SIFT conversion to a corporation: Draft legislation released

On 14 July 2008, the Department of Finance released draft legislation to permit specified investment flow-through (SIFT) entities to “convert” to taxable Canadian corporations without any undue tax consequences to either the SIFT or its unitholders. Learn more in our latest Tax Alert.

Newsworthy

On 10 July 2008, in connection with a US Senate Foreign Relations Committee hearing, the Treasury Department released its Technical Explanation (TE) to the Fifth Canada-US Protocol to the Income Tax Convention between Canada and the US. The US Joint Committee on Taxation also released an explanation of the Protocol. The TE addresses a wide range of Protocol amendments affecting both corporate and individual taxpayers. This Tax Alert (pdf, 850K) summarizes the interpretive insight added by the TE on significant amendments contained in the Protocol.

Revised international tax measures

On 14 July 2008, the federal Department of Finance released draft legislative proposals to implement the remaining tax measures from the 2008 budget, along with several previously announced tax measures. Learn more in our Tax Alert (pdf, 164K).

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Managing Your Personal Taxes 2008

Personal income tax may well be one of the largest cash outlays you will make over a lifetime, so it makes good sense to try to reduce the tax you pay. Ernst & Young’s Managing Your Personal Taxes is an easy-to-read guide to various personal tax-saving opportunities—whether you are an avid investor, a business owner, an employee, raising a family, or in your retirement years. A special feature of this year’s guide is a pullout section that focuses on Pension Income Splitting. Download your copy today (pdf, 8.7Mb).