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Administrative Changes to Canada Revenue Agency’s Voluntary Disclosure Program
Introduction The Canada Revenue Agency’s (the “CRA’s”) voluntary disclosure program permits taxpayers to disclose information not previously reported to the CRA in relation to the taxes payable by them for a prior taxation year. Taxpayers may also rely on the...
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Surplus Stripping Limits Clarified
Although the taxpayers were largely unsuccessful in the case of Descarries v. R., 2014 TCC 75, the decision of Tax Court Judge Hogan J. provides a useful analysis of the limits to be applied to “surplus stripping” and contains much that is...
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The Thin Capitalization and Proposed Back-to-Back Loan Rules
Taxes & Wealth Management, Issue 7-4, September 2014
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Are You A Serial Entrepreneur or A Closet Venture Capitalist?
Taxes & Wealth Management, Issue 7-2, May 2014
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Proposed Changes to Charitable Gifts by Will
Taxes and Wealth Management, Issue 7-4, October 2014
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Canadian Federal Revised Anti-Avoidance Back-to-Back Loan Arrangement Proposals Provide Some Relief for Certain Financing Transactions Involving Multinational Groups
Lyne M. Gaulin, CPA, CA (Ontario, Canada), CPA (State of Illinois, USA), Tax Partner Miller Thomson LLP, Toronto [email protected] 416-595-8590 In Budget 2014, the Federal Government introduced new anti-avoidance rules for back-to-back loan arrangements aimed at financing transactions where a third...
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Tax Inversions: A Legitimate Means of Tax Avoidance, But For How Long?
Taxes & Wealth Management, Issue 7-3, September 2014
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Rectification: Current Developments Regarding This Useful Judicial Remedy
Rectification is an equitable remedy that allows for judicial corrections of a document that, due to errors in drafting, does not reflect the true intentions of the parties. Rectification changes a document’s mistaken expression of that intention. Rectification is restorative,...
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“Half-loaf” Gone Wrong: Gervais, G. et al. v. The Queen (“Gervais”).
A recent case from the Tax Court of Canada ruled against a taxpayer who implemented a tax plan known as the “half-loaf” plan. The purpose of a half-loaf plan is essentially to multiply the life time capital gain exemption between...
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Current Changes to Testamentary Trusts and Continuing Advantages
The 2014 Federal Budget proposes to introduce a number of significant changes to the taxation of trusts and estates which will fundamentally change the landscape of estate planning. The Department of Finance (the “Department”) proposed these changes to eliminate the...
