63rd Annual Conference

Sunday, November 27 - Tuesday, November 29, 2011
Palais des Congrès de Montréal
1001 Place Jean-Paul Riopelle, Montréal

[Preliminary Program] [Timetable at a Glance]
[Program Committee]
[Fees] [Cancellation] [Hotel Accommodation]
[General Information]

Register online
Registration form - PDF

Early-Bird Deadline: Friday, October 28, 2011


16.5 hours of training recognized by the Barreau du Québec for the purposes of the Règlement sur la formation continue obligatoire des avocats.


CONFERENCE TIMETABLE AT A GLANCE

Sunday, November 27
EXTRACURRICULAR WORKSHOPS*
*(additional registration fee required, space is limited)

9:30 am - 12:00 pm

  • Workshop A: Canada-US Tax Convention - Limitation on Benefits 
  • Workshop B: Tax Accounting Fundamentals
  • Workshop C: FAPI Fundamentals
  • Workshop D: 88(1)(d) Bumps
  • Workshop E: Preparing Effective Notices of Objection
  • Workshop F: Partnership Fundamentals 
  • Workshop G: Partnership Fundamentals (presented in French)
  • Workshop H: Section 85 (presented in French)

1:00 pm -
1:30 pm

Annual General Meeting
Welcome Address
Opening Remarks

PLENARY SESSION

1:30 pm -
2:30 pm

Keynote Address

2:30 pm -
3:30 pm

 Panel: Hot Audit Issues
3:30 pm -
4:00 pm
Refreshment Break

4:00 pm -
5:15 pm

Current Cases

5:15 pm -
5:30 pm

Questions

5:30 pm Adjournment
Monday, November 28
CONCURRENT SESSIONS

STREAMS

CORPORATE TAXATION INTERNATIONAL TAXATION OTHER SPECIALIST AREAS SESSIONS PRESENTED IN FRENCH *

8:15 am -
9:15 am

Valuation Issues 

Foreign Affiliates A Fresh Look at Attribution Rules  Rectification

9:15 am -
10:15 am

Quebec Tax Incentives Panel Transfer Pricing and Valuation HST, QST, GST Issues   Professional Negligence and Ethics
10:15 am -
10:30 am
Questions Questions Questions Questions
10:30 am -
11:00 am
Refreshment Break
11:00 am -
11:40 am
Disarming the Succession Time Bomb US Tax Developments  ▼ Professional Negligence and Ethics GAAP and the Computation of Income for Tax Purposes
11:40 am -
12:20 pm
Issues and Compliance Matters Arising in Purchase and Sale Agreements Treaty Interpretation GAAR post-Lipson  Transfer Pricing Recharacterizations: 
(2)(b) or not (2)(b)?
12:20 pm -
12:30 pm
Questions Questions Questions Questions
12:30 pm -
2:00 pm
Lunch
CONCURRENT SESSIONS
STREAMS CORPORATE TAXATION INTERNATIONAL TAXATION OTHER SPECIALIST AREAS SESSIONS PRESENTED IN FRENCH *

2:00 pm -
2:40 pm

Restrictive Covenants and s. 56.4: Traps for the Wary ▼

Recent issues relating to interest deductibility and non-traditional forms of indebtedness

Current Developments in the Taxation of Mutual Funds

Foreign Affiliates 

2:40 pm -
3:20 pm

Stock Options and Executive Compensation

International Financial Centres: Pirates or Paragons?

What to Do When an Audit Goes Wrong Cross-Border REITs 
3:20 pm -
3:30 pm
Questions Questions Questions Questions
3:30 pm -
4:00 pm
Refreshment Break
4:00 pm -
4:40 pm
Mining Update Cross-Border REITs Partnerships: The Use of Partnerships and the Budget Changes Restrictive Convenants and s. 56.4: Traps for the Wary 
4:40 pm -
5:20 pm
GAAP and the Computation of Income for Tax Purposes Business Travellers: Individual and Corporate Tax Consequences “Going Green" - Structuring Renewable Energy Projects  HST, QST, GST Issues
5:20 pm -
5:30 pm
Questions Questions Questions Questions
5:30 pm
Adjournment

Tuesday, November 29
CONCURRENT SESSIONS
STREAMS CORPORATE TAXATION INTERNATIONAL TAXATION OTHER SPECIALIST AREAS SESSIONS PRESENTED IN FRENCH *
8:00 am -
8:55 am
Recent Transactions of Interest Transfer Pricing Recharacterizations:
(2)(b) or not (2)(b)?
Judge's Panel What to Do When an Audit Goes Wrong
8:55 am -
9:50 am
Subsection 55(2): Then and Now Tax Developments in Europe and Asia Rectification Quebec Tax Incentives Panel
9:50 am -
10:00 am
Questions Questions Questions Questions
10:00 am -
10:30 am
Refreshment Break
PLENARY SESSION
10:30 am - 11:00 am Department of Finance Update
11:00 am - 11:15 am Judicial Update from the Tax Court of Canada
11:15 am - 11:45 am

Canada Revenue Agency Update

11:45 am - 12:55 pm

CRA + ARQ Roundtable

12:55 pm -
1:00 pm
Questions
1:00 pm Adjournment
 
All the sessions presented in French will also be presented in English in a different time slot as part of one of the other streams. 

