Canada Issues Notice to Implement New Income Tax Provisions: Nair & Co.
Nair & Co., the leader in international business expansion services has released key highlights of Canada's Economic Plan 2012 and other tax measures. The Canadian government recently tabled a Notice of Ways and Means Motion that will allow it to implement certain these tax provisions.
The new measures that include international taxation provision, personal income tax provision and corporate income tax provisions are expected to have wide implication for companies engaged in business in Canada and their employees.
- The thin capitalization rules are broadened to include debts of partnerships that have Canadian resident corporate partners, either directly or through multiple tiers of partnerships.
- End of the overseas employment tax credit.
- Tax changes with regards employer contributions to group sickness or accident insurance plans are introduced.
- Revision of retirement compensation arrangement regulations has been undertaken to track and stop tax evasion schemes.
- Amendments have been made to Employees Profit Sharing Plan regulations aimed specifically at addressing perceived abuses affecting "specified employees" – defined as employees who have a significant equity interest in their employers or who do not deal at arm's length with their employers.
- End of the Corporate Mineral Exploration and Development Tax Credit
For more information about doing business overseas or specific International Tax, HR, Compliance or Legal issues please contact us at http://www.nair-co.com/global-offices.aspx
About Nair & Co.
Nair & Co. provides you with your one touch outsourced finance, HR, legal and compliance department for your international operations. If you are expanding abroad for the first time or increasing your global footprint, our turnkey solutions help you do so with minimal risk, stress and cost. We support 4000+ client operations in over 56 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com.