Tax Amnesty - CRA's Voluntary Disclosure Policy

I delivered a presentation on June 19, 2013 to the Entrepreneurial C.A.'s of London monthly meeting: "Update on CRA Voluntary Disclosure Policies and Practices".

Government seeks to raise taxes on trusts & estates

As announced in the spring budget, the federal government is inviting comments on proposed measures to eliminate the tax benefits that arise from taxing trusts and estates at graduated rates.  Read More

3rd Quarter Interest Rates

CRA interest rates for the 3rd quarter of 2013 remain unchanged at all time lows.

Supreme Court Rules in Daishowa Appeal

The Supreme Court overturned the lower courts and held that a purchaser's assumption of reforestation obligations of the vendor should not be included in the vendor's proceeds of disposition.  This case will provide comfort in a limited number of circumstances but is nonetheless quite significant.

CRA Updates Voluntary Disclosure Rules

The CRA has updated and re-issued it's information circular setting out the policies and practices governing the voluntary disclosure program which provides for the waiver of penalties and prosecution upon disclosure of past tax sins in certain prescribed circumstances.  See IC00-1R3

File Taxes Online for FREE

CRA lists approved tax preparation programs for on-line filing, including those providing FREE filing options >> Read More

UK Supreme Court Denies Legal Privilege to Accountants

The principle of legal privilege generally means that a client cannot be compelled to disclose legal advice received by the client.  For example, the Canada Revenue Agency cannot require a taxpayer to turn over tax planning advice obtained from a lawyer.  Tax accountants often provide advice of the same nature and the argument is often made that their advice should be subject to the "privilege", and exempt from disclosure.

Tax Court Requires CRA to Detail Why GAAR Applies

The Tax Court in Birchcliff Energy Ltd. v. The Queen, 2012-1087(IT)G has required the Canada Revenue Agency to specify the tax policy reasons why the General Anti-Avoidance reule is applied in a reassessment. Read More

London Tax Practitioner’s Consultation Group Breakfast Seminar

Canada Revenue Agency (CRA - London) and the London Tax Practitioner’s Consultation Group Breakfast Seminar February 26, 2013 >>   Read More

Tax-Free Savings Account Contribution Raised to $5,500

In 2009, the federal government introduced a savings vehicle called the tax-free savings account (TFSA). The TFSA allows Canadian residents who are 18 years of age or older with a valid Canadian social insurance number to set money aside tax-free during their lifetime.

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