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NEW In-House Counsel | Insurance | Intellectual Property | Immigration | Natural Resources | Real Estate | Tax

Decision opens working papers on taxes to CRA

Thursday, August 20, 2015 @ 8:00 PM | By Donalee Moulton

The Tax Court of Canada has unexpectedly ruled that the Canada Revenue Agency is entitled to access tax accrual working papers — documents that individuals and companies use to assess reserves for current, future, potential or contingent tax liabilities.

The June 5 decision in Canada (Minister of National Revenue) v. BP Canada Energy Co. [2015] F.C.J. No. 750 has significant ramifications for accountants and their clients. It centred on a request from the minister for working papers prepared by BP Canada staff detailing uncertain tax positions...