The CBC has the latest news on the CRA’s efile problems. The CRA has provided more detail in a “fact sheet“.
CRA suspends online service
The CRA has suspended online service for individuals—including e-filing—until further notice, apparently “to safeguard existing systems and to maintain the integrity of CRA’s taxpayer information holdings”. The full news release is here.
Voluntary disclosures in Ontario
The CRA is changing the way voluntary disclosures are processed in Ontario. See its press release here.
Eligible dividends
Joe and I will be giving a presentation on the new eligible dividend rules on Thursday, March 1, at noon at the Hamilton Chamber of Commerce. We will provide an overview of these rather complex rules and present some planning ideas and issues to consider.
De facto directors
An individual, even though not elected as a director by a corporation’s shareholders or shown as such in government records, can still be held liable for unremitted source deductions as a de facto director.
C-28 now law
Bill C-28 (“A second Act to implement certain provisions of the budget tabled in Parliament on May 2, 2006”) received Royal Assent on February 21 and became law as S.C. 2007, c. 2. The statutue includes the new eligible dividend…
Another donation case
McPherson v. The Queen, 2006 TCC 648, is yet another tax shelter/donation case that has turned out badly for the donor, so far at least (the case is under appeal).
A useful tool
The Web contains many useful tools for lawyers such as the website of the Canadian Legal Information Institute (CanLII), which provides access to a wealth of statutes and cases. The Web has many other useful tools of course.
OBCA Amendments
In a post I wrote about stock dividends last fall, I mentioned that the Ontario government had tabled a bill to amend the Business Corporations Act to clarify that a nominal amount could be added to the stated capital of shares issued in satisfaction of a dividend.
Damage control
The Minister of Finance tries to explain his position on income trusts and the problems created by his announcement on Halloween, 2006.