• December 2011: STEP Canada 13th National Conference CRA Roundtable Q&A transcript

  » STEP Canada Conference CRA Roundtable Q&A transcript

• December 2011: Changes to Alberta’s wills and estates legislation should raise some red flags with Estate Planners

  » Investment Executive Article

• November 28, 2011: Why High-Net-Worth Individuals need a TEP, The Globe and Mail

  » Why High-Net-Worth Individuals need a TEP

• September 20, 2011: The Future of Canadian Trust and Estate Practice

  » The Future of Canadian Trust and Estate Practice
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• June 6, 2011: Federal Budget Summary

  » STEP Canada June 2011 Federal Budget Summary

• June 2 & 3, 2011: STEP Canada 13th National Conference, Media Response

  » Carswell overview, Keira Wong

  » Estate Taxes: Don’t rule them out or in, Advisor.ca

• June 2, 2011: STEP Canada on CBC Business TV

  » Kim Moody and Carol Fitzsimmons are interviewed on the “Lang & O’Leary Exchange” about U.S. Estate Tax and its cross-border impact

• March 22, 2011: Federal Budget Summary

  » STEP Canada 2011 Federal Budget Summary

• February 14, 2011: Employee Life and Health Trusts - Where do they Fit?: A new article by STEP Canada & CALU

  » Employee Life and Health Trusts - Where do they Fit?: A new article by STEP Canada & CALU

• November 15, 2010: National Webcast, Media Response

  » Tax Lawyers Raise Concerns, Financial Post

  » Lawyers alarmed by new tax rules, Law Times

  » Proposed tax reforms breach privilege warns bar, The Lawyers Weekly

• September 2010: STEP Canada responds to draft legislation aimed at “aggressive tax planning”

  On August 27th, the federal Department of Finance released draft legislation setting out “reportable transactions” as well as advisor and taxpayer reporting responsibilities to deal with “aggressive tax planning.” STEP Canada’s Technical Committee (Tax), prepared a letter outlining STEP’s concerns with this legislation, following up on the letter it submitted in response to the proposals released by Finance back in May. For more please see the letter submitted to the Department:

  » STEP Canada’s Submission

• July 2010: STEP Canada responds to Finance’s proposals designed to crack down on “aggressive tax planning”

  In the 2010 Federal Budget, the Department of Finance stated that combating aggressive tax planning will require the introduction of rules to mandate taxpayers and their advisors to report certain types of tax transactions. The Department issued a Backgrounder on May 7, 2010, describing its initial Proposals, and sought the views of stakeholders such as STEP Canada.

  The approach taken in the Proposals is to automatically equate a “reportable transaction” with an “avoidance transaction.” However, the term “avoidance transaction” only appears in the Income Tax Act, under ss. 245(3), when defining transactions that could be subjected to the General Anti-Avoidance Rule. STEP Canada has expressed its views on this approach, and other elements of the Proposals. For more please see the letter submitted to the Department:

  » STEP Canada’s Submission

• June 2010: STEP Canada 12th National Conference CRA Roundtable Q&A transcript

  » 2010 STEP Canada Conference CRA Roundtable Q&A transcript

• April 2010: STEP Canada’s response to Finance’s Employee Life and Health Trust proposals

  The lack of a broad legislative regime to govern Health and Welfare Trusts, as well as perceived concerns about abuses by employers in the utilization of these trusts has resulted in proposals from the federal Department of Finance to ‘accommodate employee life and health trusts.’ While STEP Canada welcomes these proposals as a move in the right direction, it is concerned about the tight constraints evident in the Proposed Rules. This is STEP Canada’s submission in response to the ELHT proposals:

  » STEP Canada’s Submission

• April 2010: STEP Canada comments on Federal Budget NRT/FIE proposals

  The last version of the Non-Resident Trust and Foreign Investment Entity proposals that STEP Canada lobbied against back in 2007-2008 were not enacted before Parliament was dissolved in September 2008. In the 2009 federal budget the Department of Finance said it would review the outstanding proposals before proceeding with measures in this area. Then in the 2010 budget, Ottawa reintroduced this controversial initiative, with some not so minor amendments designed to “simplify” these complex provisions. STEP Canada has prepared a submission in response to the latest proposals. To read it click the following link:

  » STEP Canada Submission

• March 10, 2010: Federal Budget Review

  » STEP Canada 2010 Federal Budget Review

• January 27, 2009: Federal Budget Review

  » STEP Canada 2009 Federal Budget Review

• December 2007/January 2008: Lobbying against the NRT/FIE rules

  STEP Canada is continuing its lobby efforts against the Non-Resident Trust and Foreign Investment Entity legislation, first introduced in the 1999 federal budget. In the eight years since then, there have been six different versions of the Bill. STEP Canada has been active all along in its lobbying efforts to point out the difficulties presented by the legislation for practitioners and their clients.

  On December 12th, STEP Canada appeared before the Senate Committee on Banking, Trade and Commerce to raise its concern about the proposed NRT/FIE rules. We were the only witnesses to appear.

  The following day, it was announced that the legislation would not be handed back to the House of Commons for passage, and put off until the next session of Parliament.

  Prior to testimony by the Department of Finance before the Committee on January 30th, STEP Canada made a supplementary submission. Please see below.

  The Committee meeting on the 30th was short. The Chairman announced that he had secured an agreement with Finance Minister Jim Flaherty for Finance officials to find resolutions to concerns that arose from the witnesses who testified in December. Another meeting -- when Finance will be providing clause-by-clause explanation – will be scheduled in the coming weeks. For more details, please see the transcript below.

  » The transcript of STEP Canada's appearance before the Senate Committee

  » STEP Canada's submission to the Senate Committee on Banking, Trade and Commerce regarding amendments to the new rules for non-resident trusts and foreign investment entities

  » Supplementary Submission from STEP Canada

  » Transcript of January 30th hearing

Stewart Lewis

Chief Executive Officer
STEP Canada

eMail: Stewart Lewis
Tel.: 416-491-4949 x225