Abstract Drawing on comparative references to transfer pricing legislation in the United Kingdom and Australia and on the legislative “General Anti-Avoidance Rule” in the United Kingdom, these comments probe to identify and suggest responses to the underlying “problem” that pervades transfer pricing and Canadian GAAR jurisprudence but is, it seems, either thought or thought […]
Richard Bird - Remembering a Canadian Taxation Giant
Richard Bird passed away suddenly on Wednesday June 9, 2021. It's hard to imagine. He has been in my professional consciousness for as long as I've had one and our collective consciousness for much longer as a leader in taxation and public finance, in Canada certainly but also in the world. There are few […]
More on "Minimum Tax", BEPS, the Pillars, CFC Rules and Trade Law
Thinking Beyond the Limits of Immediate Perception It is sometimes revealing to step back from the assumptions and presumptions of any discussion to appreciate its essence. This is sometimes called "thinking outside the box". There are other euphemisms directed to blinkered thinking, for example, not seeing the forest for the trees. I had a […]
The G7 Finance Ministers and Central Bank Governors “Agree” to Global Tax “Changes”: “What You See … and What You Don’t”
Reports of a Global Minimum Tax It is much reported today that the G7 Finance Ministers agreed to implement a global corporate minimum tax. The Communiqué and a supporting commitment to developing beneficial ownership registries can be found by clicking the hyperlinks. (Also see here an html-friendly version of the Communiqué). This note does […]
Repurposing Pillar One into an Incremental Global Tax for Sustainability: A Collective Response to a Global Crisis
A word from Professor Scott Wilkie: Professor Jinyan Li and Ms. Sophie Chatel, both drawing on their expertise and experience in international tax, have recently co-written this article published by the International Bureau of Fiscal Documentation in the Bulletin for International Taxation, which is now freely available and can be accessed by clicking here. […]
The Permissibility of Surplus Stripping
My Davies tax group colleagues Chris Anderson and Etyan Dishy (both of whom are former Osgoode students of mine!) have published a terrific article in the latest Canadian Tax Journal on “The Permissibility of Surplus Stripping”. The authors begin with a review of the legislative and judicial context surrounding sections 84.1, 212.1 and subsection […]
The 2021 Canadian Federal Budget
The 2021 Canadian Federal Budget: The Government’s Direction After a long COVID-19 pandemic induced hiatus and occasional less formal economic updates and statements, a Federal Budget was tabled in the House of Commons yesterday, April 19. Entitled “A Recovery Plan for Jobs, Growth, and Resilience”, it is a lengthy document that no doubt will […]
Perspective Matters: One Country’s “Offshore” is Other Countries’ “Onshore”
Perspective Matters: One Country’s “Offshore” is Other Countries’ “Onshore” This post just as easily could have been entitled, “The Realpolitik of International Tax and Fiscal Relations” or, “Multilateralism: Be Careful What You Wish For”. Or, reflecting how these comments conclude, “As for Position in Art, Here Fiscal Position Matters.” Global Minimum Tax and […]
Another Update on the GAAR: Ontario’s 2021 Budget
The eyes of Canada are on the Supreme Court when it heard Alta Energy on March 19. In its appeal, the Crown invoked the GAAR to challenge an alleged treaty shopping scheme. The hearing was livestreamed and you can find the archived webcast on the Court’s website. A review of the Federal Court of […]
Trading Options in a TFSA: The Blurred Line Between a Permitted Use and “Carrying on a Business”
The pandemic has resulted in accelerated participation in retail trading in the stock market. Retail investors accounted for 45% of total equity trades in January 2021 on the Toronto Stock Exchange, which is an increase from 35% in 2019.[1] Option trading has also become more popular for retail investors; data from the Chicago Board […]