The Supreme Court of Canada today granted Redeemer Foundation’s “application for leave to appeal with costs to the applicant in any event of the cause.” The plot thickens. For my comments on this case, search for “Redeemer” on this…
Debate on Bill C-33
Voluntary disclosure update
The CRA has posted an update on its no-names voluntary disclosure program.
Trouble for a charity
I reported on a tax case involving All Saints Greek Orthodox Church here. Now the Toronto Star is reporting that the church issued receipts with a total value of about $273 million as part of the program under audit in…
Get help!
Beth DeMerchant, formerly of Torys LLP, testified earlier this week about her role in not making public non-compete fees paid to Lord Black (among others) in 2000. She is quoted in this morning’s National Post saying violated the most…
Testamentary Trusts
The following article on testamentary trusts appeared in the latest edition of the Hamilton Law Association Law Journal.
Schemes
As readers of this newsletter well know, the clear message from the courts lately has been “Woe unto you taxpayers who participate in retail tax shelters or other tax-driven schemes!” The Federal Court of Appeal has reiterated that message in Nunn v. The Queen, 2006 FCA 403 (decision not yet available online).
ABILs
To claim an allowable business investment loss (an ABIL) in respect of an amount loaned to a corporation, a taxpayer must establish (among other things) that the amount has become a bad debt. Kyriazakos v. The Queen, 2007 TCC 66,…
Complexity
I couldn’t help snickering a little at the following news release: The Minister of National Revenue announced the Canada Revenue Agency’s Action Task Force on Small Business Issues Report: Helping Small Businesses by Reducing the Compliance Burden But of course…
Price adjustments
In Desormiers c. Lalumière, 2006 QCCS 2357, a son purchased shares from his mother and father for $500,000. The purchase and sale agreement stated that the purchase price was subject to adjustment: if the Minister of National Revenue determined that…