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2

What is New for 2010? (continued)

Federal (continued)

  • Non-resident trusts – “outstanding proposals” simplified and better targeted, and will be subject to further public consultation.

  • Offshore investment funds – rules modified and foreign investment entity proposals essentially eliminated.

  • Taxable Canadian property – commencing March 5, 2010, excludes shares of corporations, and certain other interests, that do not derive their value (over a 60-month look-back period) principally from real or immovable property situated in Canada, Canadian resource property or timber resource property.

Provincial

  • Corporate income tax rates

    • General and M&P rate – declining in British Columbia (2011), New Brunswick (2010 to 2012) and Ontario (2010 to 2013; for M&P, 2010 only).

    • Small business rate – declining in Newfoundland and Labrador (2011), Nova Scotia (2011), Ontario (2010) and Prince Edward Island (2010); eliminated in British Columbia (April 1, 2012) and Manitoba (December 1, 2010).

    • Ontario small business clawback – eliminated on July 1, 2010.

  • Small business threshold – $500,000 threshold applies in all jurisdictions except Manitoba, Nova Scotia and, until January 1, 2011, the Yukon.

  • M&P

    • Nova Scotia – M&P property costing over $50,000 that is acquired after 2009 may qualify for a 10% investment credit.

    • Quebec – credit rates revised for investments made in certain regions after December 10, 2009.

  • SR&ED

    • Manitoba – R&D credit:

      • fully refundable after 2009 for work with qualifying research institutes; and

      • partially refundable (25% in 2011 and 50% after 2011) for in-house R&D expenditures.

    • Quebec – R&D Wage Tax Credit enhanced with respect to clinical trial work and arm's length subcontracting.

  • General capital tax – eliminated in all jurisdictions by July 1, 2012; eliminated in Ontario on July 1, 2010, in Manitoba and Quebec on January 1, 2011, and in Nova Scotia on July 1, 2012.

  • Ontario Corporate Minimum Tax (CMT) – rate decreased on July 1, 2010, and thresholds increasing for taxation years ending after June 30, 2010.

  • Quebec aggressive tax planning – disclosure required for certain aggressive tax planning transactions, generally carried out after October 14, 2009.

  • Quebec Sales Tax (QST) rate – increasing from 7.5% to 8.5% on January 1, 2011, and to 9.5% on January 1, 2012.

  • Harmonized Sales Tax (HST) – on July 1, 2010:

    • HST replaced the 5% federal Goods and Services Tax (GST) and provincial sales tax in British Columbia and Ontario; and

    • HST rate in Nova Scotia increased from 13% to 15%.

Financial Statement Reporting

  • for financial statements, for fiscal years beginning after December 31, 2010:

    • "publicly accountable enterprises" must adopt International Financial Reporting Standards (IFRS); and

    • private enterprises must adopt either IFRS or Accounting Standards for Private Enterprises (ASPE).

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