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A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.
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Understanding Synthetic Dispositions – Put-Call Collar
We continue our Synthetic Dispositions series this week with a look at an example of a Put-Call Collar and the effect of the March 21, 2013 federal budget has on reporting requirements.
The Supreme Court of Canada Clarifies the Proceeds of Dispositions
Daishowa-Marubeni International Ltd v. Her Majesty The Queen [2013] SCC 29 An important and eliciting tax decision was recently released by the Supreme Court of Canada (SCC) analyzing the difference between liabilities and embedded obligations as well as the role of tax symmetry in the Income Tax Act (the Act).
Frequent Flyer Points Are an Employee Tax-Free Benefit
Up until 2009, CRA took the position that where you accumulate frequent flyer points while travelling on employer-paid business trips and used them to obtain air travel or other benefits for personal use by you or your family, the fair market value of such air travel or other benefits must be included in your income.
Understanding Synthetic Dispositions – Forward Sale, Other Assets
The March 21, 2013 budget closed several loopholes including synthetic dispositions. Knowledge Bureau Report has been examining examples of arrangements that are now closed and their financial outcomes. Last issue we examined the forward sale of securities; in this issue, we provide an example involving the forward sale of other assets.
