CRA

Tax News

The tax consequences of loyalty programs

Donating frequent flyer miles can have unintended tax consequences.

September 1, 2011

3 min read

Industry

Revenue Canada cracks down

A growing numbers of mass market schemes designed for aggressive tax planning are being targeted aggressively by the Canada Revenue Agency.

By Vikram Barhat |August 24, 2011

3 min read

Tax News

In 1991, the federal government introduced fairness legislation, this legislation gives the CRA the discretion to cancel or waive either all or a portion of any interest or penalties (but not the actual tax) payable.

August 1, 2011

4 min read

Estate Planning

CRA on the prowl

More and more, the Canada Revenue Agency is taking a keen interest in how companies, both small and large, structure their tax planning. And it is asking increasingly intrusive questions—not quite audits, but compelling questionnaires. All of this is the name of the GAAR: the General Anti-Avoidance Rule promulgated some 20 years ago. Still, while […]

By Scot Blythe |June 9, 2011

5 min read

Tax credits for taxing times

Don’t let the 12-page and eight and a half foot long Disability Tax Credit application form – T2201 – deter you from getting what is rightfully yours. And while you’re at it, let your advisor help you use lucrative tax credits to offset medical costs. The time to understand tax consequences of serious illness is […]

By Vikram Barhat |November 19, 2010

4 min read

How to play the claim game

No matter what they do, financial advisors are going to get sued. And what’s worse is the court is not a level playing field. An ounce of prevention, therefore, is worth a pound of cure, says Ruth Mercer, senior general adjuster for Crawford & Company (Canada) Inc. Speaking to the audience at the Independent Financial […]

By Vikram Barhat |November 4, 2010

4 min read

CRA goes after dodgy donors

Time is fast running out for the patrons of “gifting tax shelters” making questionable charitable donations in the hope of making a fast buck. The Canada Revenue Agency (CRA) is tightening the noose around those who are using questionable tax shelter programmes to claim phoney charitable donations. Such schemes typically give the donor a tax […]

By Vikram Barhat |September 16, 2010

3 min read

Supreme Court Lipson decision due out tomorrow

On Thursday morning the Supreme Court of Canada will release its long-awaited and much anticipated decision in Jordan B. Lipson, Earl Lipson v. The Queen. Jamie Golombek, now managing director of tax and estate planning at CIBC Private Wealth Management, has been covering this issue for the Advisor Group since the Tax Court of Canada […]

2 min read

CRA

The tax consequences of loyalty programs

Revenue Canada cracks down

Statute of limitations

CRA on the prowl

Tax credits for taxing times

How to play the claim game

CRA goes after dodgy donors

Taking on the CRA

Supreme Court Lipson decision due out tomorrow