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 67th ANNUAL CONFERENCE
November 22 – 24, 2015
Palais des congrès de Montréal | 1001 Place Jean-Paul-Riopelle



ONLINE REGISTRATIONS ARE NOW CLOSED FOR THIS EVENT.

Please register onsite at the conference. The conference registration desk will be located in room 517A (level 5) of the Palais des congrès de Montréal. It will be open at 8:30 am on Sunday, November 22, and will remain open for the duration of the conference.
Pre-registered delegates of the conference may access the materials here:
   




 PROGRAM AT A GLANCE

 Sunday, November 22
9:30 am -
12:00 pm 

Extracurricular workshops offered on Sunday morning require an additional registration fee. They are not included in the conference registration.

Workshop F: "Too Close For Comfort: Professional Responsibility in Tax Matters" has been approved for 3.0 hours of professionalism content by the Law Society of Upper Canada. 
 
 
         

1:00 pm -
1:45 pm

Annual General Meeting
Welcome Address
Opening Remarks


PLENARY SESSIONS
Room 517D

1:45 pm -
2:30 pm

Keynote Address

2:30 pm -
3:45 pm

Practitioners' Forum
3:45 pm -
4:15 pm
Refreshment Break
Room 517A

4:15 pm -
5:30 pm

Current Cases


Monday, November 23

CONCURRENT SESSIONS

STREAMS

CORPORATE TAXATION
Room 517D
INTERNATIONAL TAXATION
Room 520
OTHER SPECIALIST AREAS
Room 519
SESSIONS PRESENTED IN FRENCH
Room 518AB

8:00 am -
9:00 am

A Review of Interest Deductibility Since Ludco

The Future of International Tax and Transfer-Pricing Planning in the Post-BEPS Global Environment


Evidence and Procedure in Tax Appeals
Subsection 55(2) Budget Amendments

9:00 am -
10:00 am

Managing the Sales of Canadian Businesses – A Vendor’s Perspective
Reacting to BEPS and EU Tax Reforms – How will Ireland, Luxembourg, The Netherlands and Switzerland reform their tax systems to comply? The Taxation Act (QC) vs. the Income Tax Act (Canada) - A Practitioner'sGuide to Certain Key Differences 

Due Diligence Considerations in M&A Transactions, including GST
10:00 am -
10:10 am
Questions Questions Questions Questions
10:10 am -
10:40 am
Refreshment Break
Room 517A
10:40 am -
11:20 am
When is "Loss Trading" Permissible: A Purposive Analysis of Subsection 111(5)


US Tax Developments
Recent Developments in SR&ED Tax Litigation Financial Difficulty - Section 80 and Taxation of CCAA - s. 20(1)(c)
11:20 am -
12:00 pm
Flowthrough Share Financing: Recent Developments, Tips & Traps


Recent Developments Affecting Foreign Exchange Gains
A Financial Services Industry Commodity Tax Update
 Academic Panel
(Presented in English)
 
12:00 pm -
12:15 pm
Questions Questions Questions Questions
12:15 pm -
2:00 pm
Lunch: Room 517BC
Guest Speaker:
The Hon. Justice Marshall Rothstein, Supreme Court of Canada

Hosted by:
Thomson Reuters and McCarthy Tétrault LLP 

2:00 pm -
2:40 pm

The Tax Implications of Asset Securitizations

BEPS Country-by-Country Reporting Rules and New Document Requirements

Targeting the Wealthy – Good tax policy or good politics?

Recent Developments in SR&ED Tax Litigation 

2:40 pm -
3:20 pm

Financial Difficulty - Section 80 and Taxation of CCAA - s. 20(1)(c)


Cross-border Joint Venture - Canadian/ US
Philanthropy
 
Un service méconnu à Revenu Québec : une aide précieuse et une alternative à la judiciarisation

3:20 pm -
3:30 pm
Questions Questions Questions Questions
3:30 pm -
4:00 pm
Refreshment Break
Room 517A
4:00 pm -
4:40 pm
Recent Transactions of Interest and Significant Tax Developments Affecting Mergers & Acquisitions


Cross-border Butterflies in the context of Public Spin-off Transactions
Timing & Income Taxation
Recent Developments Affecting Foreign Exchange Gains
4:40 pm -
5:20 pm
Equity Derivatives

Inbound Investment - Optimizing US Expansion into Canada

Waiver and Cancellation of Penalties and Interest
 
Flowthrough Share Financing: Recent Developments, Tips & Traps
5:20 pm -
5:30 pm
Questions Questions Questions Questions
   Adjournment  

Tuesday, November 24  
6:30 am -
8:00 am
Breakfast
Room 517BC
 

 CORPORATE TAXATION
Room 517D
 INTERNATIONAL TAXATION
Room 520
OTHER SPECIALIST AREAS
Room 519
 SESSIONS PRESENTED IN FRENCH
Room 518AB
 
8:00 am -
9:00 am
 Due Diligence Considering in M&A Transactions, including GST

Recent Developments in the Foreign Affiliate Area

Death and Taxes: Uncertainty in 2016 and Beyond

Evidence and Procedure in Tax Appeals

 
9:00 am -
10:00 am
Subsection 55(2) Budget Amendments

 Transfer Pricing - What is/are "Reasonable Efforts"?

