Alexander Marino recently appeared on the Global Investment Voice Podcast to discuss the benefits of renouncing US citizenship on March 14, 2024.
Alexander Marino guested on the Snowbirds US Expats Radio Podcast about the benefits of renouncing your US citizenship on January 17, 2024.
Kenneth Keung and Evan Crocker are quoted in Investment Executive article titled “CRAʼs 10% interest rate on overdue tax raises risks“, published on November 13, 2023.
Kenneth Keung quoted in Investment Executive article titled “Window closing on family business transfers using Bill C-208”, published on October 10, 2023.
Kim G C Moody is quoted in the Tax Notes article titled “Canada’s Supreme Court Upholds GAAR Application in Deans Knight”, May 30, 2023
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Rectification: The evolving landscape
S & D International Group Inc. v. Canada[1] is another recent case on rectification which represents a significant win for taxpayers.[2] In S&D International Group Inc., the Court broadly interpreted its equitable jurisdiction to allow taxpayers to correct transactions producing unintended tax consequences and granted a rectification order despite scant evidence of intent to avoid tax, and despite the fact that the taxpayers were under no misapprehension about the basic nature of the transaction (share repurchase).
Passion, YouTube, indirect transfers and subsection 75(2)
Wow! That’s quite a title! Who would think that passion, YouTube and one of the more important provisions in the Income Tax Act (the “Act”) dealing with trust attribution would appear in the same blog? Well, today they do!
Section 231.2: Requirement to provide documents or information to the CRA is unconstitutional and without effect – In Quebec at least: Chambre des notaries du Quebec c. Canada
Most tax practitioners are familiar with CRA’s attempts to obtain their clients information by way of sections 231.2 of the Income Tax Act (the “Act”). This provision allows the CRA to require that any person provide any information or any documents for the purpose of administering or enforcing the Act. What practitioners may not be familiar with is a recent Quebec Superior Court decision which declares this provision (and connected provisions) unconstitutional and without effect by virtue of sections 52 of the Canadian Charter of Rights and Freedoms! This decision is Chambre des Notaires du Quebec c. Canada [2010] R.J.Q. 2069. So, why have you not heard of this decision? Most likely because it has only been released in French – the English translation is no doubt pending.
The taxation of commission income received by a life insurance agent
On March 29, 2011, the Tax Court of Canada released its decision in Bernard Demeterio v. Her Majesty The Queen 2011 TCC 192. The case involved Bernard Demeterio, a life insurance agent, who received life insurance commissions in the 2002 and 2003 taxation years. Mr. Demeterio submitted that the commissions he received should not be taxable in the year of receipt (i.e. 2002 and 2003). He felt that the commissions were not income that had been earned but instead were loans advanced to him because they were required to be paid back if the life insurance policies that he sold were cancelled within two years. [This is a rather common remuneration feature amongst life insurance sales persons and life insurance companies and is often referred to as “chargebacks”]. Mr. Demeterio submitted that the commission income should be taxable once the life insurance premiums became non-refundable in the two immediate taxation years following the year of receipt.
2011 Federal Budget highlights: The “anti-avoidance” budget
On March 22, 2011, Finance Minister Jim Flaherty, introduced the 2011 Federal Budget. The Budget contains a few “goodies” but will be remembered more for the anti-avoidance provisions that it contains. The more interesting and relevant (for our clients and friends) income tax measures that were introduced in the Budget were as follows:
The Department of Finance releases new income tax proposals in respect of deductible expenditures
On March 16, 2011, the Department of Finance released draft income tax legislation for comment. The Department of Finance is looking for comments from the public by April 15, 2011.
Alexander Marino recently appeared on the Global Investment Voice Podcast to discuss the benefits of renouncing US citizenship on March 14, 2024.
Alexander Marino guested on the Snowbirds US Expats Radio Podcast about the benefits of renouncing your US citizenship on January 17, 2024.
Kenneth Keung and Evan Crocker are quoted in Investment Executive article titled “CRAʼs 10% interest rate on overdue tax raises risks“, published on November 13, 2023.
Kenneth Keung quoted in Investment Executive article titled “Window closing on family business transfers using Bill C-208”, published on October 10, 2023.
Kim G C Moody is quoted in the Tax Notes article titled “Canada’s Supreme Court Upholds GAAR Application in Deans Knight”, May 30, 2023
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