Précis: The taxpayer (a tax accountant) and his wife traded securities through a brokerage account. In 2005, 2006 and 2007 they treated their gains and losses as being on capital account. In 2008 they had large losses (roughly $500,000 each). In filing their 2008 returns they claimed their losses as business losses. They also filed T1 Adjustment Requests to have their 2005, 2006 and 2007 gains and losses treated as being from business. They entered into a settlement with CRA in 2012 under the terms of which they were given business loss treatment in 2008. However after the settlement was reached they objected to the reassessment of their gains in 2006 and 2007 as being on income account.
Remtilla v. R. - TCC: T1 Adjustment Requests operated as waivers of statute-barred yearsREAD MORE »