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When facing a tax dispute with the Canada Revenue Agency (CRA), the idea of taking the matter to the Tax Court of Canada might seem daunting. However, for smaller disputes, the Tax Court offers an informal procedure that is simpler, faster, and more cost-effective than regular proceedings. But is it worth filing? Here’s what you need to...

Coopers Park Real Estate Development Corporation v. The King, 2024 TCC 122 Accountant-Client privilege does not exist. However, under what circumstances could information or documents from an accountant or third-party be considered privileged and confidential in a legal proceeding? Also, what is the proper scope of discovery pursuant to rules 81...

Incorporating a business can be a powerful step toward growth, but it often comes with significant tax implications. Fortunately, the Income Tax Act offers Section 85 rollovers, a valuable mechanism allowing business owners to transfer assets into a corporation without triggering immediate tax consequences. WHAT IS A SECTION 85 ROLLOVER? Section...

In the world of tax and estate planning, various trust structures can help manage and protect assets. One such structure is the bare trust. Although bare trusts may seem simple, they offer unique advantages and considerations that can benefit individuals and businesses alike. WHAT IS A BARE TRUST?A bare trust is a type of trust where the...

The authors of this article address the serious problem of lack of effective recourse for Canadian taxpayers where they are subject to the abusive exercise of audit and/or assessment powers by tax officials:...

Understanding the Canada Child Benefit: A Guide for Families The Canada Child Benefit (CCB) is a tax-free monthly payment designed to help families with the cost of raising children under the age of 18. The benefit, introduced in 2016, has become a vital financial resource for many Canadian families, aiming to reduce child poverty and ease the...

With the rise of cryptocurrency, the Canada Revenue Agency (CRA) has become increasingly vigilant in ensuring Canadians report all taxable income, including earnings from cryptocurrency. Although many crypto transactions occur online and may seem anonymous, the CRA has developed sophisticated methods for identifying unreported income from digital...

Selling your home can be an exciting milestone, but it can also attract the attention of the Canada Revenue Agency (CRA). Homeowners often rely on the principal residence exemption to shelter capital gains from the sale of their principal residence from taxes. However, when CRA audits a property sale, it will challenge the claim of this exemption,...

CRA’s Offshore Audits: What You Need to KnowIn recent years, the Canada Revenue Agency (CRA) has significantly ramped up its efforts to combat offshore tax evasion. With the global economy becoming increasingly interconnected, CRA’s focus on offshore audits is more critical than ever for taxpayers with international financial...

In Canada, the obligation to report income accurately to the Canada Revenue Agency (CRA) is not just a legal requirement but a cornerstone of our tax system. However, instances of unreported income can arise due to various reasons, sometimes inadvertently, leading to potential legal implications with the CRA.Understanding Unreported...