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Category: Penalties (page 2)

Penalties and deeming rules

Posted on: July 9, 2018 Last updated on: July 9, 2018 Written by: John Loukidelis
In Semenov v R, 2018 TCC 58, the CRA found unexplained deposits in the individual taxpayer’s personal bank account. The CRA applied a “deeming” rule to treat the amounts as unreported income subject to gross negligence penalties. The CRA applied…
Continue reading “Penalties and deeming rules”…

Fiscal Arbitrators update

Posted on: August 16, 2016 Last updated on: August 16, 2016 Written by: John Loukidelis
Carolyn Hogan, “Escaping Penalties After Admitting False Statements” 6:3 Canadian Tax Focus (August 2016) is a good snapshot of the state of play in the ongoing Fiscal Arbitrators fiasco.
Continue reading “Fiscal Arbitrators update”…

Onus and penalties

Posted on: May 20, 2016 Last updated on: May 20, 2016 Written by: John Loukidelis

In Guindon v R, 2012 TCC 287, Mr Justice Bedard wrote the following about the onus of proof when the Minister seeks to impose gross negligence penalties:

Continue reading “Onus and penalties”…

SCC dismisses Guindon appeal

Posted on: July 31, 2015 Last updated on: July 31, 2015 Written by: John Loukidelis

The Supreme Court has dismissed the taxpayer’s appeal in Guindon v R, 2015 SCC 41.

Continue reading “SCC dismisses Guindon appeal”…
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Contributions to a testamentary trust

Contributions to an estate or testamentary trust (in this article, an “estate” for short) by anyone other than the testator can vitiate the estate’s status as such. See paragraph 108(1) “testamentary trust” (b) of the Income Tax Act (Canada). Such…
Continue reading “Contributions to a testamentary trust”…

Corporation attribution

With higher interests, corporate attribution (ITA 74.4(2)) becomes more of a concern. The rule doesn’t apply to a small business corporation, however. The attributed amount is also reduced by dividends or interest paid to the transferor in respect of the…
Continue reading “Corporation attribution”…

Association and trusts

The authors provide a helpful overview of the various rules that apply for the purposes of determining whether two corporations are associated where a trust is a shareholder of one or both of the corporations. Paragraph 256(1.2)(b) groups. A relevant…
Continue reading “Association and trusts”…

Over-contribution penalty hell

A taxpayer over-contributes to his TFSA, and then the investments in the TFSA become worthless so that he cannot withdraw the excess. Is the taxpayer entitled to relief from the over-contribution penalty? The Federal Court recently held that the CRA…
Continue reading “Over-contribution penalty hell”…

No more shortcuts for excess CDA elections

The CRA has “retired” the shortcut method for excess CDA elections. It is now necessary to wait for the Part III assessment and then file an election under subsection 184(3) of the Income Tax Act (Canada) in respect of the…
Continue reading “No more shortcuts for excess CDA elections”…

Recent Posts

Contributions to a testamentary trust

Contributions to an estate or testamentary trust (in this article, an “estate” for short) by anyone other than the testator can vitiate the estate’s status as such. See paragraph 108(1) “testamentary trust” (b) of the Income Tax Act (Canada). Such…
Continue reading “Contributions to a testamentary trust”…

Corporation attribution

With higher interests, corporate attribution (ITA 74.4(2)) becomes more of a concern. The rule doesn’t apply to a small business corporation, however. The attributed amount is also reduced by dividends or interest paid to the transferor in respect of the…
Continue reading “Corporation attribution”…

Association and trusts

The authors provide a helpful overview of the various rules that apply for the purposes of determining whether two corporations are associated where a trust is a shareholder of one or both of the corporations. Paragraph 256(1.2)(b) groups. A relevant…
Continue reading “Association and trusts”…

Over-contribution penalty hell

A taxpayer over-contributes to his TFSA, and then the investments in the TFSA become worthless so that he cannot withdraw the excess. Is the taxpayer entitled to relief from the over-contribution penalty? The Federal Court recently held that the CRA…
Continue reading “Over-contribution penalty hell”…

No more shortcuts for excess CDA elections

The CRA has “retired” the shortcut method for excess CDA elections. It is now necessary to wait for the Part III assessment and then file an election under subsection 184(3) of the Income Tax Act (Canada) in respect of the…
Continue reading “No more shortcuts for excess CDA elections”…

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Archives

Categories

Recent Posts

Contributions to a testamentary trust

Contributions to an estate or testamentary trust (in this article, an “estate” for short) by anyone other than the testator can vitiate the estate’s status as such. See paragraph 108(1) “testamentary trust” (b) of the Income Tax Act (Canada). Such…
Continue reading “Contributions to a testamentary trust”…

Corporation attribution

With higher interests, corporate attribution (ITA 74.4(2)) becomes more of a concern. The rule doesn’t apply to a small business corporation, however. The attributed amount is also reduced by dividends or interest paid to the transferor in respect of the…
Continue reading “Corporation attribution”…

Association and trusts

The authors provide a helpful overview of the various rules that apply for the purposes of determining whether two corporations are associated where a trust is a shareholder of one or both of the corporations. Paragraph 256(1.2)(b) groups. A relevant…
Continue reading “Association and trusts”…

Over-contribution penalty hell

A taxpayer over-contributes to his TFSA, and then the investments in the TFSA become worthless so that he cannot withdraw the excess. Is the taxpayer entitled to relief from the over-contribution penalty? The Federal Court recently held that the CRA…
Continue reading “Over-contribution penalty hell”…

No more shortcuts for excess CDA elections

The CRA has “retired” the shortcut method for excess CDA elections. It is now necessary to wait for the Part III assessment and then file an election under subsection 184(3) of the Income Tax Act (Canada) in respect of the…
Continue reading “No more shortcuts for excess CDA elections”…

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