Judges' Panel

The Taxation Act (QC) vs. the Income Tax Act (Canada) - A Practitioner's Guide to Certain Key Differences

 
10:00 am -
10:10 am
 Questions Questions  Questions   Questions  
10:10 am -
10:30 am
Refreshment Break
Room 517A

PLENARY SESSIONS
Room 517D
 
10:30 am -
11:45 am
Taking Stock of the BEPS Action Plan:  The Perspectives of Canada, the United States and the OECD
 
11:45 am -
12:00 pm
Break
 
12:00 pm -
12:15 pm
Judicial Update from the Tax Court of Canada

 
12:15 pm -
1:30 pm
CRA Roundtable Discussion

 
1:30 pm
Adjournment   
  BONUS SESSION
Room 518AB
 
2:30 pm -
5:00 pm
BEPS - How have the recommendations resulting from the OECD BEPS project impacted tax policy and legislation? What changes have already occurred? Should further changes be expected?    
PRELIMINARY PROGRAM
 SUNDAY, NOVEMBER 22
12:00 pm -
1:00 pm 
Registration and Lunch
 
OPENING SESSION
1:00 pm - 
1:45 pm
Annual General Meeting

Welcome Address
Larry Chapman,
FCPA, FCA, Executive Director and CEO, Canadian Tax Foundation

Opening Remarks

Gabrielle Richards,
McCarthy Tétrault LLP, Toronto

PLENARY SESSION
1:45 pm - 
2:30 pm
Keynote Speaker

Benjamin Tal, Deputy Chief Economist, CIBC World Markets Inc., Toronto

2:30 pm -
3:45 pm 
Practitioners' Forum

A Panel of tax practitioners with diverse roles and experiences will discuss a selection of issues that taxpayers and tax advisors are encountering as they manage tax costs while complying with the tax law in Canada and abroad. For small, medium and large enterprises the management and reporting of tax liabilities presents some similar but also differing challenges. The Panel will deal with the array of challenges faced by taxpayer of different sizes and their advisors across the following areas:

  • Technical
  • Financial reporting
  • Organizational and administrative 
  • Compliance
  • Audit and dispute resolution


Mark Brender, Osler, Hoskin & Harcourt LLP, Montreal 
Deirdre Choate, Husky Energy Inc., Calgary

Bruce Harris, FCPA, FCA, PricewaterhouseCoopers LLP, Toronto
Richard Montroy, Canada Revenue Agency, Ottawa
Brian Mustard, CPA, CA, SNC-Lavalin Inc., Montreal 

Natalie St-Pierre, Richter, Montreal

3:45 pm -
4:15 pm
Refreshment Break

4:15 pm -
5:30 pm
Current Cases

A panel of experts with diverse backgrounds will discuss the impact and future applications of the legal principles emerging from recently decided cases from the perspective of both taxpayers and tax authorities.

François Barette
, Fasken Martineau DuMoulin LLP, Montreal
Brian Bloom, Davies Ward Phillips & Vineberg LLP, Montreal
Arnold Bornstein, Department of Justice, Toronto


5:30 pm -
8:00 pm 
Opening Reception

Hosted by:
Dentons Canada LLP


MONDAY MORNING, NOVEMBER 23
7:00 am -
8:00 am

Breakfast 

Hosted by: 
PricewaterhouseCoopers LLP

CONCURRENT SESSION
CORPORATE TAXATION
8:00 am - 12:15 pm - Stream 1
  Moderator: The Honourable Donald Bowman, Dentons Canada LLP
8:00 am -
9:00 am

A Review of Interest Deductibility Since Ludco    

Interest deductibility is a fundamental component of any tax system in that it indirectly affects purchasing power and overall liquidity of markets. In Canada, a number of decisions on the topic have shaped the Canadian tax landscape when it comes to the various requirements for interest to be deductible – none more important than the Supreme Court’s decision in Ludco. Recent decisions such as Swirsky and TDL Holdings appear to have introduced a fair bit of uncertainty by referring to such notions as indirect use, and could be argued to have departed from the Supreme Court’s statements in Ludco. Moreover, the CRA’s administrative policies pertaining to interest deductibility have evolved, including the new Folio. With the Supreme Court likely to eventually at least hear a leave application in TDL Holdings, it is an opportune time to revisit the core principles in Ludco and have a frank discussion about whether the findings set out in TDL Holdings are consistent with such principles or whether it’s time for a change.
   
Marie-Eve Gosselin, Thorsteinssons LLP, Toronto
Paul Lynch, KPMG Law LLP, Toronto

9:00 am -
10:00 am

Managing the Sales of Canadian Businesses – A Vendor’s Perspective

Cross-border and international sales of Canadian businesses have received much attention, but it is time to remember the issues surrounding domestic transactions. This presentation will focus on the sales of Canadian businesses from the perspective of the vendor.  The presentation will address issues related to the negotiation of the sale transaction, as well as issues related to the proceeds attributable to the sale including safe income considerations, tracking shares, capital gains reserves, earnouts and reverse earnouts, and replacement property.   Sale structures will also be reviewed including hybrid sale transactions, sale of partnership interests, public company spinoffs, and sales by US citizens who are resident of Canada.

