On June 4, 2012, following a rare oral hearing, the Supreme Court of Canada (SCC) granted the taxpayer leave to appeal in Daishowa-Marubeni International Ltd. v. The Queen, 2011 FCA 267.
The case deals with the question of whether a…
On May 24, 2012, the Supreme Court of Canada dismissed Imperial Tobacco’s application for
leave to appeal from the Federal Court of Appeal’s decision in Imperial Tobacco Canada
Limited v. The Queen (2011 FCA 308).
The issue in Imperial was…
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…
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…
On April 12, 2012, the Supreme Court of Canada (SCC) released its decision in Fundy Settlement v. Canada (2012 SCC 14). This case was the SCC’s first opportunity to consider the appropriate test for determining the residence of a trust…
On Friday March 23, 2012, The Queen v. John R. Craig was heard by the Supreme Court of Canada (SCC). This was the first opportunity for the SCC to revisit the issue of restricted farm losses since its decision in…
Section 68 of the Income Tax Act (Canada) (the “ITA”) allows the Canada Revenue Agency (the “CRA”) to determine the reasonable consideration for the disposition of a particular property. In TransAlta Corporation v. The Queen (2012 FCA 20), the Federal…
The Canada Revenue Agency (“CRA”) has recently begun mailing out questionnaires to individuals holding significant amounts in their Tax-Free Savings Accounts (“TFSAs”). This appears to be part of a project audit of TFSAs across the country. A copy of one…
On January 10, 2012, the Federal Court of Appeal (FCA) released its decision in CIBC World Markets Inc., 2012 FCA 3. The issue before the FCA was whether the appellant, CIBC, was entitled to an increased cost award in respect…
On December 16, 2011 the Supreme Court of Canada released its decision in Copthorne, its fourth judgment considering the scope of the general anti-avoidance rule (GAAR) in section 245 of the Income Tax Act (Canada) (the Act).
In a unanimous…