Tax Law and International Tax Law

The sale of a business, usually operated through a corporation, can be structured as either a share sale or an asset sale, and the two are legally and practically distinct. In a share sale, the vendor sells the corporation’s shares to the purchaser, so that the purchaser acquires control of the corporation’s assets indirectly through share ownership.

The Tax Court of Canada has ruled that subsection 296(2.1) of the Excise Tax Act cannot rescue late-filed GST/HST rebate claims, potentially leading to unjust enrichment of the Canada Revenue Agency. This decision in Heritage Square Retirement raises critical questions about whether taxpayers who miss the two-year limitation period can rely on relieving provisions during audits to recover taxes paid in error.

Le gouvernement canadien propose une Mégadéduction à la productivité permanente permettant aux contribuables admissibles de déduire jusqu'à 100 % du coût des biens en immobilisation amortissables admissibles acquis à compter du 15 septembre 2026. Cette mesure élargirait considérablement la portée de la passation en charges immédiate au Canada, faisant passer la part des investissements en capital admissibles d'environ 15 % à environ deux tiers