 

PRELIMINARY PROGRAM

SUNDAY MORNING, NOVEMBER 27
EXTRACURRICULAR WORKSHOPS
NOTE: Extracurricular workshops offered on Sunday morning require an additional registration fee. They are not part of the conference registration. Attendance is limited.
WS-A  Canada-US Tax Convention - Limitation on Benefits
***This workshop is full***
9:30 am - 12:00 pm Article XXIXA (Limitation on Benefits) is an anti-avoidance rule built into the Canada-U.S. Tax Treaty. The purpose of this provision is to prevent treaty shopping. This broad goal is achieved by denying the benefits of the Treaty to any U.S. recipient of Canadian-sourced income unless the recipient is a qualifying person, satisfied a number of complex tests set out in the LOB Article, or obtained relief from Canadian tax authorities. The workshop will focus on the following subjects:
  • Treaty shopping and LOB: who is entitled to relief under the Canada-U.S. Tax Treaty
  • What is a qualifying person
  • Publicly traded entities and their subsidiaries
  • Relief for privately held entities: ownership and base erosion test
  • LOB and fiscally transparent entities
  • Trusts and Estates
  • Pension and other Funds
  • Active Trade and Business Exception
  • Derivative Benefits Exception
  • Competent authority relief for non-qualifying persons and abuse of the Treaty
  • Canadian payor: duty to determine the eligibility of a U.S. recipient for Treaty benefits
  • Tax compliance and CRA Forms NR301, NR302, and NR303

Marie-Andree Beaudry - Stikeman Elliott LLP, Montréal
Vitaly Timokhov - TaxChambers, Toronto

12:00 pm Refreshment Break 
WS-B  Tax Accounting Fundamentals 
***This workshop is full***
9:30 am - 12:00 pm
  1. Overview of income tax accounting under International Financial Reporting Standards (IFRS) and comparisons to Private Enterprise (PE) GAAP.
  2. Income Tax Note Disclosure Requirements
  3. Selected Advance Topics including:
    • Accounting for Uncertain tax positions under IFRS, PE GAAP, and US GAAP
    • Deferred Tax Asset Valuation
    • Deferred taxes arising on Inter-company Transactions
    • Application of the initial recognition exemption
    • Accounting for income taxes on foreign exchange where the tax currency and the functional currency differ
  4. Selected Case Studies & Examples

Vince Raimondo - Ernst & Young LLP, Toronto
Troy Stanley - Ernst & Young LLP, Toronto

12:00 pm  Refreshment Break 
WS-C  FAPI Fundamentals 
***This workshop is full***
9:30 am - 12:00 pm
  • Purpose of the FAPI rules
  • Key concepts
    • Foreign Affiliates
    • Controlled Foreign Affiliates
  • Characterization of income of a foreign affiliate: general principles and deeming rules
  • Computation of FAPI
  • Overview of surplus rules and treatment of distributions by foreign affiliates
  • Taxation of FAPI
  • Overview of rules governing foreign affiliate reorganizations
  • Proposed changes (including the August 19, 2011 proposals) and the future of the foreign affiliate rules

Chris Van Loan - Blake, Cassels & Graydon LLP, Toronto
Sabrina Wong - Blake, Cassels & Graydon LLP, Toronto

12:00 pm  Refreshment Break 
WS-D  88(1)(d) Bumps 
***This workshop is full***
9:30 am - 12:00 pm
  • 88(1)(c) vs 88(1)(d) - The basics of the bump denial and bump computation rules
  • The rules of 88(1)(d) - Their operation and purpose
  • Examples - How to apply 88(1)(d) to real transactions
  • Bumping a foreign affiliate
  • Trips/Traps - Issues to be aware with 88(1)(d)

Eoin Brady - PricewaterhouseCoopers LLP, Toronto
Erdem Erinc - PricewaterhouseCoopers LLP, Toronto

12:00 pm  Refreshment Break 
WS-E  Preparing Effective Notices of Objection  
9:30 am - 12:00 pm The workshop will address topics such as:
  • the decision to move from CRA Audit to Appeals;
  • preparation of notices of objection including for “large corporations” and “specified corporations”;
  • preparation of applications for time extension for filing of notices of objection;
  • obtaining disclosure of CRA Audit materials and use thereof;
  • discussion re types of representations to and exchanges with Appeals officers;
  • involvement of taxpayer client;
  • waiver of Tax Court appeal rights;
  • decision to move on to Tax Court;
  • “tips and traps”, A through Z, re the notice of objections process.

Bruce Russell, QC - McInnes Cooper, Halifax
Karen Stilwell - McInnes Cooper, Halifax

12:00 pm  Refreshment Break 
WS-F  Partnership Fundamentals  
***This workshop is full***
9:30 am - 12:00 pm
  • Legal nature of a partnership – What, as a matter of law, is a partnership? Who owns partnership assets (i) as a matter of law? (ii) for tax purposes?
  • Compensation for Provision of Services by a Partner – Under what circumstances can a partnership pay a salary or fees for services to a member of the partnership, as opposed to providing compensation by way of distribution of partnership profits?
  • Scheme of the Act - When is a partnership a person for purposes of the Act?
  • Tax Planning – Pitfalls and planning opportunities relating to the use of partnerships.
Anne Calverley - Fraser Milner Casgrain, Calgary
Sebastien Elawny - Fraser Milner Casgrain, Calgary
Samantha Iorio - Fraser Milner Casgrain, Calgary
12:00 pm  Refreshment Break 
WS-G  Partnership Fundamentals (presented in French) 
9:30 am - 12:00 pm
  • Legal nature of a partnership – What, as a matter of law, is a partnership? Who owns partnership assets (i) as a matter of law? (ii) for tax purposes?
  • Compensation for Provision of Services by a Partner – Under what circumstances can a partnership pay a salary or fees for services to a member of the partnership, as opposed to providing compensation by way of distribution of partnership profits?
  • Scheme of the Act - When is a partnership a person for purposes of the Act?
  • Tax Planning – Pitfalls and planning opportunities relating to the use of partnerships.
Kevin Bianchini - Borden Ladner Gervais LLP, Montréal
Joseph Takhmizdjian - Borden Ladner Gervais LLP, Montréal
12:00 pm  Refreshment Break 
WS-H  Section 85 Rollover (presented in French) 
***This workshop has been cancelled***
9:30 am - 12:00 pm
  • Principal elements and technical aspects of section 85 rollover
  • Recent case laws relating to section 85
  • Trips, traps and opportunities relating to section 85

