According to the Income Tax Act (Canada) (the “Act”), when computing paid-up capital (”PUC”) for tax purposes, one must begin with “an amount equal to the paid-up capital in respect of that class of shares at the particular time, computed without reference to the provisions of this Act”.
What is PUC “computed without reference to the provisions of this Act”? (more…)
Here is some good news for accountants from last week’s provincial budget: a chartered accountant’s professional corporation will be able to become a member of a limited liability partnership.
The CRA recently released Registered Charities Newsletter No. 26. The newsletter contains an interesting discussion of the legal meaning of words like “may”, “shall” and “deemed”. It also has a useful table setting out the period of time for which a charity must keep various books and records and a Q&A on the same subject with questions like “Do church offering envelopes need to be retained?” and “Our last treasurer has our books and records for the last fiscal period and refuses to pass them over. As a result, we cannot obtain the necessary information to file our T3010A. What should we do?”.
Blogging is so popular that even lawyers are doing it! Steve Matthews, the Knowledge Services Director at Clark Wilson LLP in Vancouver, has created a list of legal blogs (”blawgs”) in Canada, which you can find here.