Daniel Lang, Borden Ladner Gervais LLP, Toronto
Peter Weissman
, CPA, CA, TEP, Cadesky Tax, Toronto

10:00 am -
10:10 am
Questions
10:10 am -
10:40 am
Refreshment Break
  Moderator: Angelo Toselli, PricewaterhouseCoopers LLP
10:40 am -
11:20 am

When is "Loss Trading" Permissible: A Purposive Analysis of Subsection 111(5)

While OSFC and related cases have made it clear that loss trading transactions between arm's-length parties are generally contrary to the policy of the Act, the jurisprudence and the Act itself makes it clear that, in certain limited circumstances, such transactions are acceptable. 
This session will provide a detailed analysis of the circumstances in which "loss trading" is permitted, discuss the underlying commercial and policy objectives underlying these circumstances, and analyze the commercial issues that must be considered, including a checklist of the types of representations, warranties, covenants, and indemnification clauses that should be considered in these types of transactions.


Anu Nijhawan, Bennett Jones LLP, Calgary

11:20 am - 
12:00 pm

Flowthrough Share Financing: Recent Developments, Tips, and Traps

The flowthrough share regime is a key component in the financing of mineral exploration activities in Canada, especially for junior mining companies. Speakers will present an overview of the most recent developments with respect to this regime. They will also provide practical advice and identify pitfalls to be avoided in the context of flowthrough share financings.

Emmanuel Sala, CPA, CGA, Dentons Canada LLP, Montreal

12:00 pm -
12:15 pm
Questions
12:15 pm -
2:00 pm
Lunch
CONCURRENT SESSION
INTERNATIONAL TAXATION
8:00 am - 12:15 pm - Stream 2
  Moderator: Vance Sider, Thomson Reuters
8:00 am -
9:00 am

The Future of International Tax and Transfer-Pricing Planning in the Post-BEPS Global Environment

In their tax and transfer-pricing planning, MNEs will have to deal with a new global environment post-BEPS, including the following:

  • need for more substance
  • the need for functions to follow the risks, and the need to be able to control risks
  • increased reporting through the Master File and country-by-country reporting
  • increase difficulty of avoiding permanent establishments
  • new guidelines on intangibles
  • new guidelines on services
  • new guidelines on business restructurings

Philip Halvorson, CPA, CA,  Ernst & Young LLP, Toronto
Angelo Nikolakakis, Couzin Taylor LLP, Montreal

9:00 am -
10:00 am

Reacting to BEPS and EU Tax Reforms — How will Ireland, Luxembourg, Netherlands, and Switzerland Reform Their Tax Systems To Comply?

For many years, Ireland, Luxembourg, Netherlands, and Switzerland   have had favourable tax regimes and favourable ruling practices that may have been seen to facilitate base erosion and profit shifting. The OECD BEPS project has prompted these countries to critically assess their tax regimes and approach to tax rulings, and to consider reforms. Moreover, a host of EU tax developments may have an even more significant impact on European tax systems. This session will describe how these countries are amending their and laws and administrative practices to align with and support the proposed EU and OCED tax reforms and how they expect to continue to attract investment while complying with the spirit of these reforms.

Marja de Best, Loyens & Loeff N.V., Netherlands 
Liam Diamond, PricewaterhouseCoopers, Ireland

Martina Walt, PricewaterhouseCoopers LLP, Switzerland

10:00 am -
10:10 am
Questions
10:10 am -
10:40 am
Refreshment Break
  Moderator: Michael Colburne, Thorsteinssons LLP
10:40 am -
11:20 am

US Tax Developments

A range of US corporate developments, including proposed legislative and regulatory changes, recent IRS audit activity, and the US government reaction to the recommendation and guidelines emanating from the OECD’s work on BEPS, will be analyzed discussed. Presidential elections are less than a year away from the conference date; the speaker will comment on the possible substantive changes to US tax laws and look ahead to the likelihood of significant US tax reform following the election.

Mary Bennett, Baker & McKenzie LLP, Washington
Joshua Odintz, Baker & McKenzie LLP, Washington

11:20 am -
12:00 pm

Recent Developments Affecting Foreign Exchange Gains    

Covering, among other things, recent jurisprudence (Agnico and George Weston), foreign exchange planning in the FA context, conflicting CRA positions on what will or will not give rise to a foreign exchange gain, and legislative changes adopted in recent years.  

Didier Fréchette, KPMG LLP, Montreal
Ryan Rabinovitch, McCarthy Tétrault LLP, Montreal

12:00 pm -
12:15 pm
Questions
12:15 pm -
2:00 pm
Lunch 
CONCURRENT SESSION
OTHER SPECIALIST AREAS
8:00 am - 12:15 pm - Stream 3
  Moderator: Micheline Van-Erum, Ministere de la Justice
8:00 am -
9:00 am

Evidence and Procedure in Tax Appeals

The rules of evidence and procedure before the Tax Court of Canada, presented with an emphasis on the recent amendments to the General Procedure, including costs, disclosure of tax information (paper and electronic formats), and protection of privileged information in light of  recent decisions of the Supreme Court of Canada. Parallels will be drawn with the new Quebec Code of Civil Procedure and its impact on tax appeals before the Court of Quebec.

Dominic Belley, Norton Rose Fulbright LLP, Montreal
Susan Shaughnessy, Department of Justice, Montreal

9:00 am -
10:00 am

The Taxation Act (Québec) Versus the Income Tax Act (Canada) — A Practitioner’s Guide to Certain Key Differences

Although a significant degree of harmonization exists between Quebec’s income tax regime and the federal regime, there are nevertheless certain differences that one must be aware of.  The purpose of the discussion will be to provide practitioners with an overview of some of the key distinctions that exist between certain concepts and technical rules contained in the Income Tax Act (Canada) and their counterpart (or lack thereof) in the Taxation Act (Québec) that are relevant in the corporate context, particularly in respect of mergers and acquisitions, and corporate reorganizations, as well as in the corporate tax-planning context more broadly.