François Auger - Osler, Hoskin & Harcourt LLP, Montréal
Alain Fournier - Osler, Hoskin & Harcourt LLP, Montréal

12:00 pm  Refreshment Break 

 Sunday noon
Refreshment Break


Sponsored by
Torys LLP

SUNDAY AFTERNOON, NOVEMBER 27
OPENING SESSION
1:00 pm - 1:30 pm Annual General Meeting
Welcome Address
Opening Remarks
PLENARY SESSION
1:30 pm - 2:30 pm Keynote Address


Taxation: When Politics and Policy Clash


"Given recent economic events and sovereign debt stress, governments
have been adjusting policies in contradictory ways: either to improve
growth or make the rich pay.  Jack Mintz will discuss how politics and
policy might play out in Canada in the coming years".

Jack Mintz
School of Public Policy
University of Calgary


2:30 pm - 3:30 pm Panel: Hot Audit Issues

The speakers will review current audit issues including:

  • impediments to settling audit disputes;
  • cost of compliance to firms (e.g., breadth and depth of audit scope; information demands);
  • SR&ED audit issues;
  • transfer pricing audit issues (e.g. increased due diligence/restricted access to APA entry);
  • CRA audit projects (e.g. related parties initiative for high wealth individuals)

Moderator: Brian Mustard - KPMG LLP, Montréal
Ron Mar - McCarthy Tétrault LLP, Calgary
Richard Montroy - Canada Revenue Agency, Ottawa

Fred O'Riordan - Ernst & Young LLP, Ottawa
Jennifer Rhee - RSM Richter Chamberland, Montréal

3:30 pm - 4:00 pm Refreshment Break

Sponsored by
KPMG LLP


4:00 pm - 5:15 pm Current Cases

The impact and future applications of the legal principles emerging from recently decided cases will be discussed from the perspective of both taxpayers and tax authorities.

Moderator: Pierre Barsalou - Barsalou Lawson, Montréal
Pierre Cossette - Department of Justice, Montréal
Cliff Rand - Stikeman Elliott LLP, Toronto
M. Gerard Tompkins, QC - Patterson Law, Halifax
5:15 pm - 5:30 pm Questions
5:30 pm Adjournment
Sunday Evening
Reception


Join your friends from Fraser Milner Casgrain LLP
at "FMC Stadium"
for food, beverages and great conversation
as we kick off Grey Cup Sunday
with a tailgate party.

Date: Sunday, November 27
Time: 5:30p.m. - 8:00 p.m.
Location: Le Westin Montreal
The Montreal Room

Sponsored by
FMC Law


MONDAY MORNING, NOVEMBER 28

Breakfast
(7:00 am - 8:00 am)

Hosted by
PricewaterhouseCoopers LLP


CONCURRENT SESSION (CS-1)
CORPORATE TAXATION
8:15 am - 12:30 pm
8:15 am - 9:15 am

Valuation Issues

  • Domestic valuation of shares, intangibles, non-compete clauses.
  • Allocation for income tax purposes.
  • Issues arising upon an acquisition of control
  • Discussion on the use of an expert. How does CRA attribute a value?

Jack Bernstein - Aird & Berlis LLP, Toronto
Richard M. Wise, FCA - MNP LLP, Montréal

 

9:15 am - 10:15 am

Quebec Tax Incentives Panel

The province of Quebec is known to be a strong promoter of SR&ED and information technology activities, amongst other sectors. In order to maximize its credit potential, claimants must be aware of applicable legislation and audit trends. The speakers will concentrate on the particular features of the following incentives from a practical point of view and a fiscal policy standpoint.  

  • Precompetitive research tax credit
  • Development of E-Business tax credit  

Michel Lefebvre - Raymond Chabot Grant Thornton, Montréal
Christian Pérodeau - Ministère des Finance, Québec
Martin Vezina - Deloitte & Touche LLP, Montréal

10:15 am - 10:30 am Questions
10:30 am - 11:00 am Refreshment Break
11:00 am - 11:40 am

Disarming the Succession Time Bomb

This session will illustrate the mechanics of a typical estate freeze and how the flexibility that is normally built into an estate freeze, without proper consideration of the full succession life cycle, can inadvertently set the family up for succession failure. The speakers will also discuss how a properly structured trust, shareholders agreement, life insurance and other tools can help rectify the situation.

Chris Ireland - PPI Advisory, Vancouver
Ian Worland - Legacy Tax + Trust Lawyers, Vancouver

11:40 am - 12:20 pm

Issues and Compliance Matters Arising in Purchase and Sale Agreements

  • Structure of the transaction agreement
  • Price adjustment clauses
  • Covenants and indemnities
  • Income tax elections
  • Managing post-transaction filings
  • Sales taxes and other transaction taxes
  • Impact on accounting standards & IFRS implications
  • Stock option implications

Danny Lang - Borden Ladner Gervais LLP, Toronto
Charles Taylor - Deloitte & Touche LLP, Toronto

12:20 pm - 12:30 pm Questions
12:30 am - 2:00 pm Lunch

 

CONCURRENT SESSION (CS-2)
INTERNATIONAL TAXATION
8:15 am - 12:30 pm
8:15 am - 9:15 am

Foreign Affiliates

An analysis of the August 19th, 2011 foreign affiliate proposals, including issues raised in follow-up submissions to the Department of Finance by taxpayers and their advisers.

