Tax Alert Archives May 2012

Tax Court Allows Deduction for Employee Stock Bonus Plan

In Transalta Corp. v. The Queen (2012 TCC 86), the Tax Court of Canada (TCC) ruled that a corporate employer can deduct the fair market value of shares issued to employees as bonuses.

From 2001 to 2004, Transalta issued…

Prepared by: Kim Ho

Kim Ho received a B.A.(Honours) in economics from Queen’s University and a LL.B from the University of Victoria. While at the University of Victoria, he was awarded the 2008 Stikeman Elliot/Carswell National Tax Award, the British Columbia Superior Court Judges… more »


Foreign Reporting Penalty Relief

T1135 Foreign Property and Income Reporting Requirements

In Douglas v. HMQ, 2012 TCC 73, a recent decision by the Tax Court of Canada (TCC) under the informal procedure, the TCC surprisingly accepted the taxpayer’s argument that the penalty imposed under…