Christian Meighen, McCarthy Tétrault LLP, Montreal
Michel Ranger, McMillan LLP, Montreal

 
10:00 am -
10:10 am
Questions
10:10 am -
10:40 am
Refreshment Break

Sponsored by:
Blake, Cassels & Graydon LLP

  Moderator: Kenneth Keung, Moodys Gartner Tax Law LLP
10:40 am -
11:20 am

Recent Developments in SR&ED Tax Litigation    

In-depth analysis of the recent trends in SR&ED tax litigation, including government assistance, combination of programs, contemporaneous documentation, existence of a business, and existence of SR&ED. The role of the expert under the Tax Court of Canada’s Code of Conduct for Expert Witnesses will be studied, with an emphasis on the duties of independence and impartiality. The impact of recent decisions of the Supreme Court of Canada in non-tax cases will also be discussed.


Olivier Fournier, Deloitte Tax Law LLP, Montreal
Daniel McKindsey, Deloitte LLP, Montreal

11:20 am -
12:00 pm

A Financial Services Industry Commodity Tax Update

This presentation will address recent technical interpretations, comfort letters, and case law on GST issues that are relevant to the financial services industry, including practical  issues in applying the guidance under Bulletin B-105 and administrative guidance on the self-assessment rules for supplies made by insurance companies.  The speaker will comment on key decisions such as Global Cash Access and decisions expected to be rendered shortly on the definition of "financial services".

David Robertson, Couzin Taylor LLP, Calgary

12:00 pm -
12:15 pm
Questions
12:15 pm -
2:00 pm
Lunch
 
CONCURRENT SESSION
SESSIONS PRESENTED IN FRENCH
8:00 am - 12:15 pm
- Stream 4
  Moderator: Denis St-Pierre, EPR - Bathurst/Péninsule
8:00 am -
9:00 am
 

Subsection 55(2) Budget Amendments

Even before the April 2015 budget, there were a number of issues relating to the interpretation of  subsection 55(2) that made this topic worthy of discussion at the Annual Conference. However, the significant changes to subsection 55(2) proposed in the budget make this topic  one that is essential for an Annual Conference. Two nationally recognized experts will discuss the proposed amendments and other issues relevant to the application of the frequently encountered tax avoidance section.

Serge Bilodeau, CA, KPMG LLP, Montreal
Dominique Dupuis, KPMG LLP, Montreal

9:00 am -
10:00 am
 

Due Diligence Considerations in M&A Transactions, Including GST    

In this session, the speakers will highlight and examine issues that practitioners should be sensitive to in the due diligence and acquisition structuring process and the means to address such issues. Topics to be discussed include identification of the purchaser’s and vendor’s principal tax concerns; the use of representations, covenants, and warranties; due diligence relating to foreign assets, elections and filing of forms; restrictive covenants; tax pools; transaction costs; and CCPC status, among others.

Robert Demers, Deloitte LLP, Montréal
Manon Thivierge
, Osler, Hoskin & Harcourt LLP, Montréal

10:00 am -
10:10 am
 
Questions 
10:10 am -
10:40 am
 
Refreshment Break
  Moderator: François Chagnon, Deliott LLP
10:40 am -
11:20 am
 

Financial Difficulty - Section 80 and Taxation of CCAA - section 20(1)(c)

The presentation will cover the general legislative framework of the Companies' Creditors Arrangement Act (“CCAA”) for insolvent companies and the impact of section 80 with respect to the compromise of such companies’ claims, including certain tax-planning strategies as part of the CCAA process to reduce the impact of section 80. The presentation will also cover the deductibility of interest and the relevance of the recent case of Nortel Networks Inc. (Ontario court decision), the deductibility of damages for breach of contracts, the right of setoff of tax claims by the taxation authorities, the relevance of the recent case of Girard, Re (Québec appeal court) on the ability of taxation authorities to issue assessments, directors’ liability, and the priority of tax claims. Finally, the presentation will cover certain loss trading arrangements that can be made with a purchaser in the context of a plan for the sale of the business of the insolvent companies.

Marie-Andrée Beaudry, Stikeman Elliott LLP, Montreal
Pierre Martel, Stikeman Elliott LLP, Montreal

11:20 am -
12:00 pm
 

[This session will be presented in English]

Academic Panel

This session examines research perspectives in accounting and tax law. The panelists will discuss their research on the effect of auditor-client relationships on tax advisory services, the OECD Base Erosion and Profit Shifting (BEPS) project, comparative tax administration and tax haven data leaks.

