Here’s some tax trivia to get us through the month of June. How does one cite the Income Tax Act?
From time to time, I still see the Act cited by lawyers as the “Income Tax Act, S.C. 1970-71-72, c. 63″ or as some variation of that theme. In fact, the latter statute ceased to be the official version of the Act on March 1, 1994. On that date, the Governor in Council proclaimed into force the Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.).
You might think that, logically, “5th Supp.” (the more general part of the citation) ought to precede “c. 1”, and in fact the McGill Guide recommended this at one time. Officially, however, the reverse is true, for reasons that escape me.
You can add that to your storehouse of useless knowledge.
The following is based on the text published in Tax Topics 2713 (September 10, 2024). Question 1 – Spousal Trusts A spousal trust that receives a contribution of capital after the death of the spouse-beneficiary remains a spousal trust, but…
In Cole v R, 2024 TCC 64, [1] The Appellant spent the better part of ten years trying to convince the Minister of National Revenue to remove over $240,000 added to her taxable income for the 2011 taxation year. Due…
Canada (National Revenue) v. Schreiber, 2024 FC 729, the Federal Court held that, in general, the CRA is entitled to demand information from non-resident persons or entities.
At the 2024 CALU conference round table (question 12, addressed in 2024-1005851C6), the CRA confirmed that a bare trust has a December 31 year-end and that a trust (other than a GRE) that dissolves during a calendar year still has…
In Cheema v R, 2024 TCC 81, the Court held that the CRA was entitled to reassess beyond the normal reassessment period where the taxpayer provided no good explanation for a disposition of real property he did not report or…
The following is based on the text published in Tax Topics 2713 (September 10, 2024). Question 1 – Spousal Trusts A spousal trust that receives a contribution of capital after the death of the spouse-beneficiary remains a spousal trust, but…
In Cole v R, 2024 TCC 64, [1] The Appellant spent the better part of ten years trying to convince the Minister of National Revenue to remove over $240,000 added to her taxable income for the 2011 taxation year. Due…
Canada (National Revenue) v. Schreiber, 2024 FC 729, the Federal Court held that, in general, the CRA is entitled to demand information from non-resident persons or entities.
At the 2024 CALU conference round table (question 12, addressed in 2024-1005851C6), the CRA confirmed that a bare trust has a December 31 year-end and that a trust (other than a GRE) that dissolves during a calendar year still has…
In Cheema v R, 2024 TCC 81, the Court held that the CRA was entitled to reassess beyond the normal reassessment period where the taxpayer provided no good explanation for a disposition of real property he did not report or…
