Copthorne Holdings Ltd. v. Canada, 2011 SCC 63 (CanLII) is a recent decision from the Supreme Court of Canada regarding the general anti-avoidance rule (“GAAR”)^[1] and provides the much-anticipated interpretation and confirmation of these rules.  While the “main event” was whether the transactions undertaken by the taxpayer resulted in abusive tax avoidance to which the GAAR applies, this blog focuses on the Court’s analysis of the meaning of “series of transactions”.  The “series of transactions” concept was critical to the outcome of this appeal.  The Court provided guidance on how past, present and future transactions are “contemplated”, thereby confirming the framework by which a “series of transactions” would be identified for the application of the GAAR.

In the tax profession, there are a number of issues that bug me.  For example, the absence of a tax specialist designation in Canada to help the public distinguish between non-tax specialists and tax specialists bugs me.  I first wrote about this issue in our July 11, 2011 blog.  The fact is that I’ve held this view for well over a decade … it’s important to ensure that the public is better served.

Have you or your clients ever sold an intangible property like a client list?  A recent Tax Court of Canada case, George Smith v. Her Majesty the Queen, highlights the tax implications that can arise on the sale of such a property.