Income Tax Bulletins, Circulars and Technical News, 2007 Edition

• Interpretation Bulletins:
  • IT341R4 Expenses of Issuing or Selling Shares, Units in a Trust, Interests in a Partnership or Syndicate and Expenses of Borrowing Money (Revised February 26, 2007). Reflects important changes made to paragraphs 20(1)(e) and 20(1)(e.1) of the Income Tax Act.
  
  
• Information Circulars
  • IC98-1R2 Collection Policies (Revised December 3, 2006). Includes proposals from the 2006 Federal Budget to harmonize provisions among the various Acts with respect to interest, penalties, and collection.
  • IC97-2R6 Customized Forms (Revised November 15, 2006). Incorporates recent changes to guidelines for the production and processing of customized forms.
  • IC 73-21R9 Claims for Meals and Lodging Expenses of Transport Employees (Revised October 11, 2006). Updates the flat rate and daily maximum amounts for transport employees traveling in both Canada and the U.S.
  • IC 84-3R5-ATTACH Attachment to IC84-3R5, Gifts to Certain Charitable Organizations outside Canada (Revised October 6, 2006). Provides an updated list of gifts made by Her Majesty in right of Canada since January, 2000.
  • IC 06-1 Income Tax Transfer Pricing and Customs Valuation (Issued October 5, 2006). This is a new Information Circular introduced to address the question of why the same transfer price cannot be used for both income tax and customs purposes. It includes 11 factors that contribute to differences between the values determined for customs purposes and income tax purposes.
  • IC 82-6R5 CRA Contact for Clearance Certificates (Revised August 2, 2006). Provides updated CRA contact information.
  • IC 78-14R4 Guidelines for trust companies and other persons responsible for filing T3GR, T3D, T3P, T3S, T3RI, and T3F returns (Revised July 1, 2006). Sets out information for filing new form T3GR. This form replaces the T3IND, T3G, T3R-IND, and T3RIF-IND returns.

• Technical News
  • No. 35 Treaty Residence – Resident of Convenience (Issued February 26, 2007). This bulletin is intended to clarify any ambiguity regarding the level of taxation a jurisdiction must levy on a person’s income before that person would be considered “liable to tax” under a tax treaty.