Topics will include:

  • Hybrid surplus
  • Upstream loans
  • Anti-avoidance rules and
  • Taxation of distributions

Dave Beaulne, CA - Department of Finance, Ottawa
Marc Desrosiers - KPMG LLP, Montréal
Robert Raizenne - Osler, Hoskin & Harcour LLP, Montréal

9:15 am - 10:15 am

Transfer Pricing and Valuation

The speakers will discuss the valuation issues that arise in inter-company transactions that are covered by transfer-pricing rules.  More specifically, they will address some of the different valuation techniques and the appropriateness of using these techniques for different purposes.

The session will cover:

  • Purchase price allocation studies for accounting purposes compared to valuation approaches for transfer pricing purposes;
  • OECD work on transfer pricing and intangibles;
  • Valuation of intangibles.

Clark Chandler - KPMG LLP, Washington, DC
Michelle Levac - Canada Revenue Agency, Ottawa
Robert O'Connor - Deloitte & Touche LLP, Toronto
Line Racette, FCA - KPMG LLP, Montréal

10:15 am - 10:30 am Questions
10:30 am - 11:00 am Refreshment Break
11:00 am - 11:40 am

US Tax Developments 


  1. Legislative developments – International tax reform:
    • Movement toward a Territorial System (the “Camp” proposals from the House of Representatives)
    • Pres. Obama’s proposed reforms
    • Repatriation tax holidays
  2. Regulatory Developments affecting Cross-Border Tax Reporting and Withholding
    • The various FATCA notices, and the prospects for the future developments
    • Developments affecting financial products:  cross-border securities lending, credit default swaps, etc.
  3. Audit related developments
    • Schedule UTP
    • FBAR developments and the Offshore Voluntary Disclosure Initiative
    • Revival of debt/equity challenges

Denis Rousseau - Ernst & Young LLP, Montréal
Andrew Solomon - Sullivan & Cromwell LLP, New York

11:40 am - 12:20 pm

Treaty Interpretation

The concept of “beneficial ownership” in Canadian tax treaty theory and practice 

Michael Kandev - Davies Ward Phillips & Vineberg LLP, Montréal
Matthew Peters - Fraser Milner Casgrain LLP, Toronto

12:20 pm - 12:30 pm Questions
12:30 pm - 2:00 pm Lunch
CONCURRENT SESSION (CS-3)
OTHER SPECIALIST AREAS
8:15 am - 12:30 pm
8:15 am - 9:15 am

A Fresh Look at Attribution Rules

  • Review of main attribution rules and recent jurisprudence
  • Policy considerations
  • Adopting a comprehensive approach to income splitting
  • Practical planning points
  • GAAR and attribution

Shane Brown - Thorsteinssons LLP, Vancouver
Brandon Wiener - Thorsteinssons LLP, Toronto

9:15 am - 10:15 am

HST, QST, GST Issues

Place of Supply Challenges

  • inherent risks organizations are facing with administering place of supply rules
  • issues and practical issues to assist with compliance
  • challenges that government auditors will face under the new rules

Quebec Harmonization and British Columbia Deharmonization

  • practical issues and challenges organizations face as Quebec transitions to so-called harmonization and British Columbia reverts back to a retail sales tax

Bruce R. Goudy - Ernst & Young LLP, Toronto
Yves St-Cyr - Heenan Blaikie, Toronto

10:15 am - 10:30 am Questions
10:30 am - 11:00 am Refreshment Break
11:00 am - 11:40 am

Professional Negligence and Ethics

Professional Negligence: - CRA focus on tax advisers: What are the duties of the lawyer/accountant with respect to compliance matters?
 
Ethics: - The session will examine the moral problem that arises in the area of taxation. Knowing that there is already a political and legal solution to this problem, criteria will be proposed to complete the solution on the basis of an analysis of the tax behavior that can be gleaned from the relevant case law. 

Dominic Belley - Norton Rose, Montréal
Nicole Prieur - HEC Montréal, Montréal
Jean-Pierre Vidal - HEC Montréal, Montréal

11:40 am - 12:20 pm

GAAR post-Lipson

A review of selected issues including

  • the interplay between specific anti-avoidance rules and the GAAR,
  • the distinct roles of context and purpose under the unified textual, contextual and purposive approach,
  • the use of extrinsic aids and inferences drawn from legislative amendments in ascertaining the object and spirit of provisions and
  • remaining cases where either the "tax benefit" or the "avoidance transaction" requirement might not be met.
Marc Darmo - Davies Ward Phillips & Vineberg LLP, Montréal
12:20 pm - 12:30 pm Questions
12:30 pm - 2:00 pm Lunch

CONCURRENT SESSION (CS-4)
SESSIONS PRESENTED IN FRENCH
8:15 am - 12:30 pm
8:15 am - 9:15 am

Rectification

Rectification and the art of fixing mistakes : two regimes, two results?

Chia-yi Chua - McCarthy Tétrault LLP, Toronto
Guy Gagnon - McCarthy Tétrault LLP, Montréal

9:15 am - 10:15 am

Professional Negligence and Ethics

Professional Negligence: - CRA focus on tax advisers: What are the duties of the lawyer/accountant with respect to compliance matters?

Ethics: - The session will examine the moral problem that arises in the area of taxation. Knowing that there is already a political and legal solution to this problem, criteria will be proposed to complete the solution on the basis of an analysis of the tax behavior that can be gleaned from the relevant case law.

Dominic Belley - Norton Rose, Montréal
Nicole Prieur - HEC Montréal, Montréal
Jean-Pierre Vidal - HEC Montréal, Montréal

10:15 am - 10:30 am Questions
10:30 am - 11:00 am Refreshment Break
11:00 am - 11:40 am

GAAP and the Computation of Income for Tax Purposes

  • Identification of differences brought by IFRS that have an impact for tax purposes
  • Rules governing the computation of income in relation to accounting principles
  • Special statutory rules relating to inventory
  • Options open to taxpayers in the selection of the accounting standards

Denis Lacroix - KPMG LLP, Montréal

11:40 am - 12:20 am

Transfer Pricing Recharacterizations:  (2)(b) or not (2)(b)?

