Tax Blog

Bill C-208 – Department of Finance confirms ITA amendments are in force and modifies its intended approach

Published by Alexander Demner & Alvin Lun

On June 29, 2021, Bill C-208 received Royal Assent. As previously discussed, that Bill amended the federal Income Tax Act (the “Act”) with the intention of facilitating intergenerational business transfers. The amendments sought to accomplish those means by, in…

Leonard – Tax Court finds that distressed-debt transaction was an adventure or concern in the nature of trade

Published by Chris Canning

The Tax Court’s decision in Leonard v. The Queen, 2021 TCC 33, analyzed the oft-discussed legal concept of “an adventure or concern in the nature of trade”, which the courts use to distinguish between transactions of a business nature…

Federal Budget 2021 – New rules Mean More Information Being Disclosed and Potentially More Enforcement

Published by Thorsteinssons LLP

Authored by:  Greg DelBigio, Q.C. and Morgan Watchorn

In Budget 2021, the federal government proposes to provide the Canada Revenue Agency (the “CRA”) with $230 million over five years as part of an ongoing focus on enforcing civil liabilities…

2021 Federal Budget – A Critical Analysis and Overview of the Principal Proposed Income Tax Measures

Published by Thorsteinssons LLP

Authors: Alexander Demner, Tyler Berg, and Gloria Wang

The federal government released its 2021 budget on April 19, 2021. Coming in as the longest budget in Canadian history, Budget 2021 proposes a myriad of income tax…

What a U.S. Deferred Prosecution Against a Swiss Bank Might Mean for Some Canadian Taxpayers: Is it Too Late for Voluntary Disclosure?

Published by Greg DelBigio, Q.C.

In February, the United States Department of Justice entered into a deferred prosecution agreement with Swiss bank, Rahn and Bodmer (R+B). The agreement refers to the criminal charge that R+B conspired with others to defraud the IRS, to file false…