Joint Committee, "Proposed Amendments to Taxation of Work in Progress ("WIP") for Professionals", Letter of 31 May 2017

Summary Under
Tax Topics - Income Tax Act - Section 10 - Subsection 10(5) - Paragraph 10(5)(a)
professional firms may only be required to recognize the payroll costs (not the dockets) of salaried professional staff and not partners’ time in their WIP

Most professionals subject to the new 2017 Budget rule would choose to value their work-in-progress at the lower of cost and fair market value....

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Summary Under
Tax Topics - Income Tax Act - Section 34
deferral enjoyed by previous partners reversed in hands of current partners

A longer transitional period than two years may be warranted respecting the phasing out of the deferral under s. 34 given that many of the primary...

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