SimpsonWigle Law LLP Tax News

In an article I wrote about three years ago, I pointed out that the purveyors of tax snake oil seemed to be having some success convincing their “clients” that they need not pay income tax. (more…)

I delivered a paper last week at the Hamilton Law Association’s trusts and estates update. My paper focused on tax issues, of course. The session was very well attended, with well over 100 members of the local bar present.

The CRA recently issued revised versions of a number of forms and publications, including the T2057 and the “T4001 Employers’ Guide – Payroll Deductions and Remittances”.

PWC sends a tax bulletin to me from time to time, and its latest email contains information about Quebec’s plans to introduce measures to combat ‘aggressive’ tax planning. Apparently, the measures, if enacted, would require taxpayers to disclose the details of aggressive plans or face penalties. The measures would also impose civil penalties on advisers if they provide advice on an undisclosed transaction to which the GAAR applies. For more information, see PWC’s Tax News Network page.

What world does the CRA live in that it could think it would be a good idea to take a 78-year-old woman to Court under section 160 for cashing cheques for her disabled son? See Gambino v. The Queen, 2008 TCC 601. (more…)

The capital dividend account of a corporation (”CDA”) is defined in subsection 89(1) of the Income Tax Act (Canada), and the definition requires that the balance of the account be calculated using something like the following formula:

A + B + C + D + E + F + G – H (more…)