Information About Thorsteinssons’ Tax Blog
Recent Posts
Below is a preview of the five most recent posts from the blog Thorsteinssons’ Tax Blog. To read these posts in their entirely or subscribe to future updates from this blog, please visit their website!
- Bill C-208 – Department of Finance confirms ITA amendments are in force and modifies its intended approach
On June 29, 2021, Bill C-208 received Royal Assent. As previously discussed, that Bill amended the federal Income Tax Act (the “Act”) with the intention of facilitating intergenerational business transfers. The amendments sought to accomplish those means by, in general: providing that siblings conti … Read more »
- Derivative liability tax assessments: A review of recent developments
Section 160 of the Income Tax Act (Canada) (the Act) is a collection tool that the Canada Revenue Agency (CRA) may use to collect unpaid tax debts of a taxpayer from third parties. This provision applies where a tax debtor transfers property to his or her spouse (or common-law partner), a minor, or … Read more »
- Zeifmans – Request for Information on Unnamed Persons Issued to Accounting Firm
In Zeifmans LLP v. MNR, 2021 FC 363, the Federal Court considered whether a requirement for information regarding unnamed persons issued to an accounting firm was properly made under section 231.2 of the Income Tax Act (Canada) (the “ITA”). Background For several years, the CRA audited members of a … Read more »
- Leonard – Tax Court finds that distressed-debt transaction was an adventure or concern in the nature of trade
The Tax Court’s decision in Leonard v. The Queen, 2021 TCC 33, analyzed the oft-discussed legal concept of “an adventure or concern in the nature of trade”, which the courts use to distinguish between transactions of a business nature from those of a capital nature, in the context of a distressed-de … Read more »
- A Detailed Analysis of the SCC Decision Confirming the Constitutionality of the Federal Carbon Pricing Regime
On March 25, 2021, the Supreme Court of Canada (“SCC”) delivered its much-anticipated judgment on the constitutional validity of the Greenhouse Gas Pollution Pricing Act (“GGPPA”), the statute which enacts the federal government’s carbon pricing standard in relation to greenhouse gas (“GHG”) emissio … Read more »