The CRA can permit the filing of a late-filed election only if it is one of those listed in Reg 600. An election is different from a designation, which Nassau Walnut addressed. See Banff Caribou Properties Ltd. v. Canada (Attorney…
164(6) carry back procedure
An estate that wishes to carry back a loss to the terminal return of the deceased under subsection 164(6) of the Income Tax Act (Canada) must file an amended T1 for the terminal year. A T1ADJ will not suffice. See…
The CRA and ‘reasonableness’
The taxpayer in Howard v Canada (Attorney General), 2022 FC 1673, over-contributed to her TFSA. The CRA denied her request for relief on the basis that she had not made a “reasonable error” when she relied on advice from her…
GAAR and 55(2)
3295940 Canada Inc. v R, 2022 TCC 68 considered a taxpayer who had wanted to sell shares of 329, which had a high tax cost, to an arm’s length purchaser. The purchaser would not buy the shares for commercial reasons.…
Inventory vs capital property
Procon Mining & Tunnelling Ltd. v R, 2022 TCC 71, includes a useful discussion of the distinction between capital property and inventory. The appellant acquired shares of other corporations in the hope that joint ventures with the other corporations would…
Interest relief
In Belchetz v Canada (National Revenue), 2020 FCA 225, the court considered whether the Minister had properly exercised her discretion to allow relief for 15 of the 30 (!) years for which interest had been outstanding. The issue before the…
Disputes involving losses
Summary of Michael H. Lubetsky “Income Tax Disputes Involving Loss Years: Pitfalls, Foibles, and Possible Reforms” (2019) 67:3 Canadian Tax Journal 499-531. This article won an award from the Canadian Tax Foundation as the best article it published in 2019.…
Case law update
The following are my notes on a case law update from Sal Mirandola given at an OBA taxation law presentation on September 22, 2020 (“Advising your clients amidst financial uncertainty: Summer 2020 tax developments”) For the paper, see ~\Knowledge\Seminar materials\2020…
International tax update
The following are my notes on an international tax update from Steven Suarez given at an OBA taxation law presentation on September 22, 2020 (“Advising your clients amidst financial uncertainty: Summer 2020 tax developments”) For the paper, see ~\Knowledge\Seminar materials\2020…
Joint Committee update
The following are my notes on an update from Angelo Nikolakakis given at an OBA taxation law presentation on September 22, 2020 (“Advising your clients amidst financial uncertainty: Summer 2020 tax developments”) For the paper, see ~\Knowledge\Seminar materials\2020 09 22…