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31 March 2025- 8:49am Malamute – Tax Court of Canada accepts that cheques to the shareholders labelled as (and treated rather like) “payroll” in fact were shareholder advances Email this Content A small contracting company made regular bi-weekly payments to its two shareholders (Mr. and Mrs. ... He concluded: This is the type of situation … wherein a shareholder receives draws on the shareholder loan account throughout the year and then a dividend determination is made at some point for the year. ...

30 April 2025- 3:21am Northbridge – Federal Court of Appeal indicates that it is appropriate to determine ITCs on the basis of global evidence rather than on a supply-by-supply basis Email this Content Northbridge issued around 5,000 insurance policies each year to trucking companies operating in Canada and the US. ... Canada, 2025 FCA 83 under ETA s. 169(1) and s. 141.02(1) – direct input. ...

5 May 2025- 11:42pm BC Hydro – Tax Court of Canada finds that ETA s. 182 did not apply to a payment made in consideration for modifying an agreement to optionally extend its term Email this Content BC Hydro, which had entered into an electricity purchase agreement (EPA) with an independent power producer for the supply of electricity at a particular project in BC, agreed with that supplier that the EPA would be amended to provide, inter alia, that in consideration for the payment by BC Hydro of the sum of $8.5 million by the date 30 days after the project became operational, BC Hydro would have the option to extend the term of the EPA by a further 16 years. ... The King, 2025 TCC 61 under ETA s. 182(1) and General Concepts – Evidence. ...

5 June 2025- 11:14pm Ehresman – Tax Court of Canada finds that cash reserves were not active business assets because they were excessive in relation to reasonably-determined risks Email this Content Whether the sale by a couple of their shares of a private corporation (CCM) with producing Canadian oil wells and a Canadian financial services business constituted a sale of qualified small business corporation shares (QSBCS) turned on whether their CCM shares satisfied the test in the QSBCS definition of more than 50% of the fair market value (FMV), over the 24 months preceding the disposition, of their shares being attributable to assets used principally in CCM’s active business. ... The King, 2025 TCC 78 under s. 110.6(1) – QSBCS. ...

7 August 2018- 12:34am Ludmer – Quebec Superior Court considers equity-linked notes held in BVI company were reasonably viewed as portfolio investments held with a tax avoidance purpose, but were not reasonably viewed as being subject to 7000(2)(d) interest accrual Email this Content The Canadian-resident taxpayers were shareholders of a BVI company (“SLT”) which, in turn, held notes issued by two foreign subsidiaries of two Canadian banks. ... Hamilton JCS rejected the taxpayers’ submissions that it was unreasonable of CRA to assess on the basis that the notes were “portfolio investments” within the meaning of s. 94.1 (given that they were held by SLT as passive investments and they tracked portfolio investments) and also considered it reasonable to consider that tax motivation figured significantly in the structure – but then went on to find that these assessments were unreasonable, given that in its previous published positions, CRA had “never suggested that the [mere] possibility of locking-in the bonus means that an amount can be accrued based on the highest value of the index in the year.” ... Attorney General of Canada, 2018 QCCS 3381 under s. 94.1(1), Reg. 7000(2)(d), s. 56(2), s. 152(4)(a)(i), s. 152(1) and General Concepts – Negligence. ...

6 June 2016- 12:51am Chambre des notaires – Supreme Court of Canada finds that lawyers are immune from s. 231.2 demands for information Email this Content CRA issued s. 231.2(1) demands to Quebec notaries to provide information about their clients for tax collection or audit purposes. ... Chambre des notaires du Québec, 2016 SCC 20 under Charter, s. 8 and 232(1) – solicitor-client privilege. ...

17 November 2016- 12:42am Bywater – High Court of Australia finds that the place of directors’ meetings is given little weight in determining corporate residence if they are not the true decision makers Email this Content The High Court of Australia has found that various non-Australian companies, which made money trading on the Australian stock exchange, were resident in Australia, on the basis of having their central management and control there, notwithstanding that all the board meetings were held outside Australia and the directors were mostly residents of Switzerland. ... It is the place that Courts of Appeals have called the corporation's 'nerve center' … and not simply an office where the corporation holds its board meetings….” ...

27 November 2016- 11:04pm Pomerleau – Tax Court of Canada finds that GAAR applied to converting soft ACB (generated from crystallizing the capital gains deduction) into pseudo-hard ACB under s. 53(1)(f.2) for use in extracting surplus Email this Content An individual taxpayer engaged in a surplus-stripping transaction similar to transactions in a ruling which CRA had resiled from following Descarries. ... Favreau J agreed with CRA that this conversion of soft ACB into hard ACB, in order to receive a tax-free return of capital, contravened GAAR, stating: This series of transactions permitted the appellant, on the redemption of the Class G shares of [his new holding company], to extract as a tax-free return of capital, $994,628 derived from the surplus of his corporation by virtue of utilizing his capital gains deduction and that of his mother and sister. … Neal Armstrong. ...

. – Tax Court of Canada finds that GAAR did not apply to the sale to a lossco of partner corps with pending condo sale profit allocations Email this Content Income account treatment of the profits realized by a condo-project limited partnership was avoided through the corporate partners of the LP paying safe income dividends (out of the realized but unallocated condo profits) to their respective Holdco shareholders, followed by a sale by the Holdcos of the corporate partners to a public company with substantial resource pools. ... Nor was there an abuse of the partnership income allocation provisions of ss. 103 and 96 – it was totally conventional that close to 100% of the income of the LP was allocated to the corporation (the loss pubco) which was the limited partner at the partnership year end. ...

29 January 2017- 11:55pm 101139810 Saskatchewan – Tax Court of Canada decision discloses that CRA assessed only a single level of corporate taxation on a bad butterfly Email this Content An individual (Case) held his 1/3 shareholding in a small business corporation through a personal holding company (8231) which also held 1/3 of its assets in the form of investment assets. ... However 15 months later, CRA vacated the s. 55(2) assessment of 8231 for reasons that are not explained – so that the only outstanding s. 55(2) assessments were of the corporations acquired by the purchasers. ...