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Monday, April 06, 2020 @ 2:42 PM

Canada Revenue Agency must honour settlement agreements Businesspeople sign contract

A recent decision by the Federal Court of Appeal made it clear that parties must be bound by the agreements they make and clearly defined what is and is not a settlement agreement. The case — (Canada v. CBS Canada Holdings Co. 2020 FCA 4) — also shows that you shouldn’t be afraid to challenge the Canada Revenue Agency. ... [read more]

Monday, April 06, 2020 @ 1:51 PM

Ethical obligations for lawyers with COVID-19 | Kyla Lee

As a lawyer who is currently a presumptive positive for COVID-19, I have had to think about my ethical obligations to my clients. This includes planning in the event my condition worsens, ensuring my files are orderly and managed and maintaining adherence to quarantine obligations to protect my clients and staff from catching the virus. ... [read more]

Friday, April 03, 2020 @ 3:33 PM

SCC confirms limited role for intent in characterizing tax losses from futures contracts Businessperson drawing on graph

The case involves a former employee of the Bank of Nova Scotia, who received a large number of Bank of Nova Scotia shares upon his departure (MacDonald v. Canada 2020 SCC 6, judgment rendered March 13). He borrowed money from TD Bank, pledged most of these shares as collateral for the loan, and entered into forward contracts with TD Bank for him to sell these same shares at their price when he entered into the contract. These futures contracts would benefit him if the price of the shares fell. ... [read more]

Friday, April 03, 2020 @ 8:48 AM

Quebec, federal beneficial ownership disclosure for corporations, trusts disclosure_files_sm

Quebec released its budget on March 10, and news on it has justifiably been overtaken by the COVID-19 pandemic, as the health of all is paramount at this time and always. Nevertheless, for those whose practice touches on corporations or trusts anywhere in Canada, it is important to note that a statement in the recent Quebec budget on beneficial ownership disclosure underlines the kinds of rules that will have to be interpreted in the upcoming years in all Canadian jurisdictions in order to apply new rules on disclosing individuals who are the ultimate beneficial owners or controllers of private corporations and sometimes of trusts. This, and a comparison to some of the federal rules on the issue, will be discussed below. ... [read more]

Friday, April 03, 2020 @ 8:30 AM

Facing pandemic as a law practice program candidate 2resumes.jpg

The economic impact of the COVID-19 pandemic has been hard to digest. No one knows how bad it’s going to get or not. Business activity in some regions has fallen sharply and supply chains have been disrupted. This has pulled down commodity prices and the Canadian dollar has depreciated. Consumers and businesses have become more cautious in their spending given the uncertainty. ... [read more]

Thursday, April 02, 2020 @ 2:49 PM

Estate freezes: A silver lining of COVID-19 | Dale Barrett

With the world in flux and an unprecedented shutdown of the world’s economy, those who were planning to transfer businesses to the next generation have been given what is (hopefully) a once-in-a-lifetime opportunity to defer additional taxes for many years. ... [read more]

Tuesday, March 31, 2020 @ 9:20 AM

FEDERAL INCOME TAX - Capital gains exemption - Non-residents - Tax treaties

Appeal by the Crown from a judgment of the Tax Court that allowed the respondent’s appeal from an income tax assessment. ... [read more]

Tuesday, March 31, 2020 @ 8:43 AM

Access to Justice: Justice in the time of social distancing | Beverley McLachlin

The COVID-19 virus has changed our world. It is unprecedented, impacting every aspect of our daily lives, keeping us apart from each other and shutting down most of our conventional ways of interacting in society, save for essential services. ... [read more]

Friday, March 27, 2020 @ 3:51 PM

Feds announce 75% wage subsidy, $40,000 interest-free loans for business, deferral of import duties Justin Trudeau

Ottawa is offering a 75 per cent wage subsidy to “qualifying” small- and medium-sized businesses as part of new COVID-19 support measures, including a government-guaranteed, interest-free and partially forgivable, $40,000 loan for businesses with payrolls of less than $1 million, and deferral until June 30, 2020, of GST/HST and import duties. ... [read more]

Friday, March 27, 2020 @ 11:18 AM

Tax tips for non-resident landlords investing in Canadian real estate For rent sign

Many non-residents do not realize that serious income tax repercussions can arise when investing in Canadian real estate. In fact, non-residents are required to pay taxes in Canada under certain circumstances and may even have to file a Canadian tax return. ... [read more]