Our obligation as taxpayers to file an accurate return of income has been described by one Tax Court judge as “a bedrock of the tax system.” When a return that accurately reports the taxpayer’s income and deductions has been assessed,…
The Canada Revenue Agency (CRA) has begun issuing assessments to holders of Tax-Free Savings Accounts (TFSAs). So far, we have seen primarily assessments issued under the authority of section 207.05 of Part XI.01 of the Income Tax Act (Canada) in…
As there is no NHL hockey to watch right now, the second best way to pass the time is to consider the interaction of hockey players and tax. Hockey players, and other professional athletes, have complicated tax lives. They often…
Just about everyone with an email account has received at least one of these: a letter from a far off place (often in Africa) promising a very substantial reward if the recipient will provide the financing required to free up…
Advocates of the plain meaning approach to statutory interpretation (I’m one of them) argue that clear and unambiguous words in the Act should be applied as written, however much the CRA dislikes the result. Applying the plain words sometimes conflicts…
The following blog was co-written by Greg DelBigio and Natasha Reid:
In a presentation made to members of the Canadian Bar Association Tax Subsection in November of 2011, the CRA provided statistics and information on the application of third-party advisor…
An appeal to the Tax Court from an assessment must be filed within specific time limits. As a general rule, the notice of appeal must be filed within 90 days of receiving the Minister’s notification confirming the assessment. Subsection 165(3)…
There are various reasons why an individual might decide to give up residence in Canada; most of them are not tax driven. Canada’s tax rates are favourable compared to those in most developed countries and changes in family circumstances and…
In one of his first decisions on the bench of the Tax Court of Canada, recent appointee Justice Randall Bocock wasted no time showing his teeth: see O’Dwyer v. The Queen, 2012 TCC 261.
On a motion by the Appellant…
A recent CRA technical interpretation on the allocation of safe income among several classes of shares got me musing about our sometimes schizophrenic approach to drafting income tax legislation. Most often the drafters attempt to anticipate every nuance that might…