Update on GAAR Reviews
Question
How many files have been referred to the GAAR Committee to date, and what is their status?
Response
As of July 31, 2004, the GAAR Committee reviewed 620 cases:
| Capital gains | 21 |
| Charitable donations | 16 |
| Cross-border leases | 10 |
| Debt forgiveness | 36 |
| Debt parking | 25 |
| Interest deductibility | 27 |
| Kiwi loans | 22 |
| Losses | 66 |
| Part I.3 tax | 53 |
| Part XIII tax | 11 |
| Surplus strips | 114 |
| Miscellaneous | 219 |
Of the cases that were reviewed by the GAAR committee, GAAR was found to be applicable as a primary reassessing position in 171 cases and as a secondary position in 214 cases. GAAR was found not to be applicable in 235 cases.
In addition, the GAAR Committee reviewed and considered GAAR to be applicable in 870 cases of registered retirement savings plan stripping and 75 cases of Barbados spousal trusts. These are listed separately to avoid skewing the above statistics.