In Kumar v R, 2024 TCC 105 (informal procedure), the Court found that the CRA had properly reassessed the appellant to include in his income payments to him and his son made by a corporation to which the appellant had…
Minister accepts VD but then reassesses other years anyway
In Milgram Foundation v. Canada (Attorney General), 2024 FC 1405, the Federal Court quashed a decision to reassess a taxpayer for taxation years before years for which the taxpayer had made a voluntary disclosure. The CRA had accepted the disclosure…
TFSA trading business
Canadian Western Trust Company v. Canada, 2024 FCA 108, affirmed 2023 TCC 17, which had confirmed assessments issued to a TFSA because, the CRA had alleged, it had engaged in a securities trading business.
Section 160 taxpayer win
In Vasilkioti v R, 2024 TCC 101, the Court held that section 160 did not apply in respect of a transfer of real property from a husband to the appellant-wife because the CRA did not adequately prove the husband’s underlying…
2024 STEP Roundtable Part 2
In response to question 10, the CRA referred to Maurice Kissel Family Trust v R (unreported 2019-4092(IT)G). The trust in question prohibited the distribution of amounts to a “designated beneficiary”, but the trust purported to allocate and deduct gains it…
Trust allocations
Fiducie Historia c HMK, 2024 CCI 76 (French only), affirmed the validity of trust allocations made by trustees where, the CRA alleged, another agreement (entered into to preserve capital losses in a corporation controlled by the trust) seemed to give…
2024 STEP Roundtable
The following is based on the text published in Tax Topics 2713 (September 10, 2024). Question 1 – Spousal Trusts A spousal trust that receives a contribution of capital after the death of the spouse-beneficiary remains a spousal trust, but…
Appeal quashed
In Cole v R, 2024 TCC 64, The Appellant spent the better part of ten years trying to convince the Minister of National Revenue to remove over $240,000 added to her taxable income for the 2011 taxation year. Due…
Demands for information from non-residents
Canada (National Revenue) v. Schreiber, 2024 FC 729, the Federal Court held that, in general, the CRA is entitled to demand information from non-resident persons or entities.
Dissolved trust year-end
At the 2024 CALU conference round table (question 12, addressed in 2024-1005851C6), the CRA confirmed that a bare trust has a December 31 year-end and that a trust (other than a GRE) that dissolves during a calendar year still has…