  • Is CRA using 247(2)(a) to effectively recharacterize transactions while circumventing the requirements of 247(2)(b)? 
  • Legal framework governing transfer pricing and the recharacterization of transactions
  • OECD Transfer Pricing Guidelines
  • Strategies and judicial recourses available to taxpayers when this issue arises

Moderator: Richard Tremblay - Osler, Hoskin & Harcourt LLP, Toronto
Brian Bloom - Davies Ward Phillips & Vineberg LLP, Montréal
Sébastien Rheault - Barsalou Lawson, Montréal
François Vincent - KPMG LLP, Montréal
 

12:20 pm - 12:30 pm Questions
12:30 pm - 2:00 pm Lunch
  Monday Morning
Refreshment Break

Sponsored by
Felesky Flynn LLP



Monday Luncheon

Guest Speaker:

Wayne Adams
Director of Membership Development 
& Community Relations
Canadian Tax Foundation

Hosted by
McCarthy Tétrault LLP and Carswell, a Thomson Reuters business


MONDAY AFTERNOON, NOVEMBER 28
CONCURRENT SESSION (CS-5)
CORPORATE TAXATION
2:00 pm - 5:30 pm
2:00 pm - 2:40 pm

Restrictive Covenants and s. 56.4: Traps for the Wary

This session will review the proposed rules dealing with restrictive covenants, identify traps in the application of those rules and offer practical solutions, when possible. Specific topics to be addressed include :

  • What is a restrictive covenant
  • General rule: inclusion in income
  • Description of the exceptions to the general rule
  • Reallocation of the consideration under section 68 and exceptions thereto
  • Review of practical examples to identify and, whenever possible, avoid traps in applying the proposed

Manon Thivierge - Heenan Blaikie, Montréal

2:40 pm - 3:20 pm

Stock Options and Executive Compensation

Structuring stock option plans in light of the 2010 budget proposals. 

  • Who gets the deduction, employer or employee?
  • How to manage withholdings
  • Structuring long term deferral plans (e.g. deferred share unit plans) to ensure compliance with both US (e.g IRC 409A) and Canadian (regulation 6801(d)) rules.
  • Trends in executive compensation including structuring deferred bonus arrangements and stock appreciation rights
  • Update on the CRA’s administrative positions on the application of the salary deferral arrangement rules to such arrangements.

Elizabeth Boyd - Blake, Cassels & Graydon LLP, Toronto
Jeremy Forgie - Blake, Cassels & Graydon LLP, Toronto
David Kahen - Roberts & Holland LLP, New York

3:20 pm - 3:30 pm Questions
3:30 pm - 4:00 pm
Refreshment Break
4:00 pm - 4:40 pm

Mining Update

  • Nature of expenses that should be treated as CEE, including the widening gap between between "grass roots" and "pre-production" expenses;
  • Changes to ITC rules in respect of pre-production mining expenditures;
  • Overview of recent Canada Revenue Agency technical interpretations issued in respect of the mining industry;
  • Quebec mining duties practical issues; and
  • Overview of the Québec Plan Nord

René Albert - PricewaterhouseCoopers LLP, Montréal
Liam Fitzgerald - PricewaterhouseCoopers LLP, Toronto

4:40 pm - 5:20 pm

GAAP and the Computation of Income for Tax Purposes

  • Identification of differences brought by IFRS that have an impact for tax purposes
  • Rules governing the computation of income in relation to accounting principles
  • Special statutory rules relating to inventory
  • Options open to taxpayers in the selection of the accounting standards

Denis Lacroix - KPMG LLP, Montréal

5:20 pm - 5:30 pm
Questions
5:30 pm Adjournment
CONCURRENT SESSION (CS-6)
INTERNATIONAL TAXATION
2:00 pm - 5:30 pm
2:00 pm - 2:40 pm

Recent issues relating to interest deductibility and non-traditional forms of indebtedness

  • Convertible debt
  • Profit participating debt
  • Monetization transactions
  • Stapled securities
  • Coupon stripping
  • Cross-border issues

Didier Fréchette - KPMG LLP, Montréal
Ryan Rabinovitch - McCarthy Tétrault LLP, Montréal

2:40 pm - 3:20 pm

International Financial Centres: Pirates or Paragons?

“Tax havens” are often seen as rogue jurisdictions undermining the fiscal sovereignty of their larger neighbours. Yet their efficient trade and financial intermediation has contributed to an unprecedented leap in global prosperity. Are small international financial centres good for Canada’s economy? What is the role of OECD and Global Forum in promoting global tax information exchange and how do IFC regulatory standards stack up under their scrutiny? If Western IFCs are side lined, could this accelerate a shift of economic power to the emerging economies? This session brings together three differing perspectives to examine the pros and cons of small IFCs, seen in the tax, economic and geopolitical contexts.

Moderator: Pierre Martel - Stikeman Elliott LLP, Montréal
Richard Hay - Stikeman Elliott London, Counsel to IFC Forum
Pascal St Amans - newly appointed Director of the OECD Centre for Tax Policy and Administration
Professor Walid Hejazi - University of Toronto, Rotman School of Management

3:20 pm - 3:30 pm Questions
3:30 pm - 4:00 pm
Refreshment Break
4:00 pm - 4:40 pm

Cross-Border REITs

In spite of all efforts made by the Department of Finance to minimize the practical concerns in complying with the REIT rules, the REIT exemption is still extremely narrow. The rules should be cautiously reviewed to ensure that the REIT asset and revenue tests are met throughout a taxation year.

This conference will focus on specific practical challenges that may be encountered in trying to access public equity markets through the use of a Canadian REIT which holds a portfolio of Canadian and foreign real property. Due to the belief that one of the current policy objectives of the REIT legislation is that the REIT be neutral with respect to the geographical location of the real property, the speakers will highlight the practical issues that may be encountered in this regard.

