LPC Notes – Page 89 – Loukidelis PC

Subsection 75(2)

The following article on subsection 75(2) of the Income Tax Act (Canada) appeared in the latest edition of the Hamilton Law Association Law Journal.

I maintain a page on this site with some useful links for the tax practitioner. I have just added a link to the CRA’s page listing its prescribed rates. If any of you have other ideas for useful links that…

Bill C-52 takes the lead

Bill C-52, which implements “certain provisions of the budget tabled in Parliament on March 19, 2007”, is now at the “Report Stage” (the stage immediately before 3rd Reading). Meanwhile, poor old Bill C-33 continues to languish in committee. Bill C-33…

Broker receiving fees through a company

In Boutilier v. The Queen, 2007 TCC 96, the taxpayer received trailer fees and reported them as income he had earned. Later, he purported to transfer his fee-earning business to a company. Fees received by the taxpayer were assigned to the company and reported in its income. The Minister reassessed on the basis that subsection 56(4) of the Income Tax Act applied to the transfer of the fees to the company.

“Indirectly … by any other means whatever”

In St-Pierre c. La Reine, 2007 CCI 90, the taxpayer transferred shares of a corporation to his management company, which he controlled. The management company transferred the shares to the taxpayer’s spouse. The spouse later disposed of shares substituted for…

A Mind Bender

How do subsection 55(2) and Part IV of the Income Tax Act (Canada) work together? The Tax Court considered this question recently in Ottawa Air Cargo Centre Ltd. v. The Queen, 2007 TCC 193 (“Air Cargo”).

Rights and an Ombudsman

A CRA press release just announced a “new” Taxpayer Bill of Rights (isn’t that old news?) and the creation of a Taxpayers’ Ombudsman. I can just imagine the paper piling up at the latter’s office within about 15 seconds of…

LLCs

Last week’s CCH Tax Topics has an interesting article on limited liability companies (LLCs) in light of the B.C. Supreme Court’s decision in Boliden Westmin Ltd. et al. v. The Queen, 2007 BCSC 351.