Our firm is in the process of rolling out several new blogs. One of them is about trusts and estates. Cathy Olsiak and I have just posted an article to the blog about donating securities through a will.
Ontario simplifies
You have all read that the Ontario government plans to turn over the administration of its corporate income tax regime to the CRA. The government introduced draft legislation today to make that a reality. Now, when will the government muster…
CRA stamping service
Some time ago, I complained about the CRA’s decision to close its mail rooms to the public in the name of cost-cutting. Many of you echoed my complaints in subsequent conversations and emails. It appears the CRA has changed its…
Anchor Pointe
The CRA’s Appeals branch, according to P148 (“Resolving Your Dispute: Objection and Appeal Rights Under the Income Tax Act”), exists “to resolve disputes arising from decisions made under legislation administered by the [CRA] by conducting fair and impartial reviews.” In fact, Appeals sometimes ends up acting as if the objection process were a second chance to audit the taxpayer: sometimes officers of the branch appear to spend more time trying to repair deficiencies in the CRA’s case against the taxpayer than they do considering the taxpayer’s submissions. When this happens, is relief available to the taxpayer?
Beneficiaries gone wild!
As tax advisers, we regularly advise our clients to enter into various legal relationships in order to help them reduce the taxes they would otherwise incur. In providing such advice, however, we would do well to remind our clients that those legal relationships have more than just tax consequences. Rose v. Rose, 81 O.R. (3d) 349, 2006 CanLII 20856 (ON S.C.) could be the cautionary tale.
Stock dividends
Stock dividends or “dividends satisfied by stock” can be a useful tool for a tax practitioner, but do they create their own tax problems for shareholders of a corporation incorporated under the Business Corporations Act (Ontario) (the “OBCA”)?
Criminal Charges
It appears that over the last few years the Ontario Ministry of Finance has been getting tough with the directors of corporations who fail to file Ontario corporate tax returns. Failing to file such a return is a criminal offence,…
Learning in the Distinct Society
I returned to the office today after having been away to attend the CICA‘s Advanced Tax Issues for the Owner-Managed Business course in Mont Tremblant, Quebec. The course was intense—there is such a thing as too much discussion about income…
New draft legislation
Usually the Department of Finance waits until closer to Christmas to release draft legislation. Thus Finance wreaks its revenge on tax practitioners by forcing them to read its opaque, sometimes stupefying prose during the Christmas break. Christmas came early this…
Income trust roller coaster
You read it in the paper this morning. Now see the details of the Minister of Finance’s plan for income trusts here and hang on to your hats.