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Personal Income Tax Measures
IN THIS SECTION: Synthetic Dispositions Character Conversion Transactions Trust Loss Trading Non-Resident Trusts Consultation on Graduated Rate Taxation of Trusts and Estates Registered Pension Plans: Correcting Contribution Errors Labour-Sponsored Venture Capital Corporations Tax Credit Lifetime Capital Gains Exemption Dividend Tax...
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Business Income Tax Measures
IN THIS SECTION: Leveraged Life Insurance Arrangements Corporate Loss Trading Taxation of Corporate Groups Mining Expenses Restricted Farm Losses Reserve for Future Services Additional Deduction for Credit Unions Manufacturing and Processing Machinery and Equipment: Accelerated Capital Cost Allowance Clean Energy...
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International Taxation
IN THIS SECTION: International Tax Evasion and Aggressive Tax Avoidance Improvements to Foreign Reporting Requirements: Form T1135 Thin Capitalization Rules Treaty Shopping International Banking Centres International Tax Evasion and Aggressive Tax Avoidance High on the priority list of the...
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Tax Treatment of Break Fees From Recipient’s Perspective
The Tax Court of Canada (the “TCC”) considered the tax treatment of break fees in Morguard Corporation v. The Queen (2012 TCC 550) (“Morguard”) for purposes of the Income Tax Act (Canada) (the “Act”) from the recipient’s perspective. The taxpayer...
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Beneficial Ownership Test For Tax Treaty Benefit Entitlement
In Velcro Canada Inc. v. Her Majesty the Queen (2012 TCC 57), the Tax Court of Canada (the “TCC”) applied the test of beneficial ownership as established by the Federal Court of Appeal in Prévost Car Inc. v. Canada (2009...
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CCPC Status Preserved Through Unanimous Shareholders’ Agreement
In the recent case of Price Waterhouse Coopers Inc. Agissant Ès Qualité de Syndic à la Faillite de Bioartificial Gel Technologies (Bagtech) Inc. v. The Queen (2012 CCI 120) (“Bagtech”), the Tax Court of Canada (the “TCC”) ruled that Bagtech...
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Capital Gains Exemption: Effects of Irregularities in Corporate Records
The recent decision of the Tax Court of Canada (the “TCC”) in Twomey v. Her Majesty the Queen (2012 TCC 310) highlights the importance of strict compliance with the technical provisions of the Income Tax Act (Canada) (the “Act”), as...
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Tax Court of Canada Rules on Location of Business Income For Tax Exemption Under Indian Act
On July 10, 2012, the Tax Court of Canada (the “TCC”) released its judgment in Dickie v. The Queen (2012 TCC 242) wherein Miller Thomson was successful in having a reassessment under the Income Tax Act (Canada) (the “Act”) vacated. ...
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A Brief Summary of the Post STEP Conference Session
It’s Personal (Preserving Wealth for People and Private Companies) Special Edition, Volume 5, Issue 3
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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...