Prof. Allison Christians, McGill University Faculty of Law
Prof. Arthur Cockfield, Queen’s University Faculty of Law
Prof. Ken Klassen, University of Waterloo School of Accounting & Finance

12:00 pm -
12:15 pm
 
Questions
12:15 pm -
2:00 pm
 
Lunch

Guest Speaker:
The Hon. Justice Marshall Rothstein,
Supreme Court of Canada

Hosted by: 
Thomson Reuters and McCarthy Tétrault LLP
 
MONDAY AFTERNOON, NOVEMBER 23
CONCURRENT SESSION
CORPORATE TAXATION
2:00 pm - 5:30 pm - Stream 1
  Moderator: Marlene Cepparo, KPMG LLP
2:00 pm -
2:40 pm

The Tax Implications of Asset Securitizations    

Asset securitization is essentially the process used to transform otherwise illiquid assets into securities backed by the assets that are sold to investors.  Despite the 2007-8 credit crisis, asset securitization, in its various forms, continues to be a popular method of financing for Canadian businesses and relating to Canadian assets. This session will discuss the income tax (domestic and cross-border) and GST/HST/provincial sales tax implications for various parties involved in asset securitizations (including investors, sellers, special purpose entities [SPEs] and servicers) of recently used securitization structures, including asset-backed notes issued directly by SPEs or through conduits and co-ownership structures, for various asset classes, including vehicle and equipment leases, mortgages, and trade receivables.


Sania Ilahi, Ernst & Young LLP, Toronto
Sabrina Wong, Blake, Cassels & Graydon LLP‎, Toronto

2:40 pm -
3:20 pm
Financial Difficulty - Section 80 and Taxation of CCAA - section 20(1)(c) 

The presentation will cover the general legislative framework of the Companies' Creditors Arrangement Act (“CCAA”) for insolvent companies and the impact of section 80 with respect to the compromise of such companies’ claims, including certain tax-planning strategies as part of the CCAA process to reduce the impact of section 80.  The presentation will also cover the deductibility of interest and the relevance of the recent case of Nortel Networks Inc. (Ontario court decision), the deductibility of damages for breach of contracts,  the right of setoff of tax claims by the taxation authorities, the relevance of the recent case of Girard, Re (Québec appeal court) on the ability of taxation authorities to issue assessments, directors’ liability, and the priority of tax claims.  Finally, the presentation will cover certain loss trading arrangements that can be made with a purchaser in the context of a plan for the sale of the business of the insolvent companies. 

Marie-Andrée Beaudry, Stikeman Elliott LLP, Montreal
Dean Kraus, Stikeman Elliott LLP, Toronto

3:20 pm -
3:30 pm
Questions
3:30 pm -
4:00 pm
Refreshment Break
  Moderator: John Leopardi, Blake, Cassels & Graydon LLP
4:00 pm -
4:40 pm

Recent Transactions of Interest and Significant Tax Developments Affecting Mergers and Acquisitions    

This session will examine the interesting and unique tax consequences of merger, acquisition, and reorganization transactions involving public and private companies that have occurred in the past year.

Ian Crosbie, Davies Ward Phillips & Vineberg LLP, Toronto
Carl Irvine, McMillan LLP, Toronto

4:40 pm -
5:20 pm

Equity Derivatives 

The 2015 Federal Budget proposed changes to the tax treatment of synthetic equity arrangement transactions. This session will examine the circumstances in which these rules will apply and will discuss a range of tax considerations relevant to a broad class of equity derivatives including total return swaps, forwards and futures. Specific issues that will be examined, in addition to the proposed synthetic equity arrangement rules, include, the tax treatment of payments and receipts, the applicability of withholding tax on payments to non-residents and beneficial ownership of the underlying equity securities.

Raj Juneja, Davies Ward Phillips & Vineberg LLP, Toronto

5:20 pm -
5:30 pm
Questions
5:30 pm Adjournment
CONCURRENT SESSION
INTERNATIONAL TAXATION
2:00 pm - 5:30 pm - Stream 2
  Moderator: Pierre Bourgeois, KPMG LLP
2:00 pm -
2:40 pm

BEPS Country-by-Country Reporting Rules and New Documentation Requirements    

One of the BEPS work streams that seems most likely to be implemented by a number of OECD members is country-by-country reporting. This session will analyze and review the proposed reporting requirements and the information that companies will need to capture and develop in order to comply with the requirements. The session will also consider how Canada may implement these requirements and the assurances that reporting entities can expect to receive regarding actions that will be taken to safeguard the information from unauthorized access or distribution.
    
Rachel Spencer, Couzin Taylor LLP, Montreal
Alfred Zorzi, CA, Ernst & Young LLP
, Montreal

2:40 pm -
3:20 pm

Cross-Border Joint Venture — Canadian/ US     

Even with the benefits of a comprehensive and somewhat unique treaty with the United States, there is no integration of the Canadian and US tax systems.  US advisers are not known for thinking north of the border.  This session will be of benefit to advisers on both sides of the border: it will identify land mines, and inconsistencies and provide some practical solutions, as opposed to merely highlighting problems.  
    
Bradley Thompson, MNP LLP
, Montreal

3:20 pm -
3:30 pm
Questions
3:30 pm -
4:00 pm
Refreshment Break
  Moderator: Barbara Worndl, Aird & Berlis LLP
4:00 pm -
4:40 pm
Cross-Border Butterflies in the Context of Public Spin off Transactions

Cross-border butterflies undertaken in the context of Spin-off transactions. Where less than 10% of the fair market value of the assets to be spun-off to shareholders are comprised of assets held by a Canadian corporation, the butterfly exemption may be available in order to permit the tax free transfer of such assets in Canada. We have been seeing a lot of public spin-off transactions in the last 2-3 years and US public corporations have recently announced their intention of spinning assets off to their shareholders.