During this conference, the speakers will review alternative corporate and financing structures that may be considered when holding foreign real property. For each alternative, they will discuss the related technical issues under the current legislation and in light of the proposed legislation.

François Chagnon - Deloitte & Touche LLP, Montréal
Geneviève Provost - Deloitte & Touche LLP, Montréal

4:40 pm - 5:20 pm

Business Travellers: Individual and Corporate Tax Consequences

Significant individual and corporate tax conseq uences arise when business executives work in different countries.  The speakers will highlight many of the issues that arise and the different approaches companies can take to minimize the exposure for both their executives and the company:

  • Description of nuisance taxes (CPP/UI/CSST etc)
  • Cross-border transfers
  • Immigration rules
  • Totalisation agreements
  • Residency and PE issues
  • Corporate executives
  • Localize the employees
  • Stock option compensation

Jim Yager - KPMG LLP, Toronto

5:20 pm - 5:30 pm Questions
5:30 pm Adjournment
CONCURRENT SESSION (CS-7)
OTHER SPECIALIST AREAS
2:00 pm - 5:30 pm
2:00 pm - 2:40 pm

Current Developments in the Taxation of Mutual Funds

There have been a wide range of recent developments that affect the taxation of mutual funds (including exchange-traded mutual funds) and their investors. These include:

  1. The taxation of foreign currency hedging transactions in light of the series of CRA Views rendered in 2010;
  2. Changes to the rules governing RRSPs announced in the 2011 Federal Budget; and
  3. Issues that affect the structure of Canadian ETFs, including the application of the SIFT and NRT Rules.

In this 40 minute session, only the first two issues will be discussed.

Laura White - Borden Ladner Gervais LLP, Toronto

2:40 pm - 3:20 pm

What to Do When an Audit Goes Wrong

Audits do not always go as taxpayers would hope.  Some of the most frequent complaints include: excessive requests from the auditors either in terms of volume of information requested or of the inadequate time allowed to answer, disruption of taxpayer’s activities, disrespect of audit guidelines, never-ending audits, unreasonable reassessing positions, etc.  These situations beg the question of whether recourses are available to taxpayers when the audit goes wrong.  For instance, are there administrative recourses available?  What about legal recourses?  Are they available and if so, what is their scope?

Nathalie Goyette - Wilson & Partners LLP, Montréal
Yanick Houle - Department of Justice, Montréal
Larry Jacobson - Canada Revenue Agency, Montréal

3:20 pm - 3:30 pm Questions
3:30 pm - 4:00 pm Refreshment Break
4:00 pm - 4:40 pm

Partnerships: The Use of Partnerships and the Budget Changes

  • Budget proposals related to tax deferrals
  • Planning opportunities post budget changes

The Honourable D.H. Bowman - Fraser Milner Casgrain, Toronto
Alycia Calvert - Ernst & Young LLP, Toronto
Thomas Copeland - Fasken Martineau DuMoulin LLP, Montréal

4:40 pm - 5:20 pm

“Going Green" - Structuring Renewable Energy Projects

  • Overview of the regulatory and financing considerations that drive renewable energy projects
  • The role of tax attributes in moving projects forward
  • Limitations and traps in using tax attributes to enhance return on equity
  • A few closing words on tax policy and the possible enhancement of the fiscal regime applicable to renewable energy

Stephen Fyfe - Borden Ladner Gervais LLP, Toronto

5:20 pm - 5:30 pm Questions
5:30 pm Adjournment
CONCURRENT SESSION (CS-8)
SESSIONS PRESENTED IN FRENCH
2:00 pm - 5:30 pm
2:00 pm - 2:40 pm

Foreign Affiliates

An analysis of the August 19th, 2011 foreign affiliate proposals, including issues raised in follow-up submissions to the Department of Finance by taxpayers and their advisers.
Topics will include:

  • Hybrid surplus
  • Upstream loans
  • Anti-avoidance rules and
  • Taxation of distributions

Dave Beaulne, CA - Department of Finance, Ottawa
Marc Desrosiers - KPMG LLP, Montréal
Robert Raizenne - Osler, Hoskin & Harcourt LLP, Montréal

2:40 pm - 3:20 pm

Cross-Border REITs

In spite of all efforts made by the Department of Finance to minimize the practical concerns in complying with the REIT rules, the REIT exemption is still extremely narrow. The rules should be cautiously reviewed to ensure that the REIT asset and revenue tests are met throughout a taxation year.

This conference will focus on specific practical challenges that may be encountered in trying to access public equity markets through the use of a Canadian REIT which holds a portfolio of Canadian and foreign real property. Due to the belief that one of the current policy objectives of the REIT legislation is that the REIT be neutral with respect to the geographical location of the real property, the speakers will highlight the practical issues that may be encountered in this regard.

During this conference, the speakers will review alternative corporate and financing structures that may be considered when holding foreign real property. For each alternative, they will discuss the related technical issues under the current legislation and in light of the proposed legislation. 
 
