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Copthorne Decision: Supreme Court of Canada unanimously applies GAAR
In its most recent decision involving the application of the general anti-avoidance rule (the “GAAR”), under section 245 of the Income Tax Act (Canada) (the “Act”) a unanimous Supreme Court of Canada (the “SCC”) applied the GAAR to a complex...
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Canada Revenue Agency Eliminates Tax Deferral for Joint Ventures
CRA has announced that it is withdrawing its administrative position allowing participants in a joint venture (“JV”) to establish a fiscal period for the JV that differs from the fiscal periods of the JV participants. This change was made inevitable...
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Transalta Case: FCA Adopts Residual Approach to Valuation of Goodwill
In Transalta v. The Queen, 212 FCA 20 (“Transalta”), the Federal Court of Appeal (“FCA”) confirmed that a residual approach should be applied in the valuation of goodwill in the context of an asset purchase transaction. The two-step residual approach...
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Cross-Border Employee Transfers: Planning and Compliance are Critical
Transferring employees between members of a corporate group can be an effective way to leverage expertise, promote existing corporate culture, transition business units and develop new markets. To ensure that the benefits are realized, it is important that an employee transfer...
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U.S. Tax and Filing Obligations for Canadians*
Canadian individuals are well aware of the April 30 tax filing deadline for Canadian income tax returns. However, many Canadians may not be aware of the earlier April tax filing deadline of April 15 for United States tax purposes. A...
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CRA Provides Additional Insights into NPO Tax Exemption
In a recent technical interpretation, the Canada Revenue Agency (CRA) addressed several questions relating to the tax exemption for non-profit organizations (NPOs) under paragraph 149(1)(l) of the Income Tax Act (Canada). Specifically, CRA addressed various circumstances involving loans and other...
L’ARC doit elle faire la preuve de diligence raisonnable ?
Suite à sa décision dans l’affaire Barrett c. La Reine1, la Cour d’appel fédérale a mis un terme à un argument potentiel que pourraient soulever les administrateurs faisant face à une responsabilité solidaire pour des taxes impayées. Les administrateurs sont...
Le contribuable québécois présumé fraudeur?
Tout le monde sait que notre système fiscal en est un d’autodéclaration et donc fondé sur la bonne foi des contribuables. Évidemment, cela implique qu’il est tout à fait normal pour nos autorités fiscales de se réserver le droit de...
Quand les bons plans tournent mal…
La décision Botham Holdings Ltd. (Trustee of) c. Braydon Investments Ltd.1 de la Colombie-Britannique est un rappel que les planifications fiscales et successorales devraient prendre en considération les impacts non fiscaux et légaux. Il peut être extrêmement dangereux de laisser...
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Winds of Change
It’s Personal (Preserving Wealth for People and Private Companies), Volume 5, Issue 2
A better outlook for challenging the denial of taxpayer relief requests: section 220(3.1) of the Income Tax Act.