Christian Desjardins, Ernst & Young LLP, Montreal
Nik Diksic, Couzin Taylor LLP, Montreal

4:40 pm -
5:20 pm

Inbound Investment — Optimizing US Expansion into Canada     

This topic will examine the acquisition of mid-sized to large Canadian businesses by US entities considering the tax outcomes resulting from the use of a branch of the US entity, a ULC, or a conventional corporation.  This presentation will identify issues and opportunities relating to the legal form of the US entity, withholding tax rates when repatriating funds, and strategies for the debt and equity mix, having regard to the thin capitalization rules.  When the entry point into Canada is a ULC structure, the paper will look at third-party financing.  It will also discuss Article IV of the Canada-US Tax Treaty and will review policy statements by tax authorities.  
    
P. Robert Arkin, Cox & Palmer, Halifax

5:20 pm -
5:30 pm

Questions
5:30 pm Adjournment
CONCURRENT SESSION
OTHER SPECIALIST AREAS
2:00 pm - 5:30 pm - Stream 3
  Moderator: H. Michael Dolson, Felesky Flynn LLP
2:00 pm -
2:40 pm

Targeting the Wealthy – Good tax policy or good politics?

This session will discuss recent legislative and administrative developments which target or disproportionately affect high net worth individuals and consider whether such developments represent good tax policy or simply good politics.  Techniques and strategies for addressing these recent developments and other rules which affect high net worth individuals will also be discussed.  

Sarah Chiu, Felesky Flynn LLP,  Calgary

2:40 pm -
3:20 pm

Philanthropy

The session will examine the tax and financial implications for donors of a number of legislative changes and other developments regarding charitable giving, including: 

  • Changing landscape for philanthropy planning in Canada -- the evolution of tax policy in respect of charitable giving in Canada in recent years 
  • Changes to rules governing  testamentary charitable giving after 2015 including a legislative overview of the new graduated rate estate and testamentary trust and life interest trust rules
  • July 31, 2015 draft legislation arising from the April 2015 budget relating to the donation of cash proceeds from the sale of private company shares and real estate
  • Charitable planning trends in Canada

Robert Kleinman, FCPA, FCA, Jewish Community Foundation Of Montreal, Montreal
Brenda Lee-Kennedy, CPA, CA, PricewaterhouseCoopers LLP, Toronto
3:20 pm -
3:30 pm
Questions
3:30 pm -
4:00 pm
Refreshment Break
  Moderator: Kurt Wintermute, MacPherson Leslie & Tyerman LLP
4:00 pm -
4:40 pm
Timing and Income Taxation: Highlights from the Recently Published Book


This session will review the fundamental principles for the computation of profit from a business, the timing of the recognition of revenue and expenses, and the relationship between financial accounting principles and tax law. It will also examine selected timing issues of current interest.

Brian J. Arnold, Canadian Tax Foundation, London
Richard Marcovitz, PricewaterhouseCoopers LLP, Toronto
Shawn D. Porter, Deloitte LLP, Toronto,
James R. Wilson, PwC Law LLP, Toronto

4:40 pm -
5:20 pm

Comprehensive Review of Penalty and Interest Relief Under the Income Tax Act (ITA)

This session will encompass the following:

  • a review of the discretionary powers conferred on the minister under subsection 220(3.1) of the Income Tax Act to waive or cancel penalties and interest
  • an analysis of the guidelines issued by the Canada Revenue Agency
  • the role of the Appeals Division in the administrative process and a review of the most recent data on the number of requests and decisions
  • the jurisdiction of the Federal Court in the context of the judicial review of ministerial decisions
  • an analysis of the judicial process, including deadlines, and
  • a review of the substantive rules, including the standards of review and the leading cases.

Brooke Sittler, Department of Justice, Saskatoon
John Sorensen, Gowling Lafleur Henderson LLP, Toronto

5:20 pm -
5:30 pm
Questions
5:30 pm Adjournment 
CONCURRENT SESSION
SESSIONS PRESENTED IN FRENCH
2:00 pm - 5:30 pm
- Stream 4
 
  Moderator: Marc-André Godard, Gowling Lafleur Henderson LLP
2:00 pm -
2:40 pm
Recent Developments in SR&ED Tax Litigation


In-depth analysis of the recent trends in SR&ED tax litigation, including government assistance, combination of programs, contemporaneous documentation, existence of a business, and existence of SR&ED. The role of the expert under the Tax Court of Canada’s Code of Conduct for Expert Witnesses will be studied, with an emphasis on the duties of independence and impartiality. The impact of recent decisions of the Supreme Court of Canada in non-tax cases will also be discussed.

Olivier Fournier, Deloitte Tax Law LLP, Montreal
Daniel McKindsey, Deloitte LLP, Montreal

2:40 pm -
3:20 pm 
Un service méconnu à Revenu Québec : une aide précieuse et une alternative à la judiciarisation

Depuis quelques années Revenu Québec investit beaucoup d’efforts pour offrir un service de qualité aux contribuables et se préoccupe également de la satisfaction de ses clients en étant attentif aux problématiques qui sont portées à son attention. Dans la foulée du développement des modes alternatifs de règlement de différends, dont la médiation fait partie, les panélistes exploreront de nouvelles approches pour résoudre les insatisfactions

Marie-France Dompierre, Deloitte Tax Law, Montréal
Daniel Gosselin, KPMG LLP, Montréal
Josée Morin, Revenu Québec, Revenu Québec

3:40 pm -
3:45 pm
 
Questions
3:45 pm -
4:00 pm
 
Refreshment Break
  Moderator: Julie Blouin, PSP Investments
4:00 pm -
4:40 pm
 
Recent Developments Affecting Foreign Exchange Gains


Covering, among other things, recent jurisprudence (Agnico and George Weston), foreign exchange planning in the FA context, conflicting CRA positions on what will or will not give rise to a foreign exchange gain, and legislative changes adopted in recent years.  

