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!
- Notifiable transactions: Practice issues, ethical considerations and constitutional dimensions
Much has already been written about the proposed addition of section 237.4 to the federal Income Tax Act (“ITA”), which would impose mandatory reporting in respect of “notifiable transactions.” The purpose of this post is not to explain the notifiable transaction regime in any great detail, nor do w … Read more »
- Vacancy Tax/Empty Homes Tax – Five Suggested Areas for Improvement
Introduction In 2017, the City of Vancouver introduced its annual residential vacancy tax (or “empty homes tax”). At that time, the tax rate was 1% of the assessed value of a subject property. The governing statute and administration program were relatively simpler than more substantial taxes like i … Read more »
- First filings coming up for new housing taxes in Toronto and Ottawa
Vacant housing taxes came into effect in Toronto and Ottawa for 2022, meaning that homeowners will have to file their first occupancy status declaration by February 2023 (for Toronto) and March 2023 (for Ottawa). Toronto’s portal is now open for online filing. The City of Ottawa’s filing portal is s … Read more »
- EU Court of Justice invalidates mandatory reporting obligation imposed on lawyers under DAC6 similar to Canada’s proposed “notifiable transaction” regime
The Court of Justice for the European Union (CJEU) recently invalidated a provision derived from the EU Directive informally known as DAC6 which requires lawyers to report their involvement in certain cross-border tax-planning arrangements to third parties. The provisions analyzed in the decision – … Read more »
- Khanna – Federal Court of Appeal provides useful guidance on gross-negligence penalties
Khanna v. The Queen, 2022 FCA 84 is an important decision of the Federal Court of Appeal (the “FCA”) on the topic of gross-negligence penalties imposed under subsection 163(2) of the Income Tax Act (Canada) (the “Act”). The decision highlights two key points in relation to the burden of proof to be … Read more »