The Canadian tax department may no longer be able to collect the taxes owing if you have an unpaid tax liability that is more than 10 years old and CRA has not contacted you to collect it, as further explained by a Canadian income tax lawyer in this article....
The Canadian Departure Tax Regime Under subsection 128.1(4) of the Canadian Income Tax Act, a Canadian emigrating to another jurisdiction is subject to a “deemed disposition” on qualifying property. (This deemed disposition is often referred to as Canada’s “departure tax”). Where a taxpayer is subject to departure tax, that...
A guarantor becomes the creditor when a guarantee payment is made According to the Federal Court decision in Abrametz v. The Queen, when a taxpayer makes a payment under a guarantee for a corporation’s indebtedness, it is generally regarded that the taxpayer has acquired the rights of the creditor...