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Canada Waives Income, Activities Reporting For Labor Org's

Wednesday, December 21, 2016

Canada's Revenue Minister has announced that certain reporting requirements on labor organizations and labor trusts will be waived.

Under Bill C-377, which came into force on December 30, 2015, labor organizations and labor trusts are required to file reports with the Revenue Minister. These reports must disclose financial information, along with information on political, lobbying, and other non-labor relations activities.

These requirements will be waived for fiscal periods starting in 2017. Last year, the Revenue Minister waived the reporting requirements for fiscal periods starting on December 31, 2015, and through 2016.

In January 2016, the Government tabled legislation to repeal the reporting requirements introduced by Bill C-377. This legislation is currently at the second reading stage in the Senate.

Legislation is already in place to ensure that unions make financial information available. Section 110 of the Canada Labour Code requires unions and employers' organizations to provide financial statements to their members upon request and free of charge.

Revenue Minister Diane Lebouthillier said: "To avoid imposing an unnecessary burden on labor organizations, the Government of Canada will establish a more fair and balanced approach. Our government acknowledges and appreciates the value that the labor movement brings by advocating for working Canadians."

Employment Minister MaryAnn Mihychuk added: "Repealing Bill C-377 is an important step in fulfilling our promise to restore the balance between unions and employers across this country. We are committed to putting forward legislation that strengthens the relationship between Canadian workers, unions, and employers, and repealing the changes made by Bill C-377 is an example of this commitment."

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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