Sentences with phrase «retroactive tax»

The respondent, the Attorney General of Canada, opposed Fairmont's application, which it characterized as retroactive tax planning.

«Employees earning over $ 514,090 will also have a retroactive tax increase from September to December 2014, since their earnings between $ 150,000 and $ 514,090 would have been taxed at the lower rates from January to August 2014.»

It's a massive retroactive tax break.

This landmark agreement was, in effect, a retroactive tax on cigarettes smoked in the past, one designed to cover indirect costs.

My main concern was with funding this with a retroactive tax.

«The provincial government really should have looked downstream,» says Dinani, «to see all the different groups that would be impacted by this retroactive tax.

While it's a good sign that the B.C. government is taking that affordability problems in Vancouver and the lower mainland quite seriously, I'm not so sure that a retroactive tax is the best first step.

Officials said the owners, some of whom bought their condos as far back as 2009, would not be eligible for retroactive tax benefits, only those going forward.

-LSB-... the governor has vetoed a bill offering a retroactive tax exemption to an Orthodox Jewish congregation in Ramapo that illegally converted a house into a school.]

«Because Congress is generally reluctant to enact retroactive tax increases, it seems very unlikely to me that any of the pay - fors would be retroactive,» said John Gimigliano, head of KPMG's tax legislative services group.

«Retroactive tax increases are always a horrible idea,» he told reporters on September 8, according to Bloomberg.

These mistakes can be quite costly for businesses, as differences in tariff rates mean that a company making a classification error will either pay too much in tariffs or face a retroactive tax bill if they accidentally classified a product at too low a rate.

The final (potential) retroactive tax is an arcane GST dispute involving the Finance Department and the insurance industry worth an estimated one billion dollars.

The importers believe the Canada Border Services Agency (CBSA) knowingly created a retroactive tax, citing a CBSA internal e-mail that states «I believe that the above statements in the ruling and the fax should not deter us from re-assessing the importers».

It is difficult to generate much sympathy for large television importers such as Sony and WalMart, snack food manufacturers and insurance companies, which makes them ideal targets for retroactive taxes.

Not exact matches

In 2005 the Finance Department announced, via press release, that they would introduce a «new system» to tax imported services and that tax would be «retroactive to the date of the release».

Since CPP is not eligible for retroactive pension income splitting on your tax return like other forms of eligible pension income, pension sharing is something to consider proactively when applying for your pension.

In other words, the tax break is retroactive — your clients may benefit on the 2017 return they'll be filing soon.

At the same time, we faced a progressive tax system where we had to pay a 39.6 % Federal tax rate plus a 3.8 % Net Investment Income tax plus a 0.9 % Medicare tax plus an Alternative Minimum tax plus a 13 % State tax plus Social Security tax plus Sales tax plus retroactive State taxes to pay for government overspending.

But it also includes measures that the Opposition Parties may not want to support; for example; the increase in annual Tax Free Savings Account contribution limit; changes to the sick leave provisions of federal employees; and retroactive legislation to protect the RCMP from possible criminal charges with respect to the destruction of data under the Access to Information Act.

«The unduly expansive and retroactive application of this initiative based upon a 2005 news release, creates an unreasonable and unmanageable retroactive liability that is incompatible with the commercial certainty that should be inherent in tax policy,» Frank Swedlove, president of the Canadian Life and Health Insurance Association Inc., complained to Finance Canada in a letter last August.

The GST now owed is retroactive seven years, back to 2005, when the federal Finance Department issued a news release saying it planned to amend tax legislation — something it didn't get around to implementing until 2010.

Ontario's measures, which were retroactive to April 21, include a 15 per cent tax on foreign buyers in the Greater Golden Horseshoe region, expanded rent controls and legislation allowing Toronto and other cities to tax vacant homes.

But tax experts are skeptical of the prospect of rendering legislation retroactive.

Instead of backdating corporate tax cuts, the GOP could instead opt to render individual reforms retroactive.

Tax deductions for mortgage insurance came back in early February, retroactive for 2017 tax returTax deductions for mortgage insurance came back in early February, retroactive for 2017 tax returtax returns.

