News & Analysis as of

OECD Releases Discussion Draft on Tax Challenges of the Digital Economy

On March 24, 2014, the OECD released a discussion draft identifying the major tax challenges raised by the rapidly developing digital economy and summarizing several possible options to address these challenges. Comments on...more

SCC Grants Leave To Appeal In Guindon v. The Queen

The Supreme Court of Canada has granted leave to appeal in Guindon v. The Queen (Docket # 35519). In this case, the Supreme Court of Canada will consider whether penalties imposed under section 163.2 of the Income Tax Act...more

Tax Court Upholds Penalties Imposed For False Statements

In Morton v. The Queen (2014 TCC 72), the Tax Court of Canada upheld penalties imposed by the Minister of National Revenue (the “Minister”) under subsection 163(2) of the Income Tax Act (Canada) (the “Act””) despite novel...more

Tax Court Rules Amounts Paid Out Of Ponzi Scheme Not Taxable

The tax treatment of amounts paid out of failed Ponzi schemes is once again in the news. In Roszko v. The Queen (2014 TCC 59), the Tax Court of Canada allowed the taxpayer’s appeal and held that amounts paid out of a...more

Canada’s 2014 Budget Proposals on Back-to-Back Loans

The 2014 Canadian federal budget (Budget 2014) proposes to introduce to the Income Tax Act (Canada) (ITA) new anti-avoidance provisions regarding “back-to-back loans” that, where applicable, may affect the deductibility of...more

Canada Signs FATCA Intergovernmental Agreement with the United States

Canada and the United States announced on February 5, 2014, that they had signed a long-awaited intergovernmental agreement (Canada–U.S. IGA) that dramatically expands the sharing of tax-related information between the...more

Taxable In Canada? Not A Black And White Situation

In Black v. The Queen (2014 TCC 12), Lord Conrad Black argued that he was not subject to tax in Canada on certain income and taxable benefits. Both Lord Black and the CRA agreed that he was a resident of both Canada and the...more

IRS: No FTC For 3.8 Percent NIIT

No significant US tax changes are set to take effect in 2014; in contrast to last year, taxpayers are not standing on the edge of a fiscal cliff. Recently, however, the IRS released final Treasury regulations (TD 9644,...more

CRA Rocks The Boat: Garber et al. v. The Queen

Readers who were tax practitioners in the mid-80s will well remember the luxury yacht tax shelters, which were sold in 1984, 1985 and 1986 and which were one of the most popular tax shelters of that period. Many of us had...more

The McKesson Case – A Holiday Gift From Justice Boyle Of The Tax Court Of Canada: Ask And You Shall Receive(able) – Canada’s...

On Friday, December 20th, the Tax Court of Canada released the long-awaited and lengthy decision of Justice Patrick Boyle in McKesson Canada Corporation v. The Queen, a case involving transfer pricing adjustments under...more

Consider Tax Implications in Settlement Agreements

When considering settlements, it is also important to consider one of life’s certainties: taxes. A potentially taxable event may occur whenever money changes hands—even in the context of a settlement. See Internal Revenue...more

The Supreme Court of Canada Settles the Issue: Quebec Taxpayers May Seek Rectification for Mistakes that Have Unintended Tax...

On November 28, 2013, the Supreme Court of Canada rendered an important decision recognizing the right of the parties, under Quebec civil law, to rectify an agreement that gave rise to unintended tax consequences, with...more

Canada Revenue Agency to Treat Funds Obtained Through “Crowdfunding” Activities as Business Income

On August 16, 2013, the Canada Revenue Agency (CRA) issued a technical interpretation dealing with the treatment of funds obtained through, and related expenses incurred in respect of, “crowdfunding” activities by a taxpayer...more

CRA’s New Pre-Rulings Consultations Service

On November 26th, 2013, the Canada Revenue Agency (“CRA”) participated in a Roundtable session at the 65th Annual Tax Conference of the Canadian Tax Foundation held in Toronto, Ontario. The panelists announced a one-year...more

Possible PFIC, Possible Relief

Many a US taxpayer who holds shares in a Canco may be subject to the onerous US passive foreign investment company (PFIC) tax regime. Although the PFIC rules are designed to eliminate the benefit of a US tax deferral on...more

The Tax Court Of Canada And The World Of Opera

Moliere once said, “Of all the noises known to man, opera is the most expensive.” In Knapik-Sztramko v. The Queen (2013-799(IT)I, October 17, 2013), the Tax Court of Canada managed to reduce some of that cost, at least...more

The Crown Succeeds On A Motion To Strike A Portion Of The Taxpayer’s Pleading: Golini V. The Queen

In Paul C. Golini v. The Queen (2013 TCC 293) the Tax Court of Canada agreed to strike out portions of a taxpayer’s pleading suggesting that a protective reassessment issued by the Canada Revenue Agency (“CRA”) was...more

Will The Tax Court Of Canada Entertain A Determination Of A Question Of Law Where The Focus Is On Future Assessments?

In Sentinel Hill Productions IV Corporation v. The Queen (2013 TCC 267), Justice Judith Woods of the Tax Court of Canada said no. In so doing, she shed light on the requirements for making an application for a determination...more

Waiving Rights Of Objection And Appeal: SCC Declines To Hear The Taxpayer’s Appeal In Taylor v. The Queen

On August 15, 2013, the Supreme Court of Canada dismissed the application for leave to appeal in Terry E.Taylor v. Her Majesty the Queen (2012 FCA 148). In Taylor, the issue was whether a signed settlement agreement...more

The Importance Of A Notice Of Objection: Salisbury v. The Queen

In Salisbury House of Canada Ltd. et al. v. The Queen (2013 TCC 236), the Tax Court of Canada reiterated the importance of the statutory preconditions that must be met before a taxpayer may appeal to the Court. ...more

OECD/G20 International Tax Reform: Potential Impact on Canadian Companies

Earlier today the OECD provided its Action Plan on Base Erosion and Profit Shifting to the G20, which contains 15 specific recommendations for international tax reform. The OECD expects the Action Plan to be largely completed...more

Alberta Flood 2013: CRA Extends Tax Filing Deadlines and Offers Guidance to Taxpayers

While the immediate business disruptions resulting from the recent flooding in Southern Alberta have, to some extent, been dealt with, the hard work of rebuilding has only just begun. ...more

Foreign Affiliate and Other Tax Changes Proposed

On July 12, 2013, federal Finance Minister Jim Flaherty released legislative proposals (the Proposals) affecting certain international tax rules in the Income Tax Act (Canada) (the ITA) and the Regulations under the ITA. The...more

Tax Changes: Corporate Contractors May Be Subject to 13% Higher Tax Rates

The Canadian Government has introduced new tax rules which may subject corporate contractors to a 13% increase in the rate of income tax payable. These rules received Royal Assent on June 26, 2013 and are effective for all...more

Canada Revenue Agency Provides Update On Rulings And GAAR At Toronto Centre CRA & Professionals Group Breakfast Seminar

On June 6, 2013, at the Toronto Centre CRA & Professionals Breakfast Seminar, the Canada Revenue Agency discussed (a) recent developments at the Income Tax Rulings Directorate and (b) the process through which the General...more

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