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Tax

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Thursday, September 08, 2016 @ 8:00 PM

Municipal boards and tribunals - Jurisdiction - Finances - Tax assessment - Practice and procedure

Application by Aquila Holdings and 101211085 Saskatchewan for leave to appeal a decision by the Assessment Appeals Committee of the Saskatchewan Municipal Board. The applicants claimed legal interests in a parcel of land that had been the subject of a reduced tax agreement with the Rural Municipality of Edenwold. The Municipality stopped honouring the tax exemption agreement on the basis of a change of ownership. The Board of Revision refused to hear the applicants’ appeal due to a late filing. On further appeal, the Committee held that the appeal to the Board was brought within time, but that there was no authority to consider the validity and legality of the agreement in question, or the validity and legality of the Municipality’s cancelation decision. The Committee further found there was no authority to require the Municipality to provide an agreement that was entirely within its Council’s discretion. The applicants sought leave to appeal on the basis the Committee’s findings resulted from errors in law and jurisdiction. ... [read more]

Thursday, August 18, 2016 @ 8:00 PM

Taxation - Federal income tax - Business and property income - Accounting - Accrual accounting - Losses - Business loss

Appeal by Kruger Incorporated from a Tax Court decision allowing in part its appeal from reassessment. The appellant manufactured newsprint and other paper products. A significant portion of its receivables was denominated in US dollars, leading the appellant to buy and sell foreign currency option contracts to hedge its exposure to currency fluctuations. The appellant became one of the top non-banking purchasers of derivative products. In 2002, the Minister of National Revenue denied business losses of $91 million claimed by the appellant in the 1998 taxation year. The losses arose from dealing in foreign exchange options. At issue was the method used to compute income from dealing in foreign exchange options. The Tax Court rejected the appellant’s use of mark to market accrual accounting as the acceptable computation method and accepted the Minister’s contention that profit or loss could only be recognized when realized. The Tax Court accepted, in part, the appellant’s alternative argument that foreign exchange option contracts were inventory that could give rise to a recognizable loss based on year-end values. The appellant took issue with the Tax Court’s conclusion regarding the computation method. Both parties challenged the Tax Court’s findings regarding whether the contracts constituted inventory. ... [read more]

Thursday, March 17, 2016 @ 8:00 PM

Extending the privilege

Now more than ever taxpayers must be aware of how far the tax authorities will go after their internal information in the course of an audit. ... [read more]

Thursday, February 18, 2016 @ 7:00 PM

Pot businesses caught up in legal haze

A recent Federal Court of Appeal ruling in a tax case involving medical marijuana may have resulted in more confusion than clarity about the classification of therapeutic cannabis. ... [read more]

Thursday, October 22, 2015 @ 8:00 PM

Black and gold see red in brawl over meal expenses at tax court

The Boston Bruins are preparing to go into the corners with a new and very different opponent this National Hockey League season. In what could be a precedent-setting case with wide-ranging implications if the Bruins are successful, owner Jeremy Jacobs recently filed a petition in U.S. Tax Court questioning Tax Code provisions that limit his team to a deduction of 50 per cent of its pregame team hotel meal expenses while on the road. ... [read more]

Thursday, August 20, 2015 @ 8:00 PM

Lawyer fears top court ruling will ease path for prosecutors

Governments are expected to amp up their use of Charter-exempt administrative money penalties after the Supreme Court green- lighted hefty fines for misrepresentation by tax professionals. ... [read more]

Thursday, August 20, 2015 @ 8:00 PM

Decision opens working papers on taxes to CRA

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. ... [read more]

Thursday, July 16, 2015 @ 8:00 PM

Ballot result clear, transit project future less so

It looks like citizens of Canada’s biggest cities are going to be paying higher taxes to fund public transit expansions whether they want to or not. ... [read more]

Thursday, July 16, 2015 @ 8:00 PM

EY agrees to $10 million settlement with New York

Accounting firm Ernst & Young’s United States office has agreed to pay New York state $10 million (all figures U.S.) to settle a civil lawsuit in connection with EY’s audit of Lehman Brothers Holdings Inc. prior to the investment bank’s decision to file for bankruptcy in 2008. ... [read more]

Thursday, July 16, 2015 @ 8:00 PM

Lysyk warns on government ad legislation

Revisions to Ontario’s Government Advertising Act in the recently passed budget may end up forcing taxpayers to pay for more partisan political advertising, Auditor General Bonnie Lysyk warns. ... [read more]