In Canada (Attorney General) v 18335898 Alberta Ltd (Whitecap Energy Inc), 2023 ABKB 357, the taxpayer wound-up and dissolved in 2020. All of its assets were transferred to its parent. The CRA audited the taxpayer’s 2017 and 2018 taxation years.…
New OBCA shareholder register
New rules in the Business Corporations Act (Ontario) will require every corporation governed by the Act to maintain a register providing details on all individuals who have “significant control” over the corporations. Torys has a good summary of the requirements,…
Corporate incest
The following article was first published by the Canadian Tax Foundation in 2022 vol 22, no 2, Tax for the Owner-Manager (April, 2022) Suppose that, after an estate freeze, Mr. X owns all of the freeze shares and thin-voting shares…
A corporation holding shares in itself
W D Gray and R S Whitley, Gray’s Commentaries on Federal Corporate Laws volume 3 (Toronto: Thomson Reuters 2020) (loose-leaf updated 2020 release 9), in LM-CBCA:21, discuss section 30 of the Canada Business Corporations Act. In general terms, the section…
Some fine distinctions
According to K P McGuiness, Canadian Business Corporations Law 3d ed, volume 2 (Toronto: Carswell), at 1178-1179 The words “share” and “stock” are not synonyms. A “share” is a security that gives a person a participation interest in the corporate…