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The following is now available on the CRA Web site:

News Release..

Ottawa, Ontario, August 11, 2008… The Canada Revenue Agency (CRA) has revoked the registered charity status of International Charity Association Network (ICAN) effective August 9, 2008.

On December 3, 2007, the Minister of National Revenue issued a notice of intent to revoke the charitable registration of ICAN, in accordance with subsection 168(2) of the Income Tax Act. ICAN filed a motion with the Federal Court of Appeal seeking an extended period before revocation, which was subsequently dismissed. In its decision, the Court stated, in part, that:

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The following is now available on the CRA Web site:

News Release

Lévis, Québec, July 31, 2008… The Honourable Gordon O’Connor, Minister of National Revenue today announced that the federal and all provincial governments have entered into civil settlement agreements with Imperial Tobacco Canada Ltd. and Rothmans, Benson & Hedges to resolve all potential civil claims they may have in relation to the two companies’ role in the movement of contraband tobacco in the early 1990s.

In addition to the civil settlement, the two companies each pleaded guilty in court to a single count of “aiding persons to sell or be in possession of tobacco products manufactured in Canada that were not packaged and were not stamped in conformity with the Excise Act and its amendments and the ministerial regulations” between 1989 and 1994. The fines in these prosecutions, combined with the civil settlements, will result in the companies paying $1.15 billion to governments.

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The following News Release or Speech has just been posted on the Finance Canada Site.

Ottawa, July 14, 2008
2008-054

The Honourable Jim Flaherty, Minister of Finance, today released draft legislative proposals to implement the remaining tax measures from Budget 2008 along with several previously announced tax initiatives for consultation.

“Our government is not only reducing the tax burden on all Canadians, many of the measures contained in this second Budget Implementation Bill will modernize our tax system and make it more efficient,” said Minister Flaherty.

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The following News Release or Speech has just been posted on the Finance Canada Site

Ottawa, July 10, 2008
2008-052

The Honourable Jim Flaherty, Minister of Finance, today indicated Canadian agreement with the United States Treasury Department’s Technical Explanation to the Fifth Protocol to the Canada-United States Tax Convention. Canada ratified the Protocol on December 14, 2007, when Bill S-2 received Royal Assent.

It is the usual practice of the U.S. Treasury Department to prepare a technical explanation of tax treaties and protocols subject to formal ratification. While it is not customary for Canada to issue such an explanation, Canada was given an opportunity to review and comment on the U.S. document. The Minister indicated that Canada agrees that the Technical Explanation accurately reflects understandings reached in the course of negotiations with respect to the interpretation and application of the various provisions in the Protocol.

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The following News Release or Speech has just been posted on the Finance Canada Site.

Ottawa, July 9, 2008
2008-051

The Government of Canada today announced adjustments to the rules for government guaranteed mortgages aimed at protecting and strengthening the Canadian housing market. The new measures include:

* Fixing the maximum amortization period for new government-backed mortgages to 35 years;

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The following News Release or Speech has just been posted on the Finance Canada Site.

Ottawa, July 2, 2008
2008-049

The Honourable Jim Flaherty, Minister of Finance, today released new guidelines for stock exchanges that seek to become Designated Stock Exchanges for income tax purposes. The guidelines will provide greater transparency and increased opportunities for investors, and will improve the ability of Canadian capital markets to respond to global market developments.

“With today’s release of principles that will guide our government’s official designation of domestic and foreign stock exchanges, Canadians can make informed investment decisions confident that securities trade on well-governed, regulated and transparent markets,” said Minister Flaherty. “At the same time, foreign exchanges can now rely on clear rules in their efforts to attract Canadian investments.”

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The following is available on the Canada Newsroom:

Ottawa, June 18, 2008
2008-046

The Honourable Jim Flaherty, Minister of Finance, today welcomed the support of the Senate and the House of Commons for the passage of Bill C-50, legislation that will help strengthen the Canadian economy. The bill received Royal Assent today, allowing for the implementation of important elements of Budget 2008. Key measures in the bill include the Tax-Free Savings Account, initiatives to modernize Canada’s immigration system, increased funding for more front-line police officers and public transit across Canada, and increased support for post-secondary students.

“Our government is providing responsible leadership in challenging times by focusing on the priorities of Canadians, cutting taxes, and investing in people, knowledge and communities,” said Minister Flaherty. “Bill C-50 is a balanced, focused and prudent bill that will strengthen our economic fundamentals and better position Canada to compete in this highly competitive global economy.”

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Personally, I don’t electronically file T2 Corporation Tax Returns and probably never will. It’s not a big deal to paper file. A separate bar Federal Bar Code coversheet attached to the RSI Printing summary of the entire T2 is not a waste of paper consumption in my mind, and usually (for my clients) assessments usually happen between 2 and 4 weeks for corporate returns. I’m “old school”! I have my clients sign the filing copy of T2 and deliver it with a cover page right to Canada Revenue Agency’s door myself. CRA stopped sending back acknowledgement notices or mailing receipts, but I be sure to smile for the cameras and point the envelope cover to the camera.

Of course if your company is required to make large instalments and by the time you file your T2 Tax Return you have a loss in the company and want your refund as quick as possible, then Efiling might be the way to go. Assessments (for clients of other professionals that I know) usually happen within 10-15 days. I am not suggesting that one way is better or worse than the other. As you know .. most refunds people and corporations are getting - are their own money. Some want it back as soon as possible, and others don’t mind carrying it forward towards the next fiscal year.

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The following is now available on the CRA Web site:

Did You Know …

That you can file your goods and services tax/harmonized sales tax (GST/HST) return electronically from your home or office? Eligible registrants can use the access code from their personalized return to file returns with an amount owing, a nil balance, or a refund of $10,000 or less using GST/HST NETFILE or GST/HST TELEFILE.

When you file a return electronically, there is no need to send the Canada Revenue Agency a paper copy of your return. You will also benefit from immediate confirmation that your return has been received and faster refunds. Need to pay a balance owing? Many businesses find it convenient to use their financial institution’s Internet or telephone banking service.

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The following is now available on the CRA Web site:

News Release:

Average refund for 2007 tax year increases almost $200 over last year

Ottawa, Ontario, May 30, 2008… The Honourable Gordon O’Connor, Minister of National Revenue, today announced the average refund for the 2007 tax year is worth approximately $1,440 to Canadians—an increase of almost $200 per person since last year.

“As a result of our government’s various tax relief measures, income tax refunds are up significantly this year,” said Minister O’Connor. “Thanks to measures such as the children’s fitness tax credit, the public transit amount, and pension income splitting, Canadians everywhere can use that money to save, invest, or spend it on things they need.”

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