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 »
In 2013-0479161E5, the CRA confirmed that a net capital loss not reported in a statute-barred year may be carried forward and used in an open year. A net capital loss for a year is defined in part as the…
In 2013-0481691E5, the CRA confirmed that losses realized on monthly foreign currency forward contracts were on income account, notwithstanding that they were settled and re-entered into over the same 4-year period of a foreign currency capital loan made to…
In River Hills Ranch Ltd. (et al.) v. The Queen (2013 TCC 248), the Tax Court of Canada (Tax Court) examined the principles of contract interpretation and concluded that certain contractual payments made to the taxpayer were merely “dressed…
The Department of Finance (Finance) continues its ambitious agenda. On August 12, 2013, Finance released its Consultation Paper on Treaty Shopping and asked for comments by December 13, 2013. Comments may be submitted by email to Treaty.Shopping-Chalandage.Fiscal@fin.gc.ca. On…
In 2012-0470921E5 (released August 21, 2013), the CRA’s Rulings Directorate said the addition of a new partnership to an existing chain of partnerships means that all the partnerships would thereafter have a December 31 year end. In the case…
In February 2013, the OECD issued its report addressing “base erosion and profit shifting” (BEPS) by multinational enterprises: see my quick update at http://thor.ca/blog/2013/02/finance-embraces-oecds-report-on-base-erosion-and-profit-shifting/. On July 19, 2013, the OECD released its Action Plan for this ambitious project (see…
On July 12, 2013 Finance released several proposed amendments (see http://www.fin.gc.ca/drleg-apl/Itedst-irdatv-0713-eng.asp). The following is a quick summary of selected items, which is not intended to be exhaustive.
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In Industries Perron Inc. v. The Queen, 2013 FCA 176, the Federal Court of Appeal (FCA) disallowed a deduction for amounts deposited to secure potential US softwood countervailing or anti-dumping duties. Under s. 20(1)(vv) a specific deduction is available for…
An immediate deduction is available for contributions to an environmental trust that is established for the sole purpose of funding the reclamation of a qualifying site (s. 20(1)(ss) and s. 211.6). In 2012-0463471R3 (released last week), the Rulings Directorate…
In 2012-0461741E5 (released last week), the Rulings Directorate applied s. 88(1)(d)(ii) to restrict a Canadian parent company’s (Canco’s) ability to increase the tax cost of capital property Canco received on the liquidation of its Canadian subsidiary (Target). The situation…