François Chagnon - Deloitte & Touche LLP, Montréal
Geneviève Provost - Deloitte & Touche LLP, Montréal

3:20 pm - 3:30 pm Questions
3:30 pm - 4:00 pm Refreshment Break
4:00 pm - 4:40 pm

Restrictive Convenants and s. 56.4: Traps for the Wary

This session will review the proposed rules dealing with restrictive covenants, identify traps in the application of those rules and offer practical solutions, when possible. Specific topics to be addressed include :

  • What is a restrictive covenant
  • General rule: inclusion in income
  • Description of the exceptions to the general rule
  • Reallocation of the consideration under section 68 and exceptions thereto
  • Review of practical examples to identify and, whenever possible, avoid traps in applying the proposed

Manon Thivierge - Heenan Blaikie, Montréal

4:40 pm - 5:20 pm

HST, QST, GST Issues

Place of Supply Challenges

  • inherent risks organizations are facing with administering place of supply rules
  • issues and practical issues to assist with compliance
  • challenges that government auditors will face under the new rules

Quebec Harmonization and British Columbia Deharmonization

  • practical issues and challenges organizations face as Quebec transitions to so-called harmonization and British Columbia reverts back to a retail sales tax

Bruce R. Goudy - Ernst & Young LLP, Toronto
Yves St-Cyr - Heenan Blaikie, Toronto

5:20 pm - 5:30 pm Questions
5:30 pm Adjournment
  Monday Afternoon
Refreshment Break


Sponsored by
Blake, Cassels & Graydon LLP



   

 


Monday Evening Reception


Hosted by
Osler, Hoskin & Harcourt LLP

Osler invites you to a reception on the occasion of
the Canadian Tax Foundation Annual Conference


Monday, November 28, 2011
5:30 pm - 7:30 pm

Centre CDP Capital
The Parquet
1000, place Jean-Paul-Riopelle


TUESDAY MORNING, NOVEMBER 29
Breakfast
(7:00 am – 8:00 am)

Hosted by
Thorsteinssons LLP



CONCURRENT SESSION (CS-9)
CORPORATE TAXATION
8:00 am – 10:00 am
8:00 am - 8:55 am

Recent Transactions of Interest

This session will review a number of recent Canadian transactions, including a REIT issuance of preferred units, the acquisition of several Canadian public corporations, a corporate reorganization in order to address circular shareholdings and an innovative initial public offering of a REIT.

Brian Pyra - Deloitte & Touche LLP, Calgary
Carrie Smit - Goodmans LLP, Toronto

8:55 am - 9:50 am

Subsection 55(2): Then and Now

This session will examine the application of subsection 55(2), with particular emphasis on issues relating to the computation of safe income.

At the 1981 annual conference John Robertson delivered a paper in which he outlined in detail the CRA's administrative positions on the computation of income earned or realized. The speaker will analyze Robertson's Rules 30 years later in light of modern principles of statutory interpretation and decisions of the Tax Court and Federal Court of Appeal that have called into question or reversed many of the CRA's positions.

Mark Brender - Osler, Hoskin & Harcourt LLP, Montréal

9:50 am - 10:00 am Questions
10:00 am - 10:30 am Refreshment Break
CONCURRENT SESSION (CS-10)
INTERNATIONAL TAXATION
8:00 am – 10:00 am
8:00 am - 8:55 am

Transfer Pricing Recharacterizations: (2)(b) or not (2)(b)?

  • Is CRA using 247(2)(a) to effectively recharacterize transactions while circumventing the requirements of 247(2)(b)?
  • Legal framework governing transfer pricing and the recharacterization of transactions
  • OECD Transfer Pricing Guidelines
  • Strategies and judicial recourses available to taxpayers when this issue arises 

Moderator: Richard Tremblay - Osler, Hoskin & Harcourt LLP, Toronto
Brian Bloom - Davies Ward Phillips & Vineberg LLP, Montréal
Sébastien Rheault - Barsalou Lawson, Montréal
François Vincent - KPMG LLP, Montréal

8:55 am - 9:50 am

Tax Developments in Europe and Asia

The presentation will cover key trends and developments in Europe and Asia and what multinational and global companies should be aware of in the current global taxation environment. Some of the key topics covered include:

  1. Holding company, patent box, and treasury center regimes in Europe
  2. Increasing focus on substance requirements in cross-border transactions in Asia
  3. Shift to territorial regime in the UK and Japan
  4. Other local country developments

Louise Higginbottom - Norton Rose Group, London, UK
Jeff T. Hongo - Ernst & Young LLP, New York

9:50 am - 10:00 am

Questions

10:00 am - 10:30 am Refreshment Break
CONCURRENT SESSION (CS-11)
OTHER SPECIALIST AREAS
8:00 am – 10:00 am
8:00 am - 8:55 am

Judges' Panel

  • The use of experts - and the new expert rule
  • Hot-tubbing with respect to expert evidence
  • Impact of new settlement offer rules and new rules on pre-hearing conferences
  • Limitation of discovery

Moderator: Susan Shaughnessy - Department of Justice, Montréal
William Innes - Fraser Milner Casgrain LLP, Toronto
Justice Jacques Paquet - Cour du Québec, Montréal
Justice Brent Paris, Tax Court of Canada, Ottawa
Associate Chief Justice Eugene Rossiter, Tax Court of Canada, Ottawa

8:55 am - 9:50 am

Rectification

Rectification and the art of fixing mistakes : two regimes, two results?

Chia-yi Chua - McCarthy Tétrault LLP, Toronto
Guy Gagnon - McCarthy Tétrault LLP, Montréal

9:50 am - 10:00 am

Questions

10:00 am - 10:30 am Refreshment Break
CONCURRENT SESSION (CS-12)
SESSIONS PRESENTED IN FRENCH
8:00 am – 10:00 am
8:00 am - 8:55 am

What to Do When an Audit Goes Wrong 

Audits do not always go as taxpayers would hope. Some of the most frequent complaints include: excessive requests from the auditors either in terms of volume of information requested or of the inadequate time allowed to answer, disruption of taxpayer’s activities, disrespect of audit guidelines, never-ending audits, unreasonable reassessing positions, etc. These situations beg the question of whether recourses are available to taxpayers when the audit goes wrong. For instance, are there administrative recourses available? What about legal recourses? Are they available and if so, what is their scope?

