Ian Gamble has been selected for inclusion in Best Lawyers in Canada in the practice area of Tax Law. Ian has also been listed in the Guide to the World’s Leading Tax Advisers and has previously been noted as among the Top 10 tax advisors in Canada by the International Tax Review. Read complete profile »
Context: As part of the avalanche of new draft legislation, the Department of Finance has released revised excessive interest and financing expenses limitation (EIFEL) rules. The attached Excel is a high-level and technical summary of the new EIFEL regime. …
Context: Tax-related representations, warranties, and indemnities are of course common in any share purchase agreement (SPA). These contractual provisions are generally designed to ensure that the purchaser of a target corporation is protected against any taxes payable by the target…
Canadian taxpayers have a statutory right to information under the government’s control, subject only to limited and specific exceptions (Access to Information Act, s. 2(1)). One such exception is for information protected by solicitor-client privilege. In The Information Commissioner…
In a well-reasoned technical interpretation (2014-0525501E5, just released), the Canada Revenue Agency (CRA) concluded that payments by Canadian companies (Usercos) to UK and US resident companies (Ownercos) for the right to use customer lists owned by the Ownercos are exempt…
In the CRA’s long-standing view, proceeds realized on a hedge contract cannot be on capital account if there is no sale (or proposed sale) of the underlying item being hedged. Such could be the case if a hedge is entered…
In 2014-0529981I7, the CRA Rulings Directorate considered a case where partnership interests and a debt obligation (Particular Note) owed by a partnership were sold mid-year. No portion of the partnership’s loss for the year was allocated to the selling…
In Repsol Canada Ltd. v. The Queen, 2015 TCC 21, the Tax Court of Canada found that a deep water pier and plant (Facility) in New Brunswick qualified as a processing asset included in Class 43 for the 2007…
In 2013-0509771E5, the CRA confirmed that oil & gas royalties earned by a U.S. resident are subject to tax in Canada and no relief is available under the Canada-US tax treaty (Treaty). Such royalties constitute income from immovable property…
In 2014-0541921E5, the CRA said that no debt forgiveness should arise under s. 80 if a debtor has a contingent right to reduce a commercial debt obligation, where it is reasonable to conclude (having regard to all the circumstances)…
In 2014-0539191E5, a Canadian corporation (A Co) with a December 31 taxation year end had a significant interest in a partnership (Partnership) with a fiscal period also ending December 31. On August 1, 2014 A Co amalgamated with its…