Archives - mars 2016

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  M. Soutar Décor 2000 Ltd. v. R. - TCC: Subsection 160(1) transferee assessment upheld

  24 mars 2016 By Bill Innes

  catégories:

  • Bill Innes on Current Tax Cases
  • Corporate Tax
  • Federal Income Tax

  Précis: This is an unusual case. The principal of the corporate taxpayer, Michael Soutar, received the help of his father, Ronald Soutar, in 2001 to guarantee a portion of the corporate bank debt. By 2007 the guarantee took the form of a $75,000 GIC deposit. Ronald died in February 2007 and the bank realized on the GIC deposit in June of 2007. Ronald’s estate had an income tax debt at that time in the amount of roughly $20,000 arising from his 2002 and 2005 taxation years. CRA assessed the corporate taxpayer for Ronald’s unpaid tax on the basis that the transfer in 2007 by the bank realization of the GIC deposit was a benefit for the purposes of subsection 160(1) of the Income Tax Act (the “Act”) (i.e., reducing the outstanding corporate bank debt).
  M. Soutar Décor 2000 Ltd. v. R. - TCC: Subsection 160(1) transferee assessment upheldPlus >
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  Loates v. R. - FCA: Section 160 spousal transfer appeal dismissed from the bench

  4 mars 2016 By Bill Innes

  catégories:

  • Bill Innes on Current Tax Cases
  • Federal Income Tax
  • Personal Tax, Estate & Wealth Planning

  Précis: This is an appeal by the taxpayer from a Tax Court decision blogged earlier on this site. Mr. Loates’ spouse had transferred property to him at a time she had an outstanding income tax liability and he was assessed under subsection 160(1) of the Income Tax Act (the “ITA”) with respect to her unpaid income taxes. He was unsuccessful before the Tax Court and appealed to the Federal Court of Appeal where he raised a number of grounds of appeal. The Court of Appeal rejected all of his grounds of appeal and dismissed his appeal from the bench with costs.
  Loates v. R. - FCA: Section 160 spousal transfer appeal dismissed from the benchPlus >
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  Genest v. The Queen - TCC: Section 160 assessment of remuneration allegedly paid to wife upheld

  2 mars 2016 By Bill Innes

  catégories:

  • Bill Innes on Current Tax Cases
  • Federal Income Tax
  • Personal Tax, Estate & Wealth Planning

  Précis: Ms. Genest was assessed under section 160 with amounts totaling $45,000 transferred to her by businesses controlled by her partner, Martin Tremblay, at a time when he had a substantial income tax liability:
  Genest v. The Queen - TCC: Section 160 assessment of remuneration allegedly paid to wife upheldPlus >