Category Archives: Miscellaneous

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 … Continue reading

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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 … Continue reading

Posted in Cases, International, Miscellaneous | 1 Comment

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” … Continue reading

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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 … Continue reading

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Favourite Quote

One of my favourite tax quotes is the following, which was written by the judge in J.F. Newton Ltd. v. Riddell, 45 D.T.C. 5276, [1991] 2 C.T.C. 91, 50 B.L.R. 136, 1990 CanLII 933 (BC S.C.), who was forced to … Continue reading

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The HST in Ontario

Do I dare to write about the HST? I don’t, much, because I don’t know much about it. Nonetheless, let me share with you an insight about the Ontario HST that might make your practice life a little easier.

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Tax Wiki

Professor Ben Alarie at the University of Toronto Faculty of Law (my alma mater, I’m proud to say) has started a tax wiki, which is meant to help “Canadians confused with complicated tax laws”.

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Interest deductibility

A wife pays interest under a line of credit that her husband used to buy shares in a business. Can the wife deduct the interest? Not according to Bernacchi v. The Queen, 2010 TCC 306, unsurprisingly: All in all, I … Continue reading

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File this under "Yikes!"

Accountants who recommended tax shelters and earned commissions for doing so that weren’t disclosed to their clients need to think twice about their bank account balances. In Lemberg v. Perris, 2010 ONSC 3690, the Ontario Superior Court ordered an Oakville … Continue reading

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DIY Prescribed Rate

The Income Tax Act in numerous places requires interest to be paid, either by the taxpayer or the Minister, on certain overdue amounts. The rate applicable is computed by reference to the “prescribed rate”. The Act also provides for calculating … Continue reading

Posted in CRA News, Miscellaneous | 2 Comments