In Leger v. The Queen, 2007 TCC 322 (which I discussed here) the Court held that the dissolution of a corporation that was later revived did not engage the two-year limitation period otherwise applicable under subsection 227.1(4) of the Income Tax Act. Mr. Justice Bowie arrived at a different conclusion in Aujla v. The Queen, 2007 TCC 764, in respect of a company under the British Columbia Company Act. (more…)
David Louis at Minden Gross has an interesting article in the October 16 issue of Tax Topics on control premiums for “thin voting shares” (shares that do not participate significantly in the earnings or assets of a corporation but that confer voting rights on the holder). The CRA, at the 2007 CTF Tax Conference, when asked about such shares responded that “It is the opinion of the CRA that a hypothetical purchaser would be willing to pay some amount for the voting control of a company.” (more…)
I’ve found yubnub.org to be a pretty useful tool especially after I integrated it with Firefox, my browser of choice. With a few keystrokes, I am able to perform searches, including Google and Google Maps searches, without having to go to the search engine websites.
Yubnub allows a user to create custom commands, and I have created three that are tax-related. (more…)
The following article appeared in the latest edition of the Hamilton Law Association Law Journal.
In many families, the summer cottage is something like an institution. It provides happy memories of lazy days spent on the water and cool nights with only the crickets to disturb one’s sleep. A cottage, however, can also present a tax problem. We are regularly consulted by taxpayers concerned about how their estates will pay the Canada Revenue Agency (the “CRA”) when it comes calling about the cottage after the death of its owner. (more…)
Generally speaking, the CRA cannot collect an income tax debt from a taxpayer while the taxpayer disputes the assessment from which the debt is derived before the Tax Court renders a judgment on the assessment. The CRA, however, can apply to a court for a jeopardy collection order “ex parte” (without the taxpayer having the right to appear to contest the application) that will allow the CRA to proceed to take collection action. The taxpayer can then apply to have the ex parte order set aside. In Alexander (Re), 2008 FC 902, the taxpayer succeeded in having the order overturned by the Federal Court. (more…)
