Articles

Post mortem planning is any plan that can mitigate the amount of tax payable on the death of a taxpayer and in his or her estate.

A recent decision of the Tax Court of Canada denied a real estate developer’s claims for capital cost allowance on real estate development property held for sale but being rented prior to sale.

Twomey v. The Queen, addressed whether the taxpayer could claim the lifetime capital gains exemption on his sale of small business shares whether he held those shares for at least 24 months as required under the definition of “qualified small business corporation share.

The Tax Court of Canada recently released three related decisions involving the general anti-avoidance rule (GAAR) in section 245 of the Income Tax Act.

On April 12, 2012, the Supreme Court of Canada issued its decision in Fundy Settlement v. Canada, finding that the relevant trusts were resident in Canada rather than Barbados.

On November 8, 2011, Canada and Barbados signed a protocol amending the tax treaty between the two countries. Finance Canada’s announcement of the Protocol focused on the improved exchange of information provisions, but there are other changes worthy of note.

On January 26, 2012 the Supreme Court of British Columbia released its decision in McPeake v. Canada (Attorney General).

On December 16, 2011, the Supreme Court of Canada released its decision and reasons in Copthorne Holdings Ltd. v. Canada.

Following the Canadian Medical Protective Association decision in which the CMPA was exempt from GST, several class action lawsuits were commenced by taxpayers seeking to recover erroneously collected GST from the collector.

Various provisions of the Income Tax Act operate to deem transfer of property, specifically non-arm’s length transfers, to take place at the fair market value of the property.