The Federal Court of Appeal (FCA) recently dismissed the Bank of Nova Scotia’s (BNS) appeal and upheld the Canada Revenue Agency’s (CRA) practice of charging arrears interest on a non-existent tax debt where audit adjustments...more
12/5/2024
/ Appellate Courts ,
Canada ,
Canada Revenue Agency (CRA) ,
Carryback Rules ,
Income Tax Act ,
Interest Rates ,
Supreme Court of Canada ,
Tax Court ,
Tax Debt ,
Tax Liability ,
Tax Policy ,
Taxable Income
The Department of Finance (Finance) released draft tax legislation for public consultation on August 4, 2023, with a stated focus on promoting tax fairness and a clean economy.
The most significant item released is the...more
8/17/2023
/ Business Transfer Agreements ,
Canada ,
Capital Gains ,
Clean Energy ,
Clean Tech ,
Collective Agreements ,
Corporate Counsel ,
Department of Finance ,
Digital Services Tax ,
Employee-Ownership ,
Family Businesses ,
Foreign Affiliates ,
GAAR ,
Income Tax Act ,
OECD ,
Proposed Legislation ,
Share Buybacks ,
Target Company ,
Tax Avoidance ,
Tax Credits ,
Tax Incentives ,
Trusts
The Canada Revenue Agency (CRA) can now require taxpayers or any other person to answer “all proper questions” and provide all reasonable assistance for any purpose relating to the administration or enforcement of the Income...more
1/18/2023
/ Attorney-Client Privilege ,
Books & Records ,
Canada ,
Canada Revenue Agency (CRA) ,
Income Tax Act ,
Income Taxes ,
Inspections ,
Interviews ,
RPI ,
Tax Audits ,
Transfer Pricing
In The Bank of Nova Scotia v The Queen, the Tax Court of Canada (TCC) considered how to calculate arrears interest on an audit adjustment that is offset by a loss carryback. ...more
11/5/2021
/ Arrearages ,
Back Taxes ,
Canada ,
Carryback Rules ,
Delinquency Status ,
Income Tax Act ,
Income Taxes ,
Interest Accrual ,
Reassessments ,
Tax Court ,
Tax Debt ,
Tax Liability ,
Tax Planning ,
Transfer Pricing