Date: 20190110 Citation: 2019 FCA 7 CORAM: GAUTHIER J.A. STRATAS J.A. NEAR J.A. BETWEEN: LUIS REYES Appellant And HER MAJESTY THE QUEEN Respondent Hearing held by videoconference Between Ottawa, Ontario and Calgary, Alberta on January 8, 2019. Judgment delivered at Ottawa, Ontario, on January 10, 2019. REASONS FOR JUDGMENT BY: GAUTHIER J.A. CONCURRED IN BY: STRATAS J.A. NEAR […]
FACTS Jobin owned shares in Groupe AST (assume FMV = $13 million and ACB = $nil). He received an offer for his shares from a third-party purchaser. To minimize his taxes, Jobin undertook the following steps. Jobin rolled his shares in Groupe AST – which had a fair market value of $13 million – on
2763478 Canada Inc. v. Canada Summary Click here for our summary of this case. Court (s) Database Federal Court of Appeal Decisions Date 2018-11-15 Neutral citation 2018 FCA 209 File numbers A-243-17 CORAM: NOËL C.J. BOIVIN J.A. DE MONTIGNY J.A BETWEEN: 2763478 CANADA INC. Appellant and HER MAJESTY THE QUEEN Respondent Heard at Montréal ,
Overturning the Tax Court of Canada’s (Tax Court) decision, the Federal Court of Appeal (FCA) ruled in 594710 British Columbia Ltd that GAAR is applicable in a loss utilization strategy where a new partner (Nuinsco) with a significant unused loss balance entered a partnership to facilitate an allocation of virtually all the partnership’s income, availing the former
Key Takeaway The decision in Laplante highlights a major pitfall that tax practitioners should be mindful of when advising clients on structures to multiply the lifetime capital gains exemption among family members. Family members who are allocated a capital gain to claim the lifetime capital gains exemption should be entitled to the money: they cannot
Case Update: Laplante v. Canada, 2018 FCA 193 (Multiplying Capital Gains Exemptions) Read More »
Citation: Fundy Settlement v. Canada, 2012 SCC 14, [2012] 1 S.C.R. 520 Date: 20120412 Docket: 34056, 34057 Summary Taxation — Income tax — Trusts — Residence — Trusts held by corporation resident in Barbados — Beneficiaries of trusts resident in Canada — Central management and control of trusts carried out by main trust beneficiaries in Canada — Trustee seeking return
Date:19990125 Docket: A-684-94 CORAM: STONE J.A. McDONALD J.A. SEXTON J.A. BETWEEN: HER MAJESTY THE QUEEN Appellant -and- EDWIN J. BYRAM Respondent REASONS FOR JUDGMENT McDONALD J.A. [1] The issue to be decided in this case is whether a taxpayer can claim an allowable capital loss pursuant to subparagraph