In a recent case, the Federal Court of Appeal was asked to consider the adequacy of the reasons for judgment delivered by the Tax Court in an income tax appeal (SRI Homes Inc. v The Queen, 2012 FCA 208). The…
When a taxpayer transfers appreciated property to a corporation under the rollover provisions of section 85 of the Act, an election form (T2057) is filed in which the parties set out the fair market value of the property and an…
When the CRA has made an assessment of tax and the taxpayer has started an appeal in the Tax Court, the taxpayer and the CRA can agree to settle the appeal without proceeding with an actual trial in court. This…
The following article, written by James Murdoch, was first published by STEP Canada in the May 2012 edition of STEP INSIDE, the quarterly publication of the Society of Trust and Estate Practitioners (Canada):
On April 12, 2012 the Supreme Court…
A wise man once said that when your boat has capsized in a pond full of alligators, it’s hard to remember that the reason you’re there in the first place is to drain the swamp. A recent letter to the…
Those of us who work in Toronto and enjoy the privilege of driving to work here need no reminders about the hazards of driving anywhere these days. With the post winter construction season now in full swing here, parts of…
Two items crossed my desk at about the same time last week and I found the juxtaposition of them provocative. The first is the report of the Tax Court’s decision in Zsebok, 2012 TCC 99; the other is CRA technical…
It seemed to me today as I read another Tax Court decision on penalties that there have been a lot of them this year. A quick search of one of the case law data bases for “penalty” and “due diligence”…