The Tax Court of Canada decision in Lee v The Queen, 2018 TCC 230 clarified the concept of sham in the context of transactions undertaken to give effect to a tax plan. The decision draws a line between tax avoidance…
Earnings within Tax-Free Savings Accounts (TFSAs) and other tax-deferred plans are, in principle, supposed to grow “tax-free”. However, some taxes can still apply. One such tax is the advantage tax which applies at the rate of 100% of any advantage…
Taxes on residential realty in and around Greater Vancouver have been steadily proliferating over the past few years: first the provincial Foreign Buyer Tax (2016), then the municipal Vacancy Tax (2017) and, most recently, the provincial Speculation Tax (2018). All…
Last week the BC government tabled Bill 45, which seeks to implement the province’s new Speculation and Vacancy Tax. A careful review of the Bill suggests that it is overreaching and lacking in taxpayer fairness. Critical aspects of the…
The recent Federal Court decision in Canada (National Revenue) v. Hydro-Québec, 2018 FC 622 made a strong statement against an interpretation of the CRA’s powers that would allow virtually unlimited invasions of taxpayer privacy. The decision considered the scope of…
On December 13, 2018, Bill C-86 received Royal Assent. This bill implements various income and excise tax measures, including the introduction of a refundable tax credit for certain individuals who will be subjected to the federal carbon tax in…
On November 20, 2018, the Office of the Auditor General of Canada released its 2018 Fall Reports, including a report on the compliance activities of the Canada Revenue Agency. The Auditor General’s audit focused on whether the CRA consistently…
On November 21, 2018, the Government of Canada released its 2018 Fall Economic Statement. The Statement is highlighted by the Government’s intention to allow accelerated tax write-offs for certain types of depreciable property. The full cost of machinery and…
Yesterday Vancouver’s municipal council approved amendments to Vacancy Tax By-law No. 11674, which governs the city’s unique 1% tax on certain residential properties. The amendments mainly serve to narrow the exemptions available to homeowners after months of conducting audits.…
The Government of British Columbia recently made a regulation that will require, effective September 17, 2018, certain corporations and trusts that acquire property to disclose additional information on their Property Transfer Tax returns. The new return will require disclosure of…