Didier Fréchette
, KPMG LLP, Montreal
Ryan Rabinovitch, McCarthy Tétrault LLP, Montreal

4:40 pm -
5:20 pm
 
Flowthrough Share Financing : Recent Developments, Tips, and Traps

The flowthrough share regime is a key component in the financing of mineral exploration activities in Canada, especially for junior mining companies. Speakers will present an overview of the most recent developments with respect to this regime. They will also provide practical advice and identify pitfalls to be avoided in the context of flowthrough share financings.

Emmanuel Sala, CPA, CGA, Dentons Canada LLP, Montreal

5:20 pm -
5:30 pm
 
Questions 
5:30 pm  Adjournment  

Monday Night Reception


Oslers Reception

Hosted by:

Osler, Hoskin & Harcourt LLP


 
Bennett Jones Nightcap

Hosted by:
Bennett Jones LLP 

TUESDAY MORNING, NOVEMBER 24
6:30 am - 
8:00 am
Breakfast

Hosted by:
Thorsteinssons LLP

CONCURRENT SESSION
CORPORATE TAXATION
8:00 am – 10:10 am - Stream 1
  Moderator: Carie Smit, Goodmans LLP
8:00 am - 
9:00 am
Due Diligence Considerations in M&A Transactions, Including GST    

In this session, the speakers will highlight and examine issues that practitioners should be sensitive to in the due diligence and acquisition structuring process and the means to address such issues. Topics to be discussed include identification of the purchaser’s and vendor’s principal tax concerns; the use of representations, covenants, and warranties; due diligence relating to foreign assets, elections and filing of forms; restrictive covenants; tax pools; transaction costs; and CCPC status, among others.

Robert Demers, Deloitte LLP, Montreal
Manon Thivierge, Osler, Hoskin & Harcourt LLP, Montreal

9:00 am -
10:00 am

Subsection 55(2) Budget Amendments    

Even before the April 2015 budget, there were a number of issues relating to the interpretation of  subsection 55(2) that made this topic worthy of discussion at the Annual Conference. However, the significant changes to subsection 55(2) proposed in the budget make this topic  one that is essential for an Annual Conference. Two nationally recognized experts will discuss the proposed amendments and other issues relevant to the application of the frequently encountered tax avoidance section.

Serge Bilodeau, CA, KPMG LLP, Montreal
Rick McLean, CPA, CA, KPMG LLP
, Toronto

10:00 am - 
10:10 am
Questions
10:10 am - 
10:30 am
Refreshment Break
CONCURRENT SESSION
INTERNATIONAL TAXATION
8:00 am – 10:10 am - Stream 2
  Moderator: Brian Mustard, SNC-Lavalin Inc.
8:00 am -
9:00 am
Recent Developments in the Foreign Affiliate Area    

This session will examine the key recent developments in the area of foreign affiliate taxation, including legislative changes and administrative views. The presenters will cover topics such as the scope of the base erosion rules, the characterization of foreign entities, and the notion of excluded property.

Michael Kandev, Davies Ward Phillips & Vineberg LLP, Montreal
Sandra Slaats, Deloitte LLP, Toronto

9:00 am -
10:00 am

Transfer Pricing — What Is/Are "Reasonable efforts"?  Should Penalties Always Apply?

The penalty imposed under subsection 247(3) does not apply where a taxpayer has made reasonable efforts to determine arm’s-length transfer prices and to use those prices for purposes of the Act.  This panel explores the standard envisaged by the words “reasonable efforts” and provides examples of situations that do and do not meet the standard. 

Sam Maruca, Covington & Burling LLP, Washington
Charles Thériault, PricewaterhouseCoopers LLP, Toronto

Richard Tremblay, Osler, Hoskin & Harcourt LLP, Toronto

10:00 am - 
10:10 am

Questions

10:10 am - 
10:30 am
Refreshment Break
CONCURRENT SESSION
OTHER SPECIALIST AREAS
8:00 am – 10:10 am - Stream 3
  Moderator: Pierre Barsalou, Barsalou Lawson Rheault
8:00 am -
9:00 am

Death and Taxes:  Uncertainty in 2016 and Beyond

On January 1, 2016, fundamental changes to the taxation of estates, life interest trusts, qualified disability trusts, and charitable giving will come into effect. As a result, it is necessary to examine traditional estate planning and post-mortem tax planning and estate administration strategies to see whether they continue to be appropriate.  This presentation will identify some of the key issues to be considered in the context of 2016 and beyond, outline strategies for dealing with these issues, and propose solutions.

Catherine (Cathie) Brayley, Bull, Housser & Tupper LLP, Vancouver
Carmen Thériault, QC, Bull, Housser & Tupper LLP, Vancouver

9:00 am -
10:00 am

Judges' Panel - A Discussion of Topical Issues in Tax Litigation

This session will cover topical issues in Canadian tax litigation that are relevant to all tax practitioners, including remedies under administrative law when considering tax disputes.