It is not clear from Mnuchin's comments whether the administration is considering making all aspects of the eventual tax reform bill retroactive or just parts of it, or which groups it would target.

The November 2010 Fiscal Monitor contained a number of special adjustments: a revaluation of the Government's shares in General Motors (this increased the deficit by $ 0.7 billion in November 2010) and a retroactive adjustment in November 2009 for the increase in the Working Income Tax Benefit (which increased the deficit in that month by $ 0.4 billion).

The government at the time was forced to table retroactive legislation, deeming the excess insurance revenues as a tax.

Their proposal to place funding from the foreign buyer's tax into a housing affordability fund is very much aligned with the recommendations in our platform, however the retroactive nature of such a tax could cause significant market disruptions and penalize those who made reputable deals in the past.

«By providing a retroactive benefit outside the normal confines of the section 421 - a [tax break] program, this bill would undermine the financial stability of the City of New York by incentivizing individual property owners to seek legislation to expand or enrich their as - of - right tax benefits,» wrote Joseph Garba, then - Mayor Michael Bloomberg's director of state legislative affairs, on June 4, 2013.

But some Democrats are questioning a measure signed into law this week that allows a Brooklyn foundation to apply for a retroactive property tax exemption that would go back a decade.

Some Democrats are questioning a measure signed into law this week that allows a Brooklyn foundation to apply for a retroactive property tax exemption that would go back a decade.

The new law allows for retroactive adjustments of January 2013 tax bills.

In addition, the Court announced during the closing days of its 1988 - 89 term that it will weigh state restrictions on the right of teenagers to have abortions, and will hear a pair of cases that could determine whether states must pay retroactive income - tax refunds to federal retirees.

Malloy's proposal specifically would exempt 25 percent of retired teachers» pensions from state income taxes retroactive to Jan. 1.

«I just feel really disappointed that our family and many, many others like ours are being affected by a poorly planned tax that's unfair because it's retroactive.»

This tax break is retroactive back to 2016 and was expanded to include losses in any federally declared disaster area, like the Mississippi River Delta Flood Disaster Areas.

The act of splitting the income requires nothing proactive — it's a retroactive process on your tax return.

In other words, if you have enough earned income in 2018 to make the maximum 2019 RRSP contribution, you may not file your tax return until April 2019, but your RRSP room will become available retroactive to January 1, 2019.

Most provisions go into effect Jan. 1, 2018, but they're not retroactive — and your 2017 taxes are due by April.

If you've received a retroactive lump - sum payment, you may be eligible for a special tax calculation to provide tax relief.

You should consult your own tax adviser prior to exercising a withdrawal feature, such as Payment Acceleration and the Cash Withdrawal under an immediate annuity, to confirm tax consequences and penalties, including a retroactive penalty that may apply to policies purchased prior to age 59.

In addition, the Fund may be subject to non-U.S. taxes, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends or interest it receives on non-U.S. securities, (ii) transactions in those securities and (iii) the repatriation of proceeds generated from the sale of those securities.

I think it's time to do introduce retroactive carbon taxing, which means we get to tax the bejeezus out of Europe and Asia.

Tax credits for non-business energy property are now available retroactive to purchases made through December 31, 2017.

By passing a retroactive extension of the wind Production Tax Credit, Congress is taking money out of -LSB-...]

Despite a pattern of consistent, and even retroactive extensions, the uncertainty created by the political fight over extending the Production Tax Credit for wind power has caused nearly complete cessation of new wind facilities being brought on line each time the credit wasn't extended well in advance of expiration.

Indeed, the disapplication of the Italian legislation would not modify the substance of tax offences at stake — in other words, the previsibility requirement of the legality principle would be met — and would not lead to a conviction for an act or omission that did not constitute an offence at the time when it was committed — so there would be no retroactive application of the criminal law (§ 54 - 57).

[4] Bastarache J. noted, however, that it may be open to governments to enact taxing legislation with retroactive effect and thus keep the money.