The CRA has amended the T2057 to make several significant changes. The form must now be accompanied by a calculation of the tax cost of the subject property, and the form must indicate whether an “independent assessment” of fair market…
ITA election amendments
In Glenogle Energy Inc. v Canada (Attorney General), 2022 FC 198, the taxpayer filed a 97(2) election with a nominal agreed amount. Three months later, the taxpayer applied to amend the election to insert an agreed amount of $32 million.…
What binds on an election form?
The following is a more detailed summary of a case about which I have written previously.
In R & S Industries Inc. v R, 2017 TCC 75, the Court held that the CRA and the taxpayers who file an election under s 85 or s 97 were bound by the agreed amounts set out in the election form (subject to the limits on agreed amounts set out in s 85). The Court, however, held that neither the CRA nor the taxpayers were bound by the other “key facts” set out on the form.