As noted previously on this blog, the CRA updated its Income Tax Folio S4-F3-C1 on price adjustment clauses (PACs) in January. I’ll probably do a longer post later on how this folio updates the CRA’s IT bulletin on PACs. For now, however, readers can take note that the CRA wishes to ensure you understand that it “is neither an arbitrator nor a valuator for the parties.” On which, please see my comments on Desormiers c. Lalumière, 2006 QCCS 2357.
