The following article will appear in an upcoming issue of the HLA Journal.
CanLII
CanLII is a resource that I’ve watched grow with a great deal of interest. I use it almost every day for one reason or another, not least as a reference for posts to this blog. I just noticed some handy…
Crazy
The judgment in Chaput v R, 2011 TCC 363, is short and to the point. I reproduce it here in its entirety:
T1135 Madness
The more I read about the penalties for late-filing T1135 forms (the forms for foreign property reporting), the crazier they seem to me.
Hiatus
My readers will have noted that my last post on this site was in February, which is an unusually long hiatus for this blog. I haven’t not posted for such a long period since I began the blog in 2005.…
Taxman’s Best Friend?
A Swiss village is preparing to kill residents’ pet dogs over a $50.00 tax liability. One wonders what would happen if you fall behind on property tax. http://newsfeed.time.com/2011/01/11/swiss-village-to-dog-owners-pay-your-taxes-or-poochie-dies/
Creditor Proofing
Professionals who advise their clients to enter into creditor-proofing transactions need to think twice in light of Abakhan & Associates Inc. v. Braydon Investments Ltd., 2009 BCCA 521. In this case, the B.C. Court of Appeal dismissed an appeal from a judgment that, in effect, set aside a species of butterfly transaction under the Fraudulent Conveyance Act, 1996, R.S.B.C. c.163, even though the principal of the distributing corporation “had no dishonest intent, or mala fides, and acted on professional advice to effect legitimate business purposes” [¶2].
T1135
A taxpayer is required to file a form T1135 in respect of foreign property, including foreign securities, even if the securities are held in a Canadian brokerage account. If you fail to file the form in these circumstances, and the…
ASPE is coming!
I just returned from the Canadian Tax Foundation’s Ontario Conference where Ruth Cummings (KPMG LLP) and Jane Bowen (University of Ontario Institute of Technology) gave a presentation on the new standards set out in the “Accounting Standards for Private Enterprises” (ASPE) and the “International Financial Reporting Standards” (IFRS).
A Difficult Client
It’s never easy to give a client bad news, but I doubt Wayne Montgomery expected a meeting with his client to end in criminal charges. His client, a former NFL player, was so dissatisfied with his tax refund that he tried…