Nathalie Goyette
- PricewaterhouseCoopers LLP, Montréal
Yanick Houle - Department of Justice, Montréal
Larry Jacobson - Canada Revenue Agency, Montréal

8:55 am - 9:50 am

Panel sur les iniciatifs fiscaux au Québec

Incitatifs au Québec: la province de Québec est réputée pour être un promoteur d'activités de de RS&DE et ayant trait aux technologies de l'information, entre autres secteurs. Afin de maximiser son potentiel de crédits, les réclamants doivent connaître la législation applicable et les tendances quant à la révision des dossiers par les autorités. Les conférenciers se concentreront sur les divers aspects liés aux incitatifs suivants, d'un point de vue pratique et de politique fiscale:

  • crédit pour la recherche pré-compétitive
  • crédit pour le développement des affaires électroniques

Michel Lefebvre - Raymond Chabot Grant Thornton, Montréal
Christian Pérodeau - Ministère des Finance, Québec
Martin Vezina - Deloitte & Touche LLP, Montréal

9:50 am - 10:00 am

Questions

10:00 am - 10:30 am Refreshment Break
  Tuesday Morning
Refreshment Break

Sponsored by
Deloitte




PLENARY SESSION
10:30 am - 1:00 pm
10:30 am - 11:00 am Department of Finance Update

Nancy HorsmanAssistant Deputy Minister, Department of Finance, Ottawa
11:00 am - 11:15 am Judicial Update from the Tax Court of Canada

Chief Justice Gerald J. Rip – Tax Court of Canada, Ottawa
11:15 am - 11:45 am Canada Revenue Agency Update

Brian McCauley, Assistant Commissioner of the Legislative Policy and Regulatory Affairs Branch, Canada Revenue Agency, Ottawa
11:45 am - 12:55 pm CRA + ARQ Roundtable

François Bordeleau - Canada Revenue Agency, Ottawa
Pierre Bourgeois - PricewaterhouseCoopers, Montréal
Jim Gauvreau - Canada Revenue Agency, Ottawa
Claude Jodoin - Fasken Martineau DuMoulin, Montréal
Bernard Nolan - Revenue Québec, Québec
12:55 pm - 1:00 pm Questions
1:00 pm Adjournment

 

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Program Committee
Pierre Barsalou
Barsalou Lawson
Marc-André Bélanger
BCF s.e.n.c.r.l.
Dominic Belley
Norton Rose
Mark Brender
Osler, Hoskin & Harcourt LLP
François Chagnon
Deloitte & Touche
Tom Copeland
Fasken Martineau DuMoulin LLP
Marc Darmo
Davies Ward Phillips & Vineberg LLP
Nathalie Goyette
Wilson & Partners LLP
Martina Krummen
SNC-Lavalin
Constantine Kyres
FMC-Law LLP
Dominique Lafleur
Heenan Blaikie LLP
Ruth March
KPMG LLP
Charles Marquette
Borden Ladner Gervais LLP
Pierre Martel
Stikeman Elliott LLP
Christian Meighen
McCarthy Tétrault LLP 
Brian Mustard
KPMG LLP 
Jean-François Plourde
Mazars Group 
Gail Wosnitza
Raymond Chabot Grant Thornton LLP 
Alfred Zorzi
Ernst & Young LLP

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General Information

INDIVIDUAL REGISTRATION
This registration is intended for only one individual. Sharing an individual registration between two or more individuals is not permitted.

ADMISSION TO SESSIONS AND WORKSHOPS
Please note that admission to sessions and functions will be restricted to individuals wearing a conference name badge. Attendees must wear their name badge at all times in order to participate in conference activities.

AUDIO TAPING
Foundation policy does not permit the use of recording devices in any session.

CELLULAR PHONES
As a courtesy to fellow attendees and speakers, the meeting rooms are designated as "cell free zones." Please be sure to turn off your cellular telephones while in session rooms.

DRESS CODE
All conference attendees are encouraged to dress business casual. We recommend that you bring a sweater or jacket to the sessions because room temperatures and personal comfort zones vary widely.

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Fees


Registration Fees
   Member Non-member
Early-Bird
(registration received and paid on or before October 28, 2011)
$ 945
$1395*

 
Regular
(after October 28, 2011)
$ 1095
$ 1395
Young Practitioner (Individuals who have been in practice for up to 6 years)
$ 645
$ 795
Full-time Government Employee
$745
$895
Full-time Academic  $325 $325
Full-time Student  $100 $100
Conference Binder   $50 $50
Extracurricular workshops   $125  $125
     
Plenary session presenters will be using both official languages during their presentations. We will be offering simultaneous translation for those who require it. If you would like to take advantage of the translation services available, please indicate during the registration process. 
* Non-members: Become a member before October 28 and save $100 by taking advantage of the early bird member fee. Membership + early bird fee is $1295.
Notes:
(1) All conference registrations include electronic access to conference materials on the CTF website as they become available. Conference binder is not included in registration fee. Please order the binder when registering.
(2) Registrations cannot be processed unless accompanied by payment.

Hotel Accommodation

The Foundation has reserved a block of rooms at the Westin Montréal Hotel and the InterContinental Hotel. Please book your room online by clicking on one of the hotel links below. This room block, reserved for registrants attending the conference at discounted group rates, will be held until Tuesday, October 25, 2011.

Le Westin Montréal
270 Saint Antoine ouest

InterContinental Hotel
360 Saint Antoine ouest 


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Substitution/Cancellation

Substitutions/Cancellation – If you are unable to attend the conference, registration may be transferred to another individual. Please submit the name of the substituted delegate to Roda Ibrahim at ribrahim@ctf.ca  up to three business days prior to the start of the conference. After that, the substitution will be accepted only at the conference site. If substitution is not an option, written notice of cancellation will be accepted by the Conference Department until Friday, November 18, 2011.  Individuals who cancel their registration prior to this deadline will receive a refund, less a $125 administration fee, at the conclusion of the conference.  We regret that we cannot issue refunds for notices of cancellation received after this deadline.

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