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19 September 2016- 11:20pm Oxford Properties – Tax Court of Canada finds no abuse in bumping LPs to which the target transferred buildings pre-closing and then selling the bumped LP interests to tax exempts after 3 years Email this Content When Oxford Properties was sold to an OMERS subsidiary, the purchaser first negotiated that Oxford would drop various properties down into LPs on a s. 97(2) rollover basis, with those partnership interests subsequently being bumped under s. 88(1)(d). ...

3 October 2016- 10:35pm Quinco Financial – Tax Court of Canada states that taxpayers can be required to apply GAAR to themselves Email this Content On similar facts, Bocock J followed J.K. ...

19 October 2016- 11:44pm Herman Grad 2000 Family Trust – Ontario Superior Court of Justice finds that trusts, whose Alberta-lawyer trustees did not make substantial decisions, were resident in Ontario Email this Content In finding that a family trust and a spousal trust, that had two Alberta lawyers as their trustees, were resident in Ontario, Wilton-Siegel J noted that, in the context of an investment trust, “the principal decisions taken by trustees pertain to the investment of the assets of the trust and distributions to beneficiaries,” and noted the principle that “management and control of a trust may rest with a trustee who has little investment experience provided that the trustee has the power to retain others for advice and remains the ultimate decision-maker.” ...

24 November 2016- 12:20am Evoy Estate – Tax Court of Canada finds that a s. 104(2) trust-consolidation designation requires that the respective trusts’ future income cannot accrue to different beneficiaries Email this Content S. 104(2) provides that CRA may designate that multiple trusts be treated as one trust where inter alia they each are “conditioned so that the income thereof accrues or will ultimately accrue to the same beneficiary or group or class of beneficiaries.” ...

14 December 2016- 12:34am Beaulieu – Cour du Québec finds that QST on an importation from Ontario did not apply if the imported good previously had been subject to QST Email this Content S. 17 of the QSTA, which is the Quebec equivalent of ETA s. 220.05, provides that “very person who brings into Québec corporeal property for consumption or use in Québec by the person” is subject to QST on the value of the property. ...

15 December 2016- 10:43pm Rosenberg – Federal Court rejects a CRA argument that it is not bound by an agreement not to further audit the taxpayer Email this Content Following an audit of the taxpayer’s straddle transactions for his 2006 and 2007 taxation years, CRA and the taxpayer agreed that the taxpayer would not engage in further straddle transactions and CRA would not proceed with any reassessment of those taxation years unless a new fact pattern emerged. ...

4 January 2017- 10:52pm Investimentos Imobiliários e Turísticos – ECJ finds that mere technical non-compliance with VAT requirements for complete invoices should not prevent input tax claims Email this Content A law firm’s invoice paid by a Portuguese registrant, which simply referred to “Fees for legal services rendered until the present date,” did not satisfy the EU Directive respecting the requisite detail to be provided on an invoice. ...

20 January 2017- 1:18am Société générale valeurs mobilières – Federal Court of Appeal finds that a Brazilian tax sparing provision did not permit the taxpayer to shelter Canadian-source income Email this Content Did a tax sparing provision in the Canada-Brazil Treaty, which deemed a Canadian taxpayer to have paid 20% Brazilian withholding tax on interest received by it from Brazil, have the effect of providing to it a Canadian foreign tax credit equal to the amount of that fictional tax, even though its effective Canadian tax rate on that interest income was much lower than 20% (perhaps because of applicable leverage)? ...

8 March 2017- 12:18am InterOil – Yukon Supreme Court indicates that all plans of arrangement must be accompanied by a fairness opinion prepared on a fixed fee basis Email this Content A decision of the Yukon Court of Appeal reversed approval of the plan of arrangement for the acquisition of InterOil by ExxonMobil on the basis inter alia that the Circular did not contain information permitting InterOil shareholders to properly assess the adequacy of contingent cash consideration to be paid to them based on the subsequently-measured size of InterOil’s natural gas resource. ...

13 March 2017- 11:50pm Sifto – Tax Court of Canada finds that a taxpayer-accepted agreement with the U.S. competent authority re a VDP-adjusted transfer price binds CRA even if it had not yet audited the taxpayer Email this Content CRA accepted a voluntary disclosure by Sifto Canada that it had undercharged on its sales of rock salt to a U.S. affiliate, and reassessed accordingly. ...