The Hon. Justice Johanne D'Auray,
Tax Court of Canada, Ottawa
The Hon. Justice Robert Hogan, Tax Court of Canada, Ottawa

The Hon. Chief Justice Marc Noël
, Federal Court of Appeal, Ottawa

Pierre Barsalou, Barsalou Lawson Rheault, Montreal
Chia-yi Chua,
McCarthy Tétrault LLP, Toronto

10:00 am - 
10:10 am

Questions

10:10 am - 
10:30 am
Refreshment Break

CONCURRENT SESSION  
SESSIONS PRESENTED IN FRENCH
8:00 am - 10:10 am
- Stream 4
 
 
  Moderator: Yanick Houle, Justice Canada
8:00 am -
9:00 am
Evidence and Procedure in Tax Appeals


The rules of evidence and procedure before the Tax Court of Canada, presented with an emphasis on the recent amendments to the General Procedure, including costs, disclosure of tax information (paper and electronic formats), and protection of privileged information in light of  recent decisions of the Supreme Court of Canada. Parallels will be drawn with the new Quebec Code of Civil Procedure and its impact on tax appeals before the Court of Quebec.

Dominic Belley, Norton Rose Fulbright LLP, Montreal
Susan Shaughnessy, Department of Justice, Montr


9:00 am -
10:00 am
The Taxation Act (Québec) Versus the Income Tax Act (Canada) — A Practitioner’s Guide to Certain Key Differences

Although a significant degree of harmonization exists between Quebec’s income tax regime and the federal regime, there are nevertheless certain differences that one must be aware of.  The purpose of the discussion will be to provide practitioners with an overview of some of the key distinctions that exist between certain concepts and technical rules contained in the Income Tax Act (Canada) and their counterpart (or lack thereof) in the Taxation Act (Québec) that are relevant in the corporate context, particularly in respect of mergers and acquisitions, and corporate reorganizations, as well as in the corporate tax-planning context more broadly.

Christian Meighen, McCarthy Tétrault LLP, Montreal
Michel Ranger, McMillan LLP, Montreal

10:00 am -
10:10 am
Questions 
10:10 am -
10:30 am
Refreshment Break

PLENARY SESSION
   Moderator: Brad Sakich, PricewaterhouseCoopers LLP
10:30 am -
11:45 am
Taking Stock of the BEPS Action Plan:  The Perspectives of Canada, the United States and the OECD.

Brian Ernewein, General Director, Tax Policy Branch, Department of Finance, Canada, Robert B. Stack Deputy Assistant Secretary International Tax Affairs U.S. Treasury Department, Grace Perez-Navarro, Deputy Director of the Centre for Tax Policy and Administration at the OECD and Liselott Kana, Head of the Department of International Taxation at the Internal Revenue Service, Chile will discuss the recommendations resulting from the OECD’s BEPS project, both generally and in the context of the tax systems in Canada, the United States and other countries, including the implications for tax treaties, transfer pricing guidance, information reporting and domestic law. 

Brian Ernewein, General Director, Tax Policy Branch, Department of Finance, Ottawa
Liselott Kana, Head of the Department of International Taxation, Internal Revenue Service, Chile
Grace Perez-Navarro, Deputy Director, OECD Centre for Tax Policy and Administration
Robert B. Stack, Deputy Assistant Secretary, International Tax Affairs, U.S. Department of the Treasury, Washington, DC

11:45 am -
12:00 pm
Break

12:00 pm -
12:15 pm
Judicial Update from the Tax Court of Canada

The Hon. Chief Justice Eugene Rossiter,
Chief Justice, Tax Court of Canada, Ottawa

12:15 pm -
1:30 pm

CRA Round Table Discussion

Bruce Ball, CPA,CA, BDO Canada LLP, Toronto
Randy Hewlett, Director, Financial Industries and Trusts Division, Canada Revenue Agency, Ottawa
Mark Jadd, Dentons Canada LLP, Toronto
Anne-Marie Levesque, Assistant Commissioner, Canada Revenue Agency, Ottawa
Stéphane Prud'Homme, Director, Reorganizations Division, Income Tax Rulings Directorate, Canada Revenue Agency, Ottawa

1:30 pm Adjournment
BONUS SESSION: International Tax Symposium
  Moderator: Brian J. Arnold, Canadian Tax Foundation 
2:30 pm 
BEPS - How have the recommendations resulting from the OECD BEPS project impacted tax policy and legislation? What changes have already occurred? Should further changes be expected?

Panelists will discuss the recommendations resulting from the OECD’s BEPS project, both generally and in the context of the tax systems in their countries.

  • Country-by-country reporting
  • CFC
  • Interest
  • Treaties: transparent entity provision; anti-abuse rules; PEs – multilateral instrument
  • Hybrid mismatch arrangements
  • Dispute resolution
  • Transfer pricing
  • Disclosure rules

Country representatives:

Chair: Jacques Sasseville, Paris
Hugh Ault, United States
Graeme Cooper, Australia
Andrew Dawson, United Kingdom
Mark van Casteren,
Netherlands
Brian Ernewein, Canada - (to be confirmed)
Liselott Kana, Chile
Yoshihiro Masui, Japan
Carmel Peters, New Zealand

4:00 pm
Break

4:15 pm
How have the recommendations resulting from the OECD BEPS project impacted tax policy and legislation? (continued)

5:00 pm
Adjournment
 
***Program subject to change. Please check back frequently for the most up-to-date version.

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12/10/2016 5:43:06 AM