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Category: CRA News (page 7)

Shakedown?

Posted on: April 26, 2011 Last updated on: April 26, 2011 Written by: John Loukidelis
I hate to think that a CRA auditor could use the considerable powers at his disposal for a shakedown, but the RCMP is investigating just such a possibility.
Continue reading “Shakedown?”…

Disability crackdown?

Posted on: February 10, 2011 Last updated on: February 10, 2011 Written by: John Loukidelis
In my experience, the CRA has always been pretty careful—some would say overly stingy—about allowing disability tax credits, but, according to a Toronto Star–CBC investigation, that hasn’t stopped abuses of the system. I wonder how many Canadians with real disabilities…
Continue reading “Disability crackdown?”…

GST44

Posted on: October 28, 2010 Last updated on: October 28, 2010 Written by: John Loukidelis
The CRA just released a new version of GST44, the form used for elections under section 167 of the GST legislation.
Continue reading “GST44”…

CRA Trusts Initiative

Posted on: October 21, 2010 Last updated on: October 21, 2010 Written by: John Loukidelis

I spoke at an Ontario Bar Association conference on October 2 along with David Louis from Minden Gross (among others). David’s presentation included some discussion of the CRA trust audit initiative about which we’ve heard so much. David had contacted the CRA’s Toronto TSO about the initiative, and it told him the following:

Continue reading “CRA Trusts Initiative”…

No New Policy for VDs

Posted on: October 6, 2010 Last updated on: October 6, 2010 Written by: John Loukidelis
In July, The Globe and Mail was reporting that the CRA was getting ready to “relax the rules for confessing secret, offshore accounts”. Apparently the CRA was considering a new policy that would have required taxpayers to go back only…
Continue reading “No New Policy for VDs”…

Tax Cheats

Posted on: September 30, 2010 Last updated on: September 30, 2010 Written by: John Loukidelis
The Prime Minister has promised that the CRA will chase tax cheats. The PM made this promise in the wake of the release of a CBC News-Globe and Mail report on offshore bank accounts at HSBC in Switzerland.
Continue reading “Tax Cheats”…

Partnership Filings

Posted on: September 18, 2010 Last updated on: September 18, 2010 Written by: John Loukidelis
The following is from a news release posted to the CRA website yesterday: Starting in 2011, the requirement related to the number of partners in a partnership will be replaced with a new requirement based on financial activity. Also, the…
Continue reading “Partnership Filings”…

Some Big Numbers on Charity Tax Shelters

Posted on: September 15, 2010 Last updated on: September 15, 2010 Written by: John Loukidelis
Today’s Globe and Mail reports that the CRA has reassessed, or soon will reassess, up to 170,000 Canadians “who have allegedly claimed $5-billion in bogus charitable donations since 2003 by using controversial tax shelter programs.”
Continue reading “Some Big Numbers on Charity Tax Shelters”…

Prescribed rates for 2010 Q4

Posted on: September 10, 2010 Last updated on: September 10, 2010 Written by: John Loukidelis
The CRA was tardy about publishing the prescribed rates for 2010 Q3. It seems to have wanted to make up for it by publishing the rates for 2010 Q4 early.
Continue reading “Prescribed rates for 2010 Q4”…

Auto Expenses

Posted on: September 2, 2010 Last updated on: September 2, 2010 Written by: John Loukidelis

The CRA website now includes a post on the new method for keeping track of motor vehicle expenses.

Continue reading “Auto Expenses”…
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Guest post on the DTC

The following article on the disability tax credit was written by Tanya O’Connell, a former law clerk at Loukidelis Professional Corporation. The Disability Tax Credit (DTC) The DTC is a personal tax credit available under section 118.3 of the Income…
Continue reading “Guest post on the DTC”…

Inter-company loans

Subsection 15(1) of the Income Tax Act could apply where Aco loans money to Bco and Bco has no means of repaying the money. On the other hand, subsection 246(1) will not apply where Bco and its shareholder have no…
Continue reading “Inter-company loans”…

Change in use and flipping

The CRA has confirmed that a deemed disposition under subsection 45(1) of the Income Tax Act resulting from a change in use is not a disposition for the purposes of the flipping rules in subsections 12(12) and 12(13). See 2024-1027831C6.
Continue reading “Change in use and flipping”…

Swiss bank account trouble

In Azmayesh-Fard v R, 2025 TCC 20, the Court considered whether the CRA had properly reassessed a taxpayer beyond the normal reassessment period and imposed gross negligence penalties for unreported income from a Swiss bank account and for failing to…
Continue reading “Swiss bank account trouble”…

Price adjustment clause

An accounting colleague has reported to me on a CRA audit involving a price adjustment clause. The CRA challenged the valuation used for a transfer of property. The taxpayer and the CRA eventually agreed on a valuation that was about…
Continue reading “Price adjustment clause”…

Recent Posts

Guest post on the DTC

The following article on the disability tax credit was written by Tanya O’Connell, a former law clerk at Loukidelis Professional Corporation. The Disability Tax Credit (DTC) The DTC is a personal tax credit available under section 118.3 of the Income…
Continue reading “Guest post on the DTC”…

Inter-company loans

Subsection 15(1) of the Income Tax Act could apply where Aco loans money to Bco and Bco has no means of repaying the money. On the other hand, subsection 246(1) will not apply where Bco and its shareholder have no…
Continue reading “Inter-company loans”…

Change in use and flipping

The CRA has confirmed that a deemed disposition under subsection 45(1) of the Income Tax Act resulting from a change in use is not a disposition for the purposes of the flipping rules in subsections 12(12) and 12(13). See 2024-1027831C6.
Continue reading “Change in use and flipping”…

Swiss bank account trouble

In Azmayesh-Fard v R, 2025 TCC 20, the Court considered whether the CRA had properly reassessed a taxpayer beyond the normal reassessment period and imposed gross negligence penalties for unreported income from a Swiss bank account and for failing to…
Continue reading “Swiss bank account trouble”…

Price adjustment clause

An accounting colleague has reported to me on a CRA audit involving a price adjustment clause. The CRA challenged the valuation used for a transfer of property. The taxpayer and the CRA eventually agreed on a valuation that was about…
Continue reading “Price adjustment clause”…

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Archives

Categories

Recent Posts

Guest post on the DTC

The following article on the disability tax credit was written by Tanya O’Connell, a former law clerk at Loukidelis Professional Corporation. The Disability Tax Credit (DTC) The DTC is a personal tax credit available under section 118.3 of the Income…
Continue reading “Guest post on the DTC”…

Inter-company loans

Subsection 15(1) of the Income Tax Act could apply where Aco loans money to Bco and Bco has no means of repaying the money. On the other hand, subsection 246(1) will not apply where Bco and its shareholder have no…
Continue reading “Inter-company loans”…

Change in use and flipping

The CRA has confirmed that a deemed disposition under subsection 45(1) of the Income Tax Act resulting from a change in use is not a disposition for the purposes of the flipping rules in subsections 12(12) and 12(13). See 2024-1027831C6.
Continue reading “Change in use and flipping”…

Swiss bank account trouble

In Azmayesh-Fard v R, 2025 TCC 20, the Court considered whether the CRA had properly reassessed a taxpayer beyond the normal reassessment period and imposed gross negligence penalties for unreported income from a Swiss bank account and for failing to…
Continue reading “Swiss bank account trouble”…

Price adjustment clause

An accounting colleague has reported to me on a CRA audit involving a price adjustment clause. The CRA challenged the valuation used for a transfer of property. The taxpayer and the CRA eventually agreed on a valuation that was about…
Continue reading “Price adjustment clause”…

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