2015 Federal Budget Executive Summary

 In 2014, the Canadian economy continued to grow despite a fragile and uncertain global economic environment. Since the end of the recession, Canada has achieved the highest real GDP growth rate amongst the G-7 countries. However, as a net exporter of crude oil, the Canadian economy is now challenged by a sharp decline in crude oil prices. Despite this unanticipated change, its non-energy exports and strong manufacturing sector should provide the resilience necessary to achieve the projected real GDP growth of 2 per cent in 2015 and 2.2 per cent in 2016.

2015 Ontario Budget Executive Summary

Consistent with private-sector forecasts, the government expects Ontario’s economy to grow at a solid pace over the next two years being driven by the combination of stronger U.S. growth, lower oil prices and a lower Canadian dollar.

2015 Quebec Budget Executive Summary

The government reports that Quebec’s economy gained momentum as real GDP rose by 1.5% in 2014, in comparison to 1.0% in 2013. The pace of economic recovery in Quebec is forecasted to increase as real GDP growth is expected to reach 2.0% in both 2015 and 2016.

 

Canada Revenue Agency new guidance on Transfer Pricing

Tax Bulletin – March 2015

Canada Revenue Agency (“CRA”) recently issued two new Transfer Pricing Memorandums providing new guidance on intra-group services and the role of multiple year data.

 

In light of this new guidance, taxpayers should review their existing transfer pricing practices and discuss it with their transfer pricing advisor.

Read our latest Tax Bulletin to find out more about these changes.

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