Once upon a time, courts in Canada and the United Kingdom were adamant that there was no room for equitable principles when applying the tax rules. In a 1956 decision the Supreme Court of Canada cited an English case (with…
In a recent article in a golfing magazine that I read, a leading light in the golf instruction world started off an article with the observation “Golf is a hard game.” (Hank Haney, “Golf Digest,” January 2013.) If you’re a…
In 2012-0436181E5, the Canada Revenue Agency (CRA) disagreed with the Tax Court decision in Tawa Developments Inc. v The Queen 2011 DTC 1324, and said the Crown may legally confiscate a dividend refund under s. 129 if the taxpayer…
In Toastmaster Inc. v. MNR, 2012 FCA 317, the Canada Revenue Agency (CRA) denied the non-resident corporation’s request for discretionary relief from interest on taxes. On a judicial review of that decision, the Federal Court upheld the CRA’s decision. …
In 2012-0453071I7, Finance confirmed that a corporation could maintain its shareholders’ resolutions in a currency other than its elected functional currency without affecting the validity of the functional currency election.
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In Morguard Corporation v. The Queen, the Federal Court of Appeal (FCA) upheld the Tax Court of Canada decision that a “break fee” received on an attempted acquisition of a target company was ordinary income to the recipient. Critical…
In MNR v. Grant Thornton and Foremost Industries, the taxpayer successfully asserted solicitor-client privilege (Privilege) over documents inadvertently disclosed to its accounting firm. The judgment is a useful reminder that any Privileged documents should not be disclosed to an…