Précis: The taxpayer claimed business losses on real property owned by him in 2011. He also claimed losses from a financial services business carried on by him under the name Harold’s Financial Services (“HFS”) in 2011. (He had unsuccessfully appealed the same points in respect of his 2009 and 2010 taxation years in a prior appeal before both the Tax Court and the Federal Court of Appeal.) Finally he did not report a gain ($14,437) on a property disposed of by him to his son (for what CRA alleged was less than fair market value). The Tax Court accepted CRA’s position on both points and dismissed the appeal. There was no award of costs since this was an informal procedure appeal.
Peach v. R. – TCC: Taxpayer denied business losses on rental property, must include gain on transfer of property to sonPlus >