Assume that Ms X, a lawyer in Ontario, wishes to incorporate a professional corporation (PC). Unlike her doctor and dentist clients, she can’t permit her husband to subscribe for shares in the capital of the PC because only members of…
Access to information requests
I’ll sometimes make a Privacy Act or access to information request so that I can see the auditor’s or appeals officer’s file (or both). The CRA has published a webpage on how to make such requests, which is a welcome…
Tax “protesting” as crime
The CRA reports that a tax “protester” has been fined for evading tax and sentenced to prison for counselling others to commit fraud (presumably by teaching them tax protester “methods”).
Splitting income for PCs
I’ve written before concerning my doubts about the advisability of issuing shares that are redeemable for a nominal amount but that are entitled to unlimited dividends. Robin MacKnight does not share these concerns: he appears to have no qualms about…
Otteson and the capital gain exemption
The provisions of the Income Tax Act governing when a taxpayer can claim the capital gain exemption in respect of farm property are complex. Otteson v R, 2014 TCC 250, is an interesting case that navigates the provisions in the context of a rather complex set of facts.