In This Issue
1 “He Who Wants A Rose Must Respect The (Cop)Thorn(E)”
2 IC99-1, Registered Disability Savings Plans . . . . 4
3 Information Exchange Agreement with Dominica . . . . 4
4 Reimbursement of Gas Expenses in Carpooling Situation . . . . 5
6 Expenses — Sale of Investments . . . . 5
6 Withholding on Employee Stock Options . . . . 6
7 Recent Cases . . . . . . 6
Excerpts From “He Who Wants A Rose Must Respect The (Cop)Thorn(E)”
On December 16, 2011, the Supreme Court of Canada (the “SCC”) released its long-awaited decision in Copthorne Holdings Ltd. v. The Queen, 2012 DTC 5007. In a unanimous judgment, the SCC dismissed the appeal of the taxpayer and affirmed the decisions of both the Federal Court of Appeal and the Tax Court of Canada. In reasons written by Justice Marshall Rothstein, the SCC concluded that the transactions in question contravened the general anti-avoidance rule (“GAAR”) contained in section 245 of the Income Tax Act (the “Act”) and were properly reassessed by the Minister of National Revenue (“Minister”).
Based on the agreed statement of facts submitted by the parties, the complicated transactions in dispute can be summarized as follows...
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