date of publication of the final draft legislation. Accordingly, this podcast discusses the July 19, 2021 Department of Finance press release, the July 20, 2021 House of Commons Finance Committee meeting and what should affected taxpayers do now?

TaxBreaks

Episode 021 – The Saga of Bill C-208 Continues

On June 29, 2021, Bill C-208 received Royal Assent. The passing of this private member’s bill was a bit surprising given the rarity of such bills passing. The bill enables inter-generational transfers of certain property to occur with the benefit of the transferor claiming the capital gains deduction…something that could not previously happen under long-standing law. This episode of the podcast - hosted by Kim G C Moody, Kenneth Keung and Aasim Hirji of Moodys Tax - walks through the bill and discusses opportunities and areas where the bill may not wholly facilitate its policy objectives. The podcast also provides context and history as to how Bill C-208 came to being proposed and discusses concerns about how the legislation can provide opportunities to be abused. The podcast finishes by discussing the implementation/effective date of the legislation. Is it current law? The Department of Finance stated in a June 30, 2021 news release that it intends to introduce legislation to clarify that these amendments would apply starting January 1, 2022. Can the Department of Finance indeed do that? What is the current law regarding bills that do not have an explicit application date (like Bill C-208)?

Episode 020 – Bill C-208 and Inter-generational Transfers

On June 29, 2021, Bill C-208 received Royal Assent. The passing of this private member’s bill was a bit surprising given the rarity of such bills passing. The bill enables inter-generational transfers of certain property to occur with the benefit of the transferor claiming the capital gains deduction—something that could not previously happy under long-standing law. This podcast—hosted by Kim G C Moody, Kenneth Keung and Aasim Hirji of Moodys Tax—walks through the bill and discusses opportunities and areas where the bill may not wholly facilitate its policy objectives. The podcast also provides context and history as to how Bill C-208 came to being proposed and discusses concerns about how the legislation can provide opportunities to be abused. The podcast finishes by discussing the implementation/effective date of the legislation. Is it current law? The Department of Finance stated in a June 30, 2021 news release that it intends to introduce legislation to clarify that these amendments would apply starting January 1, 2022. Can the Department of Finance indeed do that? What is the current law regarding bills that do not have an explicit application date (like Bill C-208)?

On this episode of the podcast, Kenneth Keung and Kim G C Moody go in-depth on a topic they touched on previously in a blog post titled "Tax Planning Arrangement – When Tax Treatment Collides with Accounting Treatment and How This is Like Ferris Bueller’s Day Off ."

Episode 019 – You Mean Preferred Shares Have to Be Treated as a Liability on my Company’s Balance Sheet?

Kim G C Moody and Kenneth Keung discuss changes to preferred shares and how they should be treated for accounting purposes. This relates back a March 29th blog post.

Episode 019 – You Mean Preferred Shares Have to be Treated as a Liability on My Company’s Balance Sheet?

Kim G C Moody and Kenneth Keung wrap up the 2020 year with a discussion about prescribed rate loans.

Episode 018 – Prescribed Rate Loans

Kim G C Moody and Kenneth Keung discuss the latest federal government subsidy, the Canada Emergency Rent Subsidy (CERS). What is it and why is it necessary? Find out in the latest episode.

Episode 017 – Canada Emergency Rent Subsidy (CERS)

Well, it’s not Christmas yet, but it’s never too late to start year-end tax planning for year 2020. In our latest TaxBreaks Podcast, Kim G C Moody and Kenneth Keung discuss a few year-end planning tips for private business owners, such as paying salary versus dividends, and the importance of maximizing contributions to registered plans. Happy year-end planning!

Episode 016 – 2020 Year-End Tax Tips For Private Business Owners

On the latest episode of the podcast, Kim G C Moody, Kenneth Keung and special guest Azam Rajan discuss tax from the perspective of US citizens who live in Canada. Why this is important to US citizens has a lot to do with taxes, naturally. 

Episode 015 – So You’re a US Citizen Resident in Canada…What Do You Need to Know?

On the latest episode of the podcast, Kim G C Moody and Kenneth Keung discuss new announcements on CEWS, CEBA and New Rental Assistance Program.

Episode 014 – The Latest on CEWS, CEBA and New Rental Assistance Program

Last week, on September 30, 2020, the Saskatchewan NDP announced that if elected, they will institute a 1% wealth tax for Saskatchewan residents with more than $15 million of net worth. Federally, there were also hints about a wealth tax in the September 23, 2020 Speech from the Throne. While these discussions/proposals may all just be political rhetoric, wealth tax has been a hot topic amongst policy wonks and various government parties in the US and Canada. As such, practitioners shouldn’t completely dismiss the prospect of a wealth tax in Canada some time in the near future. In this episode, Kim G C Moody and Kenneth Keung debate the merits and problems of a wealth tax for Canada.

Episode 013 – Will a Wealth Tax be Introduced in Canada?

Kim G C Moody and Kenneth Keung discuss and dissect the tax measures and related issues arising from the latest Throne Speech.

Episode 012 – The Throne Speech, 2020

Kim G C Moody and Kenneth Keung discuss the ongoing Canadian Emergency Wage Subsidy (CEWS) program and the announcement of planned audits to the subsidy.

Episode 011 – The Canadian Emergency Wage Subsidy Audits

In the latest episode, part two of the discussion of the taxation of principal residences in Canada, Kim G C Moody and Kenneth Keung return to address some of the feedback received from part one.

Episode 010 – The taxation of principal residences in Canada: Part Two

In this episode of TaxBreaks, Kim G C Moody and Kenneth Keung are back to discuss the surprisingly complicated topic of taxation of principal residences in Canada. They explain the law, its changes, and dispel some of the myths associated with it. Part one of two episodes.

Episode 09 – The taxation of principal residences in Canada: Part One

Moodys has one single focus: tax. It is all we talk about, so it seemed natural to start capturing some of those conversations to share with you.  Podcasts are just natural conversations that happen to take place in front of a microphone, so we decided to launch TaxBreaks, a podcast where where many difficult tax issues are translated into plain English and discussed in a open and frank manner. Our podcast will feature informed discussion, lively debate, and sometimes a little lighthearted fun, around issues concerning tax in Canada, the US, and around the world.  Please note that the opinions expressed are solely our own and do not express the views or opinions of the CRA, IRS or any other federal agency or tax governing bodies. Moodys – tax well solved.

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