Archive for Author: taxlaw

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Foreign Property Reporting Requirements and PayPal Accounts: A Canadian Tax Lawyer’s Guide

Introduction – Digital Payment Services and Financial Reporting Obligations Digital payment services like those offered by PayPal, which are used to facilitate money transfers domestically and internationally, are now well-integrated into our personal and professional lives. Whether your PayPal account is used for genuine commercial purposes, however, or for...

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T1135s, Beneficial Ownership of Property, and Chan v The Queen: A Canadian Tax Lawyer’s Case Comment

Introduction – T1135s and Beneficial Ownership The Canadian Income Tax Act requires that Canadian tax residents who own “specified foreign property” with a cost of $100,000 or more in Canadian dollars file an annual Foreign Income Verification Statement, or “T1135”, with that year’s tax return. Specified foreign property as...

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Federal Court of Appeal Overturns Tax Court’s Decision and Vacates Gross-Negligence Penalties because the Canada Revenue Agency’s Evidence was Exclusively About the Taxpayer’s Spouse: Khanna v The Queen, 2022 FCA 84 – A Canadian Tax Lawyer’s Analysis

Penalties Canada’s tax statutes contain various penalties that seek to curb non-compliance. A gross-negligence penalty aims to punish a taxpayer whose conduct “involves a high degree of negligence tantamount to intentional acting, an indifference as to whether the law is complied with or not”: Venne v R., 84 DTC...

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Zvilna v. Canada: Director’s Liability for Unpaid Taxes: A Canadian Tax Lawyer’s Note of Caution to Directors

Background on Directors Liability for Taxes: The Tax Court of Canada has recently decided a case regarding director’s liability for unremitted GST/HST. Generally, a director of a corporation can be held personally liable to CRA for various corporate liabilities such as unremitted GST and HST, as well as unremitted...

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